Navigating financial interactions with proper etiquette demonstrates self-awareness, respect and consideration of others’ feelings. Whether you are splitting a bill with friends, accepting a small gesture, or discussing a large purchase, money can often lead to uncomfortable situations if not handled carefully. Money etiquette matters because when you get it wrong, you may unintentionally make others uncomfortable in social situations. Here are some practical tips for maintaining good money etiquette and avoiding those awkward moments.

Respect Privacy Around Financial Matters

While it is natural to wonder what a friend’s salary is or how much their home costs, asking could easily make them uncomfortable and lead to your own feelings of jealousy or resentment. As a rule of thumb,  avoid asking questions about someone’s wealth, income, or spending. Even asking how many acres someone owns or the cost per square foot of their may be a sensitive subject.  Likewise, refrain sharing this information yourself. If someone volunteers their own financial information, avoid probing further. Respecting privacy and boundaries when it comes to financial matters shows maturity and professionalism. If someone asks you a financial question that makes you uncomfortable, politely redirect the conversion by explaining your preference for maintaining privacy – perhaps they will leave their encounter with you a little wiser about money etiquette.

Be Clear About Expectations

A lack of communication can lead to misunderstandings in money matters. For example, if you are planning to split a bill or share the cost of an activity, clarify how it will be divided beforehand. When dining out with friends or family, it’s always helpful to decide before you order whether everyone is paying for their own meal, or if one person will cover the entire amount. Addressing expectations upfront ensures no one feels unfairly treated by unexpected expenses.

Handling Shared Expenses

When traveling with friends or family, shared expenses can become a tricky subject. Instead of waiting until the end of the trip, consider dividing the cost as you go along. Many apps and services now make it easy to split bills instantly, ensuring fairness and avoiding a difficult conversation later. If someone forgets to contribute or seems to have miscalculated their share, it’s best to address it kindly and privately rather than publicly. A simple message such as, “Hey, just a quick reminder about last week—let me know when you get a chance to send over the payment,” is a polite way to remind someone without risking embarrassment.

Appreciate Small Gestures

Though money can often be a topic of tension, small gestures, like picking up the tab for a coffee or a meal, can help build goodwill and foster positive relationships. However, it is important to offer such gestures without expecting anything in return. Avoid the trap of giving in hopes of receiving something back; genuine generosity will always be appreciated.

The basis of money etiquette is the consideration of others. By being clear about expectations, avoiding sensitive topics, and handling financial matters with tact, you can demonstrate professionalism and ensure that your financial interactions are smooth and respectful.

Published in the Victoria Advocate.

Hannah Gohmert is a CFP® professional and the Chief Compliance Officer at Keller Wealth Advisors.

Where do you go for information? Social media might be a tool (already in hand) used for learning on the go.

On our recent family vacation, in a moment of reprieve with our two small children down for the night, my husband scrolled through reels or short videos on his social media. He skipped past a video of a woman speaking of the “Texas court suit has halted BOI filing requirements…” which I had him come back to and watch in entirety.

Social media sometimes easily earns a bad reputation for misinformation. This comes in a variety of ways: through words, videos, a string of comments, memes, etc. But I have seen social media provide an equal amount of helpful and relevant information. In this case, away from work for a week, I learned of new tax information prior to turning off my “out of office” email and reading the latest financial news articles. This of course was only a glimpse which I later confirmed with some Certified Public Accountants at Keller & Associates CPAs, PPLC, and read on after returning to my desk for further verification.

I have friends who use social media as a platform to share their knowledge by educating viewers or readers alike, like lender, Nathan Gruetzmacher on mortgages and refinance information, Estefania Cobb, IBCLC on breastfeeding, Skyler Denny, CFP® on financial guidance, Kate Lauger, B.S. in nutrition, on healthy eating. Some of the approximately five billion people currently using social media worldwide who fall into their algorithms, may otherwise have stayed in the dark or may have never explored some of their topics shared further. There are many experts that provide tidbits of information in their respective fields to the world to be exposed to, engage in a deeper understanding of, and learn on the go.

The catch…is only letting social media be the spark that leads you to research further and seek additional information from qualified and data backed sources. As much as we enjoy scrolling and learning, the internet and social media are not the end all-be all. Allow social media to engage you in becoming a seeker of information and aid in your learning on the go.

Published in the Victoria Advocate. 

Beth Koonce is a CFP® professional and a lead advisor at Keller Wealth Advisors.

If you find yourself raising school-aged children or financially supporting grown children while also caring for aging parents, you are part of the sandwich generation. It is natural to feel pressure to care for aging parents, and as a parent, to feel the obligation to tend to your own family. Understandably, the sandwich generation experiences extreme levels of stress and feels financially squeezed from both ends. To provide care-giving services to multiple generations of their family, these people frequently set aside their own physical needs, mental health, and financial goals. This sacrifice presents a conundrum – If we don’t take care of our own needs while we are in the sandwich generation, our children will inherit the burden of caring for us. So, how can we make it through the sandwich generation years without losing our mind, and without perpetuating a cycle?

Take stock of your responsibilities.  Responsibilities slowly add up over time. As kids grow up, tee-ball teams turn into travel teams with five practices a week. Likewise, as your parents age, checking in a few evenings a week turns into thrice weekly physical therapy sessions. Before you know it, you are everyone’s taxi, and every hour of your day is accounted for with no room for flexibility to take care of yourself. It’s important to realize when your lifestyle is unsustainable. If you’re overwhelmed, write down daily and monthly routines to see which you must keep, which can be shifted, and which can be cut. Lean on other transportation services like school bus routes, carpools, and local senior transportation services – surprisingly affordable and often available in rural communities. While using these services may not be glamourous, neither is a mental breakdown. Balance, boundaries, and compromise are essential for you to prevail in this challenging role.

Meet needs, not fairness. Living your daily life trying to keep everyone happy is a quick way to fill your schedule and empty your savings and emotional battery. To stay in this role for the long-haul, you need to pay attention to needs. Young children will need dinner prepared, cut-up and dishes cleaned, while your parents may only need company. Adult children may need a couch to crash on during summer break, but your parents may need a bed in your home while recovering from an injury. Give yourself grace in meeting the needs of others and let go of the pressure to make yourself available for everyone all the time. One thing to avoid putting on the back burner while you are in the sandwich generation is your own financial needs. You need to save for retirement and plan for long-term care, so your own kids don’t have to spend their time and savings to care for you. Further, if you do not want your children to remain financially dependent on you well into their twenties and thirties, you need to save for their education so they can enter young adulthood capable of paying for rent or a mortgage without the burden of hefty student loan payments.

Ask for help. There may be a point when you will realize you can no longer meet everyone’s needs on your own. It’s okay to ask for help! If your aging parent is beginning to experience diminished mental capacity, enlisting the help of an attorney is paramount. An attorney can help you draw up key estate planning documents, like a durable power of attorney, so you can continue helping your parents while also being able to draw on their assets to support their care rather than draining yours. The financial squeeze can be addressed by enlisting the help of a CERTIFIED FINANCIAL PLANNER® professional who can help you juggle the financial needs during this phase of life, and establish a long-term financial plan for your future that accounts for care in your own old age.

The best way to avoid or prepare for the sandwich generation is with multi-generational financial planning. A CFP® professional can serve as a facilitator for conversations across three generations, to make sure that your limitations and abilities are considered in your parent’s long-term care plans, and that your financial plan is robust and disciplined enough to not rely on your own children. With proper multi-generational financial planning, you can break the sandwich generation cycle. If you haven’t created a financial plan yet, start today so many years down the road, spending time with your children is not a stress-inducing obligation for them, but rather a privilege to be enjoyed.

Published in the Victoria Advocate.

Hannah Gohmert is a CFP® professional and the Chief Compliance Officer of Keller Wealth Advisors.

My husband and I are expecting our first baby this fall, a little girl! Although our sweet bundle of joy has yet to arrive, we have already encountered a whirlwind of decisions to be made. From picking out the perfect name, to deciding on a complementary shade of pink to paint the nursery walls, the most impactful decisions we have made or plan to make will be surrounding our finances to promote a positive and secure future for our family.

As an expectant mother and Certified Public Accountant (CPA), here are a few tips for those that are preparing to step into the role of parenthood:

I am sure you have heard “Babies are expensive!” Prior to your baby’s arrival, create a “baby budget.” In your budget include anticipated baby-related expenses.  A new baby introduces new expenses into your everyday life, like childcare costs, medical expenses and baby gear. For instance, my husband and I prioritize car seat safety; therefore, we purchased a car seat with exemplary safety ratings, even if it meant we splurged a bit on the price tag. We then cut costs on other baby items, and luckily, received hand me downs from family and friends. When it comes to formulating a budget, I have found that writing down income, fixed expenses and discretionary spending is helpful, as it creates a visual to review areas where you can improve on and cut out unnecessary expenditures.

Medical expenses can strain a family budget, especially large, unexpected ones. Placing an emphasis on forming an understanding of your health insurance coverage including the deductibles, co-pays and out-of-pocket expenses can help you mitigate negative impacts to your family’s financial strategy. You will want to include any known out-of-pocket medical expenses in your “baby budget.” If available through your employer, Health Savings Accounts (HSA) or Flexible Spending Accounts (FSA) prove to be invaluable tools to help cover co-pays, prescriptions and other qualified medical expenses. As a bonus, both accounts allow you to contribute pre-tax dollars, which ultimately reduces your taxable income.

It is hard to imagine, but one day you will be dropping your baby off at college. Helping your child with their college education costs is a major financial goal but so is securing your own financial security during retirement. With a thoughtful financial plan, you can build both a college savings fund and a retirement fund, so do not exclude either contribution from your “baby budget.” A CPA or a CERTIFIED FINANCIAL PLANNER® professional can help you formulate a budget that prioritizes your children and your personal goals.

Of course, there are many unknowns that naturally come along with parenthood, so it is impossible to plan for everything! Budgeting early, confirming you have adequate insurance coverage, and a thoughtful financial plan will allow you to focus on the joys of becoming a parent. Hopefully, with a balanced “baby budget” you will feel a sense of peace as you welcome your new baby into your family.

Published in the Victoria Advocate. 

Carlee Gibbs, CPA is a staff accountant for Keller & Associates CPAs, PLLC.