It’s understandable that you might not feel comfortable talking about finances with your loved ones, especially during this current uncertain time. But it’s sometimes those conversations that are the most important ones to have. We are here to help you have those conversations.
You can find free and impartial money advice at the Money Advice Service.
1. Choose the right time and place.
If you want to have a deep and meaningful conversation about money, somewhere private with no distractions is best. You may want to schedule it in so that everyone has time to think about what they want to say.
2. Be open and honest.
To encourage the other person to open up, talk openly and honestly about your own views, strengths and weaknesses when it comes to money. This might mean allowing yourself to be vulnerable and admitting something you struggle with such as budgeting or checking your bank statements.
3. Practice ‘active listening’.
During some conversations we’re busy thinking about what we’re going to say next. This might mean the other person doesn’t feel heard, and that you may miss important points. Try to really listen to everything that’s being said without interrupting. Non-verbal clues like nodding and making eye contact will show you’re listening.
4. Be willing to compromise and agree to disagree.
It’s unlikely you’ll always agree with everyone when you have conversations about money. Sometimes, to be able to reach a point of resolution, it’ll be necessary to compromise, agree to disagree or let something go.
5. Avoid using blaming language.
To ensure you don’t come across as pointing the finger, use ‘I’ statements rather than ‘you’ statements. This means you’re taking responsibility for your own feelings, and means it’s less likely to make the other person defensive.
6. Seek support if you need it.
If there’s an issue you just can’t seem to move past, consider speaking to somebody objective such as a counsellor.