It’s good to talk. But talking about money can be difficult, particularly as doing so has traditionally been taboo in this country.
Research shows that only one in five UK adults has someone they feel they can confide in about money.
Why is it important?
Talking about money is a key step towards managing your money well.
And if we’re feeling good about our money we feel better about life in general.
You and your partner should make a point of talking to each other about money matters.
Here are some Do’s and Don’ts to get you started:
DO find time together to talk about money
Weekly, fortnightly, monthly . . . it’s up to you.
Just don’t do it over breakfast if you’re rushing to get to work or the kids to school. Don’t do it late at night when you’re both tired.
It’s important that both of you have a general idea of the family’s finances.
Are there any big expenses coming up? How much is in your bank account?
DO remember that two people rarely see eye to eye on money
Just because you might argue over money it doesn’t mean that your relationship is heading for the rocks.
Some are savers and others are spenders (there are no prizes for guessing which camp TCFP is in).
This doesn’t mean you can’t work to find some middle ground.
DO view money as a means to an end
Managing your money isn’t about spending as little as possible, never being overdrawn, or building up a nest egg that you’re not allowed to touch.
It’s about spending your hard-earned cash on the things you need, want and enjoy, and setting and respecting financial goals for the things you both feel strongly about.
DON’T go on about money all the time
Your life isn’t an episode of a money help show or a TV soap.
Even if you’re determined to take control don’t go on about it all the time.
Our view
We’re all better at doing things when we have something to aim for.
A worthwhile, achievable goal makes us feel better about our prospects.
Perhaps start by balancing your budget and building up an emergency fund.
You can then move onto saving for a holiday or a house, or putting money into a pension or a NISA.
We can help you get started and guide you through the process. And it won’t cost you a bean.
Feel free to drop us a line advice@www.townclosefp.co.uk or give us a ring 020 7993 4898 to find out more.
Sources: moneyadviceservice.org.uk