Talking about your finances used to be considered a private subject. In recent years things have changed, and it seems like more of us are turning to friends and family more often to help us with both the big and small financial questions in life. Although it may sometimes seem like the easiest option is to bury your head in the sand and ignore your financial worries, talking openly about your financial situation could help you realise that you are definitely not alone and others will no doubt be facing similar things.
Talk about it
Having open conversations with family and friends can be a huge comfort. Just knowing that somebody else has been in a similar situation can help you feel less alienated. Additionally, learning from their experience – their successes as well as their mistakes – can help you work out what the best thing is for you, too.
You may not find all the answers you need over the dinner table, but you may uncover some money saving gems that will help you keep a few extra pounds in your pocket every week or month.
But what conversations could you and your friends benefit from having over the dinner table? Here are our top ideas to begin taking on a team approach to tackling your finances at the dinner table.
Put it into action
- Budgeting and money management habits – It’s not the easiest conversation to start. However, talking to family and friends about how they manage their money and budget for different expenses can be a rally valuable way to pick up hints and tips you can use yourself. You can also pass on your own knowledge and expertise. Everyone handles their finances differently, so you’re sure to pick up something from somebody that will fit in with your lifestyle.
- Wardrobe wonders – Do you love what your family and friends are wearing? Ask them how they keep their wardrobe on trend and within budget. You may be surprised how they manage to repair and revive their favourite garments, go vintage with their fashion and pick quality over quantity so that statement pieces last a lifetime.
- Deals and offers – It can be awkward to ask somebody how much they spent on something, even if you’re close with them. But, most people will happily share the information if you ask nicely, or mention it subtly. For example, when talking about travel and holidays with friends and family, compliment their choice of destination or resort. They’ll be quick enough to tell you if they got a deal and where they got it from!
Take advice responsibly
Although it’s great to get tips on money management and spending habits from your friends, it’s also important to be cautious when listening to the things people say and taking their advice. Make sure that you put your own situation first and don’t compare yourself too much to your friends, who may be in an entirely different financial situation to you. If in doubt, stick to what you can afford to spend and make sure you take a step back and look at the bigger picture before following any advice from your friends and family.
You should also be wary of what you see friends and family posting on social media – everyone likes to portray their best selves online, and things aren’t always quite as they seem.
We recently undertook some research and found that half of people (49%) say they are aware of their friends posting online about the money they are spending, with nearly half of them going on to spend money to try and keep up with those people. You should keep in mind that your finances and lifestyle priorities come first – making memories is more important than having a picture perfect version of them to share with your friends.
Looking for more thinking, hints and tips on how you can make more of your money? Check out our Life Hacks section for ideas!
What are your thoughts on talking about finances with friends? Let us know in the comments!
