Money Etiquette

By Avery Mills | Dec 13, 2018 8:07:00 AM

Money EtiquetteThe subject of money often comes up in our everyday lives, sometimes in a way that makes people uncomfortable or confused on how to handle it. Here are some tips for how to handle some common money etiquette issues that you may encounter:

SALARY

While discussing salary has become more commonplace over the last few years, it can still be a very sensitive subject. If you are not comfortable discussing your salary, be honest. In return, if a co-worker has expressed they are not comfortable discussing their salary, be respectful of that and move on.

BIG PURCHASES

If someone asks you how much a recent purchase cost, such as a home or a vehicle, you don’t have to answer. You can either gently divert or flat out tell your friend you don’t want to discuss prices.

LOANING MONEY

If you loan a friend or family member money and they stop making payments or don’t pay you back at all, what are you supposed to do? Before loaning money, you should come up with a timeline for them to pay you back, whether that’s a lump sum or a payment plan. If they don’t adhere to this, bring it up casually. Ask if they need an accommodation with the plan you created. Ultimately, you may need to decide whether the relationship or getting paid back is more important to you.

FAVORABLE FRIENDS

You’re in the middle of redecorating your home and decide to reach out to a friend who is an interior decorator for some tips. They spent several hours helping you pick out paint colors and couch cushions and now you’re not sure whether or not you need to pay them for their time. When a friend does you a favor, especially when it’s their job, you should always offer to pay them. If they decline payment, still send them some token of gratitude, like a gift card or a plate of cookies along with a thank you note.

Topics: money etiquette, Lifestyle

Author: Avery Mills