It’s time to ‘Talk Money’!

For a lot of people, money is a very sensitive topic. Research shows that 47 million UK adults (which is 9 in 10 adults!) struggle to talk about their finances. Talk money week is now upon us and we are here to give you a helping hand to kickstart your money conversations.

What is talk money week?

Talk money week is designed to help you speak about your current financial situation. Money has a major impact on people’s lives. It’s important that you feel comfortable talking about money because it can get very stressful to manage your finances by yourself. Research indicates that people who talk about money:

• Make better long term financial decisions
• Helps close ones form better money habits
• Feel less stressed or anxious
• Live a mentally healthier life
• Maintain stronger personal relationships

The importance and how we can help

As we’re coming towards the back end of a global pandemic, the long-term impacts are still a cause of concern. It is fair to say everybody has been hit one way or another financially due to COVID. Many people have seen a reduction in their salary, and some have lost employment completely. The financial impact of COVID is vast. It’s become ever so more important to now speak up about your financial situation. Here at IE Hub, alongside Money and Pension service, we will be giving you some tips and guidance on how you can break down the taboo of talking money:

Make sure you are comfortable

Being in a space where you feel at ease to talk about anything that’s on your mind. This could be at home or a café, pub or even at your place of work. An aspect of helping comfortability is choosing the right person to talk to. This could be a professional or a close friend and family member.

Be prepared

Often the hardest part of communication is knowing what to talk about. So, before initiating any contact, we recommend you prepare for what you are going to talk about. It may be best to write down some notes on paper or even on your mobile devices. Writing flashcards with chosen topics could also help you to structure your conversation.

Another way you can prepare is by understanding your budget. There are many tools available to help you do this, IE Hub is one of them. By logging into https://iehub.co.uk/customer/ you can create a free account to better understand your incomings and outgoings. By knowing what your disposable income is, you can be better prepared for your money talks.

Be honesty

Honesty is the best policy. When opening up about a certain aspect of your life it is easy to hide behind your thoughts. Being open and honest is the best way to go about things. You will not find the answers you’re looking for without clarity.

Listen and reflect

Be open-minded when going into the conversation. Try to understand each other’s perspectives on things. Do not go in with your guard up. Listen and reflect during your talk. Take in criticism as constructive feedback as you may be surprised about how many times you may brush off opinions and they come back to bite you in the future.

Offer help

It’s important to let yourself open up, but it’s just as important that you’re also there for your friends and family. Try and help others to be brave and do the same. Don’t ever force it as this can cause conflict but, remind them that you’re there and open to talking to them at any time.

For more information on budgeting click here