Love and money. Often two of the hardest things for people to talk about. We’re not experts in love so let’s focus on talking about money.
Asking for help and support in relation to money feels impossible for many of us and even starting a conversation about money can feel awkward. Why do we find it so difficult? It could be pride, not wanting to admit that we don’t have full control over our finances, or embarrassment, that we don’t understand something that appears simple to others.
But here’s the thing, you are not alone. There are many people in the same position. People who didn’t benefit from a good financial education when they were young, people who didn’t get the support they needed when making important financial decisions, and people who find numbers tricky, are time poor or just feel overwhelmed.
So what can you do? This week is Talk Money Week, run by Money Helper. Talk Money Week shows how discussing money matters with family or friends, or experts in some cases, can make a big difference to people’s confidence and in turn, their financial resilience.
Avoiding money conversations can actually cause more problems in the long term, particularly with close family such as a partner or elderly relatives. Being open, and encouraging those around you to be open, can help you all feel more secure and positive about the future. Even talking things through with friends can help make a tough situation feel more manageable.
Where to start? We’ve pulled together some top tips for talking about money:
- Do the prep – think about what you want to say and who you want to say it to. If you’re asking for advice, prepare your questions in advance.
- Find the right time and space – it might be helpful to keep it private, think about where and when.
- Take notes – it’s really easy to forget what you heard once the conversation is over so don’t be afraid to write things down.
- Bite the bullet – If you think you have made a mistake, try to remember that the sooner you deal with it the better. You won’t be judged and just starting the conversation will help you reach a solution more quickly.
If you’re not quite ready to talk, don’t forget that there is lots of information available on the Money Helper website, from help with budgeting and debt, to guides to talking money – https://www.moneyhelper.org.uk/en/family-and-care/talk-money/talk-money-week
