What Can You Actually Learn About Money from Your Friends?


Money is a topic that friends often avoid discussing with one another because it can lead to competition, resentment and other negative feelings. However, when you open your mind a bit, you can find that your friends actually have valuable information to share about their money habits.

Best Banks

Hearing your friends talk about their experience with banks doesn’t necessarily mean you’ll hear personal details of their account history. However, it means you can discover what some of the best current accounts in the UK are. When you’re finding that your own bank is subpar, either in amenities or in services, you can make a switch to the bank your friends are raving about.

Debt-reduction Plans
When people are in the midst of debt, they are often uncomfortable discussing the subject. However, once they have paid off their debts and are living without credit cards hovering over them, they are often happy to talk about their strategies. You might turn away because you think they are bragging, yet they are just sharing methods and techniques that could help you if you are willing to put them to use.

Creation of Savings

While individuals generally don’t like to share how much money they have saved in the bank, they may express a willingness to discuss how they got the money there in the first place. For example, some of your friends might have an automatic transfer system set up that way they aren’t even tempted to touch the money. Others might allocate a certain portion of their paychecks to savings. Whatever the case may be, you can begin to integrate these tips into your own life for maximum benefits.

Deals and Discounts
Another part of saving money is figuring out where the deals and discounts are. Whether you keep that money in your bank account or transfer it over to a savings account is a decision you’ll need to consider. In any case, you can listen to your friends talk about where they got a great deal and then check it out yourself. If you have a friend who is a particularly savvy shopper, ask him or her for advice.

Investment Opportunities
This category is one that is notoriously fuzzy, especially for people who have never dabbled in the field of investments before. While you do want to speak with an accountant or financial adviser about the investment opportunities that are right for your situation, you can begin to get a sense of what they have to offer from listening to your friends talk about them.

None of these situations require you and your friends to delve deeply into one another’s finances, but they all present the opportunity to learn and gain valuable insight.