Do One Thing this Talk Money Week

November is a great time to think about getting your money under control and build money confidence. Not only do we start to spend more as the holiday season approaches, but it’s also Talk Money Week (6th – 10th November). 

Talk Money Week aims to break down the taboo of talking about money through starting money conversations in any area of life. The week is designed to increase people’s sense of financial wellbeing by encouraging them to open up about personal finance – from pocket money to pensions [1].

Research shows that people who talk about money:   

• make better and less risky financial decisions   

• have stronger personal relationships   

• help their children form good money habits for life    

• feel less stressed or anxious and more in control  

The theme for this year’s Talk Money Week is “Do One Thing”. We’re sharing five things you could choose from and do this week to help you get started: 

Set Financial Goals 

Having clear financial goals helps provide clarity and control to your financial situation and is crucial in building your money confidence. Start by thinking what you want your money to do for you in the short term, medium term and long term. For example, it could be to save for a holiday this year, save for a bigger house in 5 years’ time and have enough money to retire by the age of 60. Write down your goals and create a plan to achieve them. Track your progress as this will help you stay motivated and build confidence in your ability to manage your money successfully. 

Create a Budget 

Creating a budget is an essential part of managing your money. It helps you track your income and expenses, and helps ensures that you are living within your means. A budget can also help you identify areas where you can cut back on spending and save more money towards your financial goals. Creating a budget can be intimidating if you have never done it before, but there are many tools available, such as budgeting apps and spreadsheets. The satisfaction and comfort you can gain by understanding your personal budget can be a real boost for your financial confidence. 

Check out these useful budget planners.

Talk to your children about money  

Children who are encouraged to talk about money from their parents or carers tend to do better with money when they are older, and it helps to develop their financial skills. There are lots of fun money activities and resources you can use. MoneySense is a great programme by NatWest to help parents get money savvy and help their children towards a better financial future. Resources are sorted by age and include interactive money games for kids as well as videos and articles to help parents. Check it out here.

Build an Emergency Fund 

Having an emergency fund is essential to build your money confidence. An emergency fund is a savings account set aside for unexpected expenses, such as a car repair, or if you should be unable to work. An emergency fund can help you avoid you getting into debt or dipping into your savings, which can cause stress and financial instability and knock your money confidence. Try to build an emergency fund of 3 – 6 months of your monthly essential spend. 

Reach out for advice and support 

If you feel overwhelmed or unsure about managing your money, seek professional help. A financial planner, advisor, and a variety of charities can help you create a personalised financial plan, manage debt and provide guidance and tips on things such as saving, investing and budgeting. Working with a professional can help you build confidence and ensure that you are making informed financial decisions. Check out these useful websites.

 

You can also sign up to our 30-minute webinar that will cover some easy and manageable things you can do this Talk Money Week to help boost your financial wellbeing. Sign up here.

 

[1] https://maps.org.uk/talk-money-week/