Young people and their finances; 6 smart tips to help you talk about your money

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Young people and their finances; 6 smart tips to help you talk about your money

30th June 2021

Money affects everyone. We all have that in common. 

Financial wellbeing – having the skills and knowledge to better understand and manage your money – is something that everyone needs to keep in mind.

However, it can be a very stressful, if not embarrassing thing to talk to people about, especially for young people.  

Recent NatWest research found almost 30% of people between the ages of 18 – 24 do not feel as though they are financially secure. What’s even more worrying is 48% of those people do not feel comfortable talking about it with family and friends.

That’s why we thought now would be a good time to team up with our friends, and global financial wellbeing expert’s, nudge!

Thanks to them, we have some top tips and tricks to offer to help you take control of your finances and be more confident communicating about them. Take it away nudge…

6 smart tips to help you talk about your money

As the saying goes, ‘a problem shared is a problem halved’. Yet as the data above shows, the majority of young people find it difficult to talk about money.

Talking more openly about your finances can not only help you to feel more in control of your life, but it can also help to strengthen your relationships with friends and family.

However, if you’re not used to opening up, it can be hard to know where to begin.

Here are six simple pointers to help get you started.

Ready, set…GO

There’s never going to be a perfect time to start talking about money. But the sooner you get started the better you will feel!

If you’re worried about what you’re going to say, make sure to think about it first so you feel prepared and then just go for it. 

Don’t make it a big deal!

The best approach is to talk a little bit about money every day rather with a partner or loved one.

Your finances are a big part of everyday life but they don’t have to be a big deal if you make sure you address them face on and don’t bury your head in the sand. 

Make a date

While it’s good to get into the habit of talking about money a little bit every day, it’s also useful to put a regular date in the diary to chat about your household finances.

Make sure to set an agenda ahead of time so that you can all come prepared with what you want to say.

Ease yourself in

When you’re talking about money with a partner it’s a good idea to start with the easier topics, such as your long-term financial goals and then work towards more sensitive ones like debts, assets, and credit histories.

Speak up 

It might sound daunting but one of the best ways to help others better understand your financial situation is to talk openly about your financial commitments and your salary.

You may find this also encourages them to talk about their situation so you can better understand where they’re coming from too. 

It should also help you to avoid finding yourself in situations where you feel obliged to pay for something you can’t afford. 

Get help if you need it

If you’re struggling to pay day-to-day bills or keep up with other financial commitments, there are lots of places you can go for free expert advice. Talking to someone will help you feel more in control of the situation.

Here are a few places you can visit for help:

PayPlan provides debt advice and support to enable you to take charge of your finances and focus on living again. Call 0800 280 2816. Their online services include free, confidential online chat with debt help experts, a debt help request form, and a wealth of online resources.

StepChange is a debt charity that offers expert advice, is impartial and personalised to each individual situation. Call 0800 138 1111. Its Debt Remedy service online provides you with expert advice, budget support and solutions to help you manage your debts.

Citizens Advice’s national phone service for free, independent, confidential and impartial debt advice, Adviceline, is available in England and Wales. Call 03444 111 444. For Scotland, call 0131 550 1000.

Advice NI offers help on a range of debt issues, including credit cards, loans, mortgage and rent arrears in Northern Ireland. Call 0800 028 1881 or go online.

Remember things are never as bad as they may seem!

You’ve got this!

As the saying goes, money makes the world go round. But when you’re not in control of it, it can feel like it’s spinning out of control!

Now that you’ve got your tips and tricks from nudge, you can be on your way to taking back control of your finances.

Whether you need to stop stressing or start saving, we hope our partners have given you some food for thought.

The sooner we start opening up, the sooner we can all rid the taboo of money talk, together.

So get out there, start a conversation and find your way to being less stressed and more financially blessed!

Should you ever have any worries about your finances, while under your finance agreement, please let us know! Our team will work out the best solution for you, with you.