Money Conversion Uk Pounds To Australian Dollars

MONEY. IT'S A TABOO TOPIC in polite company and rarely even broached among friends. At home, conversations about the green stuff can torpedo family harmony. In fact, a recent T. Rowe Price survey discovered that parents find it easier to talk to their kids about drugs and alcohol than about the family finances. Why are we so touchy that way? Confrontations about financial success or failure, or even stray comments about spending habits, can put people on the defensive and make them feel judged. "In our culture, money and work are closely tied to our identities," says Dalton Conley, Ph.D., dean of social sciences at New York University. "Money conversations have a distinct moral tinge to them, which makes people uncomfortable." Handled properly, though, financial chats can be liberating, enlightening, and valuable. So we consulted psychologists and financial pros to uncover the ways you can talk about any money matter with confidence—and maybe improve your bottom line along the way.

Money chat #1 Are your parents financially fit?
There are plenty of legitimate reasons to ask your parents about their finances. Maybe you want to ensure that they have enough to retire comfortably—and to find out how your own money situation could change if they don't. You also want to make sure they don't fall prey to scam artists who target older folks. But often, in all but the most functional of families, such questions are interpreted as either "What can I expect to inherit?" or "Am I going to have to take care of you when you're in need?" says Jane Isay, the author of Walking on Eggshells: Navigating the Delicate Relationship between Adult Children and Parents. It's no wonder those conversations frequently end in stony silence.

Try This: If Mom and Dad think you're angling for control of their resources, you may find yourself facing roadblocks immediately. "It's very hard for parents to give up their sense of independence," Isay says. "They often lie." Mention people you know who were glad they could help their parents financially when the need arose. If you think you have reason to worry, ask them how the market has affected their retirement savings. Be wary if they insist they're fine when you suspect they're not or if they make excuses about neglecting certain home or car repairs. Tell them you and your siblings are all doing okay and that you want them to know you're there to help. If your own finances are limited, suggest a certified financial planner (find one at cfp.net), but the most important thing to do is indicate your emotional support, Isay says.

Money chat #2 Okay, so how much will you inherit?
This is the mack daddy of all awkward money talks. Just be warned: Unless you've received explicit promises of inheritance, you should not think of your parents' money as your own, says Conley. "There's a reason a will is read after death," Conley says. "There can be a huge cost to opening the dialogue." Assume from the outset that you'll inherit nothing.

Try This: If you have reason to believe money is coming your way, approach the topic tactfully but clearly, says financial therapist Amanda Clayman, M.S.W., who founded the blog The Good, the Bad, and the Money.

Say to your folks, "Look, I know this is a bit awkward, but over the years you've mentioned that various assets will be left to us. You know I've been putting my financial house in order, and I was hoping you might share some of your intentions." If this is really about your needing money, ask your parents outright for a loan or gift, Clayman advises. "It's better just to ask than to try to manipulate the inheritance," she says.

Money chat #3 Why doesn't your girlfriend chip in on dates?
Even if you're doing fine financially, covering the tab for every date can be irksome. But whatever you do, don't let it reach the point of confrontation. "This will shut her down and cause an immediate rift in a budding romance," says therapist Sharon O'Neill, Ed.S., author of A Short Guide to a Happy Marriage.

Try This: Now's your chance to learn more about what makes her tick. A discussion about who pays and how each person's income and expenses play into the equation can reveal a lot about each other's moral code and ability to negotiate. "These situations can teach you about your girlfriend's values and expectations," O'Neill says. So point out that while you really enjoy treating her, you both make a good living, so it's only fair to start bouncing the bills back and forth a bit. If she seems uncertain about how to respond, throw out a plan for a future date—you pick up dinner and she springs for the concert tickets, for example. "If she still balks, don't just assume she's a selfish gold digger," Clayman says. "Sometimes people are brought up with certain financial and gender roles but have never really questioned them. She may need to consciously work through some of her own beliefs before she can meet you halfway."

Money chat #4 How much money does your wife want to make?
Maybe you're sensing an imbalance—you spend a lot of time focusing on your career, but she doesn't. Or the opposite: She's the hard charger while you're more blase. In either case, bringing up the topic of perceived motivational disparities can put people on the defensive. "Never start a discussion from a negative stance," says O'Neill.

Try This: Flip the conversation around to make it about her goals, talents, and aspirations. "Make it safe for her to explore why she may not be professionally ambitious," Clayman says. "Is she afraid of failure? Does she feel she's doing too much at home to have the bandwidth to take on more professionally?" Or if she seems too focused on her career, ask what she wants her life to be like over the long haul—how she wants to enjoy herself and the relationship. Say, "I don't want your goals to become lost—they are just as important as mine. And if you really are fine with where your career is, let's talk about a way to make it work for both of us." Shifting the focus from your careers to your lives together can help both of you approach the problem from a different perspective.

Money chat #5 Can your buddy really afford that new car?

Short answer: It's none of your business. That said, friends look out for each other, and seeing a buddy potentially overextend himself financially can be worrisome. "Men can be very protective of their male friends and usually want to see them succeed, especially when it comes to material gain," says Geoffrey Greif, D.S.W., a professor of social work at the University of Maryland and the author of Buddy System: Understanding Male Friendships. But bringing up the subject of financial wherewithal can hurt your pal's ego. "Men often see their income as a measure of their self-worth," Greif says. "A guy who's overspending may be uncomfortable with some aspect of himself and need reassurance, so he may be looking for material ways to build himself up."

Try This: First, keep in mind that you never know where people find their money, Greif says. Maybe your friend's parents helped take a bite out of his bill for that new car or vacation in Cancun. Or maybe he just acts as if he's stretched thin most of the time when in reality he's a big saver. Use the purchase as an opportunity to broach the subject discreetly. Start by suggesting that you might benefit from his savvy: "Wow. Nice ride. Did you work any magic on the sales guy? I'd love to get some of this action." Let him lead the conversation from there. He might level with you about the financial hit he's taking, and you could offer up a similar story of your own—about how, for example, a financial planner helped you deal smartly with a splurge and keep all your other bills paid at the same time. If he clams up, back off—fast—and just enjoy the ride.

Money chat #6 Does your kid really need that pricey prom dress or electric guitar?

No, she doesn't—and being this blunt is actually the correct strategy here. "We tend not to be direct about economic matters with teenagers, even though they're old enough to understand," says Jean Twenge, Ph.D., a professor of psychology at San Diego State University and the author of Generation Me.

Try This: While remaining true to your financial reality and money values, you can spin the problem differently. Tell your daughter that since the expensive item is out of your reach, she now has the opportunity to be creative and stand out from the crowd. "Teenagers today have been raised with a strong emphasis on being special and not caring what others think of them. This is language that's familiar and a message that might resonate," Twenge says. So suggest that she shop around for a cool vintage prom dress or a funky, unique six-string. If your teenager keeps at it, Twenge says, give her the long view—say that if you spend money on this now, there won't be enough for college later. Then tell her to go out and find a job!

Emma Johnson Emma Johnson is a journalist, activist and entrepreneur.

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