Sharing financial info with your friends has become commonplace with of the rapid rise of P2P payment apps, which Americans are projected to spend $90 billion with by 2017.
While entertaining, emoji-filled newsfeeds on payment apps like Venmo are meant to increase user engagement, it poses the question: Is it good idea to keep such an open book about your finances? To help set boundaries, here are some questions to ask yourself:
Is your privacy in danger? Sharing moments with our friends on Snapchat or Instagram has become second nature, but it’s important to remember not to post highly sensitive financial information.
People posting selfies of their first paycheck via Instagram have recently helped aring of identity thieves forge fraudulent checks, so stay smart and don’t share anything that could get into the wrong hands.
Will sharing this information be beneficial to others? There’s a fine line between commiserating about your finances and sharing how much you make in an attempt one-up others.
30-year-old financial blogger Joel Larsgaard of SaveOutsideTheBox.com chooses not to share specific dollar amounts on his site. Larsgaard explains, “Depending on who’s reading, my personal net worth or bank account balances could either be helpful or harmful.”
Will it help you stay accountable? Derek Olsen, one-half of the husband and wife financial blogger team at DerekandCarrie.com and co-author of the upcoming bookOne Bed, One Bank Account, feels being transparent about money matters strengthens relationships and helps others learn from your experience. “If your intention is to be held accountable, that’s a great reason to be transparent about your finances,” Olsen says.
Sharing more and more of our personal info seems inevitable, but what we share is still up to us. By paying close attention to our habits, reasons for sharing, and boundaries, we can ensure we’re sharing financial information safely in ways that help us prosper.