Finance – Taboo, Importance, and Everything in Between



I have been reading a lot about finances and the different branches it touches, one thing that got me thinking was how little we discuss it in real life. Finance is a topic that most of us are scared to talk about. Money somehow used to be a taboo subject – I never understood why because it is in everything. 

Everywhere you look, every aspect of your life is affected by it. I am glad the money talk isn’t that difficult now. We have so many resources available to us to talk about money matters.

“You must gain control over your money or the lack of it will forever control you.”

-Dave Ramsey

No matter what you need to learn about when it comes to this area – investing, budgeting, ways to spend, apps, tax filing, retirement plans, managing debts, taking loans, etc. – you will find something on it. Books, videos, articles, podcasts – so many ways to learn about things that affect a great part of our lives without feeling the embarrassment of asking questions to people and feeling stupid.

Not knowing things shouldn’t make us feel stupid, especially about finances and dealing with your financial situation, it’s not like we were ever taught about it in schools. Neither the school nor home prepares us for all of these things. It is surprising considering money management is one of the integral parts of our adult lives, which also makes it one of the leading causes of anxiety in people.

“It’s not your salary that makes you rich, it’s your spending habits.”

-Charles A. Jeffe

Anyway, being financially secure is our responsibility. In today’s day and age, with so many sources of learning, we really have no excuse to not know how to deal with our finances. Maintaining our financial health is in correlation with maintaining our own health.

Financial health is the state of one’s personal financial situation. Financial health consists of many aspects including the amount of savings you have, how much you’re putting away for retirement and how much of your income you are spending on fixed or non-discretionary expenses.

Fixed or non-discretionary spending is spending that is required by a budget, contract, or other commitment – which is always going to be there.

Having financial security is important for living without stress and also helps us stay prepared for any unexpected emergency that crops up. Because we are never taught about how to improve our financial situations and what good financial habits to adopt, many people get scared by the very prospect of doing anything.

“Too many people spend money they haven’t earned, to buy things they don’t want, to impress people that they don’t like.”

-Will Rogers

Credit cards and the option of taking a loan makes it very easy for people to keep spending beyond their means – it makes it easy for people to not be aware financially – but that is not wise in the long run. When you do not pay with hard cash, it sort of does not feel like spending money which is why people tend to spend more on cards.

To be financially secure, you should allow only a certain amount each month for spending. Try to stick to the budget you have made, it will help you be financially aware. Unless an emergency comes up, you should be able to hold your budget.

So, even if you are new to learning about finances, there are two things you need to be doing before you start investing and making big decisions. You need to keep track of your spending and you have to set a realistic budget.

Document Your Spending

Knowing how much you spend will give you the power to determine your spending pattern. You will learn what you spend the most on – do you spend more on your needs or wants.

“The slightest adjustments to your daily routines can dramatically alter the outcomes in your life.”

-Darren Hardy

This is the first thing to learning how to be conscious of your finances. If you want to be financially secure, then understanding your monthly cash flow is the base to what you build your budget and saving strategy on. 

You shouldn’t be spending more than you earn – this is something very basic and we all grow up listening to this but it only hits home when we start earning. By that time, it is late to not let it affect our lifestyle.

Set a Realistic Monthly Budget

It is very essential to learn to spend less than you earn. When you start earning, it is natural to want to buy things you couldn’t before, but it also brings into perspective what goes into earning that much money.

Most people fall into a pattern of taking debts and financing their lavish lifestyle. When they do not know how to live within their means, they are taking financial security away from their future selves. People often forget that their lifestyle shouldn’t be burning a hole in their pockets, rather their earning should be cushioning their lifestyle.

“A budget is telling your money where to go instead of wondering where it went.”

-Dave Ramsey

A realistic monthly budget takes into account your spending habits and gives you a way to curb the excess without sacrificing much. Making a budget and living by it doesn’t mean not spending at all – this is where people are wrong. Being conscious of your money doesn’t stop you from spending on things you enjoy, it just makes your spending habits smarter and stops you from overspending.

Final Thoughts

You don’t have to be ashamed if you do not know much about managing your finances and you definitely shouldn’t feel embarrassed to ask questions about it. Your 20s is the time you figure this stuff out. When you step into the real world, you will have to ask questions to learn. While money talk can be difficult to many because it is not openly discussed, we need to start the discussion somewhere.


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