Preparing for a conversation
Throughout your life you’ll inevitably have lots of money conversations with different people. At times these will feel difficult and could be about sensitive topics. To try and take the stress out of these, plan out what you want to say will make it a lot easier, try and prepare a couple of pointers to help prompt you in advance.
Choosing the right space
Choose someone you can confide in, who will not judge you for talking about your finances and won’t repeat what you discuss, unless needed. That might be a family member, a close friend, or even a financial advisor.
If none of these people are an option for you, there are a number of charitable organisations such as The Money Charity who proactively provide education, information, advice and guidance to people of all ages and at all stages of life. This includes helping people get to grips with money and increasing financial wellbeing. Citizens Advice also have a number of information pages on their website devoted to dealing with money issues.
Choosing the right time
Next, choose the right time to have the conversation. Raising financial topics in an inappropriate setting or when the other person is preoccupied could lead to misunderstandings or even conflicts.
Try to find a time when those involved in the conversation are focused and able to give it their undivided attention. Pick a place that’s conducive to having a calm and productive discussion. Factoring in both of these elements will help to make the conversation as seamless as possible.
Focus on the facts
When it comes to talking about money, it can be a very emotive subject and so this can become the focus of the conversation. However, allowing your feelings to get in the way is often counter-productive.
To avoid this, try taking a moment beforehand to reflect on how you feel. Once you’ve pinpointed how you feel about the situation, take a breath, and remind yourself of just the facts. By making a concerted effort to focus on those, you’ll be much more likely to stay calm and be able to navigate the conversation in a more productive way.
Pick the right products
At RCI Bank, we believe that a good savings account can help you to stay in control of your finances and help you get on with living your life, removing the fear around money. Our savings accounts offer something for everyone; whether you're looking for ease or a great rate. For example, the Freedom Savings Account is penalty free in recognition of the fact that sometimes for reasons outside of our control we might need to deep into our savings unexpectedly. Knowing that you’re using the right products for your situation, designed with life’s challenges in mind is important for helping to ease the anxiety that we often feel around the subject of money. The products you use can also be a gateway into money conversations, for example, opening a Freedom Account with a partner which you both have access to might help to foster a more open dialogue around your finances.
Whilst talking about money can feel scary and sometimes be uncomfortable, by working on our mindset and approach to it, it really doesn’t need to be. Starting this Talk Money Week, let's break the stigma around money talks and start having more open and honest conversations that will help us adopt smarter money habits, putting us on the road to achieving our financial goals.