How much you earn may be irrelevant to people you interact with every day, but the financial etiquette you display is decisive in building your persona. People sometimes do not pay heed to their financial etiquettes, and therefore, they do not get the type of attention they deserve despite having a good financial status.
It is important that you do not practice financially bad etiquettes as it may not only damage your image but also disgrace your financial status.
Let us check out five bad financial etiquettes and how to get rid of them.
Boasting About Your Income In Public
Boasting about your income during parties or social gatherings isn’t a good idea. Income could be an important point of discussion for you, but for others, it could be a private matter. So, if you discuss your income publicly, then it may seem like you are trying to show off to your friends and colleagues. You must stay away from discussing your income or money matters publicly. It will help you to win more friends and make your image more graceful.
Not Offering Payment For An Expert’s Advice
If you consult an expert like a doctor, an architect, a financial advisor, an advocate or a tax consultant, then you must pay for the advice. An expert gives you an advice on the basis of his/her years of study and research. It isn’t good if you walk out without paying the consultancy fee.
Not Returning The Money Borrowed From Relatives/Friends
When you are in financial distress or have an urgent monetary requirement, then friends and relatives often come to your rescue. But, if you repeatedly ask your relatives or friends to support you for every other monetary crisis, then it would fall in the ‘bad financial etiquette’ category.
Your friends or relatives gives you money because they trust that you’ll return the money on time. If you have borrowed money from friends/relatives and sit on it, deny returning or do not return in appropriate time, then it spoils your image and shows your bad financial etiquette.
Before borrowing money from a friend/relative, you must offer them interest at an appropriate rate. Fix the return timeline and if you think that there could be a delay in returning the amount, then inform the friend/relative and request for more time. Borrowing money from friends/relatives is a delicate issue and it can hurt your relationship. So, try to be disciplined when you borrow money from them.
Asking Your Parents For Money Even When You Are Earning
If you have your own source of income and you still ask money from your parents, then this comes under the category of bad financial etiquettes. Your parents would have some retirement plans and if you ask them for money after you get settled, then it will spoil their plan to get a smooth retirement. It will also make them feel that you are in financial trouble and they may get unnecessarily worried.
Try to spend according to your financial capacity and save some money for the contingency. Do not put stress on your parent’s finance and prefer borrowing money from other sources.
Apart from above mentioned financial bad etiquettes, you should also take care of small things. For example, not giving a tip at the appropriate place, asking for unreasonable discounts when shopping, paying your shopping bill in small denominations, and using the discount voucher/coupon of your friend/relative without their permission, etc. aren’t really good financial habits.
Taking care of your financial etiquettes can build your good image in the society and in the eyes of your friends and relatives. If you have any of the above-mentioned bad etiquettes, then you may still rectify it taking immediate corrective action.