Do Your Friends Know About Your Finances? Get Money Help By Creating A Money Group

Do Your Friends Know About Your Finances? Get Money Help By Creating A Money Group

Previously, I explained why I support money groups, intimate gatherings of women who can talk about money in a safe space. Now, here’s how to create and run your money group:

Money Groups Should Have Two To Five Women

Ideally, these women are friends of friends, or people you feel like you can trust, whether or not you socialize with them regularly.

Be Upfront About Group Goals

While you should all feel comfortable and trust each other, don’t let this get-together to turn into a weekly coffee catch-up. As a first order of business, set guidelines for how often you want to meet. Since you will be discussing personal, private matters, it is generally best to host these in someone’s home. Many of my clients like switching off whose hosts each time (if this makes sense logistically). The money group should be a confidential place where you feel safe and supported, and agree to keep all of the discussions private.

What To Talk About In A Money Group?

Topics can include personal goals, fears, and financial questions. Specifically, there are three different levels of discussion: the mathematical (tracking spending and crunching numbers), emotional (why do we get so angry when our partners question our spending decisions?), and directional (developing a personal mission statement). I recommend introducing the three different levels because it provides a well-rounded way to talk about money. Everyone in the group will be able to find at least one way to relate.

Although it’s sometimes helpful to have a main organizer for the group, alternate which members lead the discussion so that everyone feels represented. From the outset, discuss how you’ll run the meetings—does one person run each week, or do you always go around in a circle to talk about whatever is on your mind?

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