How Communication Skills Can Help Your Finances

Communication skills can do a lot for you in life. Besides making relationships go more smoothly and bringing you closer to loved ones, good communication can also help you with your finances.

I realized this while I was working in retail. When people were rude and communicated with me in an inappropriate way, I would never oblige when they asked for a discount. I was perfectly able to give out discounts because of the way the company was structured, but doing so went against my principles if the customer wasn’t being polite.

If a customer was polite, or even firm but communicated in a way that wasn’t making me feel like I was being attacked, I’d consider giving them a discount if they asked for it.

Good communication isn’t just the art of articulating what you are saying properly, it is also the ability to ask for what you want clearly and without making anybody feel defensive, attacked or like they are being pressured into doing something.

Here are a few other ways that good communications skills can help your finances.

In Your Relationship

Surprise surprise! Having good communication in your relationship with your significant other will help you with your finances. Communicating your goals and what you want with your money is very important. Sneaking around, hiding purchases and not communicating with your partner will do more harm than good.

The same goes for other familial relationships and friendships. When your friends and family understand where you are coming from financially, you are more likely to avoid uncomfortable financial situations.

Negotiating Bills

Negotiation is actually a form of communication; if you don’t have good communication skills, then you won’t be able to negotiate properly and successfully.

If you can communicate properly and articulate what you want, why you deserve it, and how you have proved yourself, then you will be much more successful in negotiating your bills.

Getting a Raise

Anybody can ask for a raise, but actually getting one is a different story. Being successful in your raise request requires good communication skills. You need to be able to demonstrate why you deserve the raise and communicate with your boss in the way with which they wish to be communicated.

Promoting Your Business

There’s no doubt that communication is imperative when it comes to being successful with self employment. If you have a business, you need to be able to communicate effectively with your clients and potential clients to retain and attract new business.

Communication goes into the marketing of your product or services, and is the cornerstone of almost all business relationships.

If you don’t already have good communication skills, luckily something can be done. Communication skills can be learned, and with practice they can even be mastered. Just remember that communication skills don’t just consist of how you relay information; listening is also a communication skill, and one that many don’t take into account when assessing their skill.

How would you rate your communication skills? Have they ever been able to get you something you wouldn’t have otherwise received?

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  1. My wife and I’s communication skills regarding our finances were virtually non-existent for the first 13 years of our marriage…so it’s no surprise we ended up deep in debt. It’s one of the things we’ve been working diligently at – it feels so much better to be on the same page. We’re not perfect yet, but we’re working at it!

  2. I have pretty decent communication skills and it can certainly helped with everything I’ve done. I have definitely gotten things that I wouldn’t have if not for my ability to communicate effectively.

  3. I would recommend to those who want to improve their communication to read Dale Carnegie “How to Win Friends and Influence People”. It is very insightful, and listening is the most important skill in communication.

  4. I’m always working to navigate the line between being firm/ expressing my frustration with a product or service and being polite. Sometimes I just get so frustrated with customer service representatives.

    • I think the best way to express it is just to say things like “It’s not your fault, I’m frustrated with the policy and was hoping there is somebody I can speak to about it”. Because its’ really not their fault.

  5. Stuart@DailyMoneyBucket says:

    I wrote a post about negotiating skills recently and while researching it discovered that people who have the communication skills to negotiate a pay increase earn an average of 7% more than those who don’t.

    That extra amount of money over a 40 year period of working can make a massive difference to you finances.

    I also agree with Charles, Dale Carnegie’s “How to Win Friends and Influence People” is a great book which will alter your approach to communicating with other people.

  6. Communication in relationships is so important. And it’s true, no job will give you a raise “just because”. You have to prove it to them verbally why you’re worth it. If you actually communicate your point well, you’ll either get the raise or realize it’s time to hit the road!

  7. Communication skills, interpersonal skills and soft skills are necessary to succeed in life. I honed my communication skills over the years and I was know as the guy who could explain complex issues in simple terms.

  8. Communication skills are critical to success, including with money. I think it’s often overlooked in our educational system, or at least it had been in the past. My oldest will be taking public speaking in middle school, so at least that’s a start toward emphasizing communication in one way!

    Bigger point is communication is vital in most parts of life. It doesn’t matter how much we know, if we can’t communicate our thoughts, the knowledge is of much less value.

  9. Mine are decent, but the one area I still need to work at is with negotiating my rate with clients. It still feels very uncomfortable.

  10. I strongly agree. Good communication skill is a must. Not only you would have great relationship with people, you will also have opportunities to earn more money especially if you are in the business of buy and sell.

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