Talk Money Week, organised by MoneyHelper, is the perfect reminder about how beneficial building conversations about cash into our every day lives can be. From ISAs to mortgages, debt to direct debits, talking about our finances can feel taboo, but there's no reason it should.
Opening up about money concerns and discussing them with your friends, family, partner, a financial expert or even your children, can help you to improve your financial and overall wellbeing.
We all have different perspectives on money, and our approaches to managing our finances can be as unique as we are. Some of us enjoy spending sprees, whilst others prefer to keep to window shopping and strict budgets. No matter how we approach our money, it's always valuable to have an open conversation with those we care about.
You can never be too prepared
Preparing for a difficult conversation about debt or differing money management approaches can be really beneficial. Practising what you want to say beforehand can be especially useful if you've had similar unresolved conversations before.
Jot down your main points, as well as how you feel, prior to the conversation. Not only can this help to clarify your thoughts and improve your confidence, but the act of writing your feelings down can often make them feel much less scary. Try it next time!
Don’t let emotions take over
Money can be an emotive topic, particularly if you have pressing financial worries. It's important not to let frustration get in the way of getting your point across - ensure the conversation stays logical and as clear as possible. If you find talking about money difficult (and there's no shame in that!), try asking a friend or relative to mediate. You could also try writing your thoughts down and taking turns to read them out to keep the conversation from veering off track.
Timing is key
Serious money chat in the middle of the kids' bath and bedtime or during a romantic meal should not be your first choice! Instead, pick a time when you and the person you need to talk to are both relaxed and in a good frame of mind. Starting a potentially tricky conversation after a stressful day or when you’re out and about is never productive, and is unlikely to solve your problems.
Don't forget the kids!
Money conversations are not just for adults. MoneyHelper’s research into financial education reveals that only a third of young people have discussed money with their parents or guardians. This means that many of us are missing out on a vital opportunity to teach young people good financial understanding and habits from an early age and ensure they're able to talk about any problems they might face in the future.
For excellent tips on talking to your little ones about money, click here.
Talk to us
Worried about your mortgage payments or the rising cost of living? Get in touch with us as soon as possible. We won’t judge you, and our team are here to help you find the best way forward. You can contact our Mortgage Payment Support team on 01635 555588 or via email: at email@example.com. You can also contact us anonymously via our live chat service if you prefer.
Our Mortgage Payment Support team will be attending the upcoming Cost of Living Fair at Bluecoat School in Thatcham on 17 November at 10.00 am. A range of other organisations and support services including West Berks Citizens Advice and Age UK will be in attendance. To sign up, click here.
More information on talking about money, as well as dealing with financial problems, can be found on the MoneyHelper website.