Having better money conversations when times are tough

As household budgets face mounting pressure, many of us are finding money conversations increasingly difficult. This Talk Money Week, we look at why opening up about finances matters - even when it feels impossible.

This week marks Talk Money Week, a national campaign that encourages us all to be more open about our finances. It might seem like just another awareness week, but at a time when many of us are feeling squeezed by rising costs, having honest conversations about money matters more than ever.

The campaign’s message is simple: talking about money, however difficult it feels, can help us feel less alone and more in control. But as we all know, that’s often easier said than done.

Opening up about money worries

If you’ve ever lain awake at 3am thinking about money, you’re not alone. Most of us have been there, staring at the ceiling, running numbers in our head. Yet come morning, we put on a brave face and carry on as if everything’s fine.

It’s not just British politeness that keeps us quiet. When you’re stretching every pound until it’s exhausting, or watching your credit card balance creep up just to cover the basics, talking about it can feel impossible. There’s that voice in your head saying “What will they think of me?” or “I should be better at this by now.”

The truth is, money struggles can feel deeply personal, like somehow we’ve failed at being a proper adult. Add in the current squeeze on living costs, and it’s no wonder many of us would rather discuss almost anything else.

Starting money conversations

So how do we get past this? Not with grand gestures or formal “money talks” – those rarely work. Instead, it often starts with something small, like admitting to a friend that yes, actually, these energy bills are properly scary. Or mentioning to your partner that you’re not sure how you should handle that unexpected car repair bill.

These little openings matter. They’re like testing the water – seeing if it’s safe to wade in a bit deeper. And often, you’ll find the other person has similar worries. There’s something powerful in realising you’re not the only one finding things tough.

Practical Steps for money conversations

If you’re ready to start talking about money, here are some approaches that can help:

  1. Start Small
    We often think we need to have everything figured out before we start talking. But sometimes it’s as simple as mentioning to a friend that you’re trying to cut back, or asking someone you trust how they keep track of their spending. These casual chats can open the door to deeper conversations when you’re ready.
  2. Get Prepared
    Nothing makes money talks more stressful than feeling caught off guard. Take half an hour to jot down your main numbers. Even rough figures help. Pull out recent bank statements or check your banking app. Knowing where you stand, even if it’s not where you’d like to be, can help you feel more in control of the conversation.
  3. Keep the Conversation Going
    One chat about money rarely solves everything, and that’s okay. Try setting aside ten minutes each week to check in with yourself about your finances – maybe while having your Sunday morning coffee. If you’re tackling money as a couple, this might mean a quick chat when you’re doing the washing up or walking the dog. Making it part of your routine, rather than a big event, can help it feel less daunting.

When things feel overwhelming

Sometimes it’s more than just everyday money stress. Perhaps you’ve started using one credit card to pay off another. Or you’re lying awake wondering how to tell your partner about mounting debt. Maybe you’ve got a stack of unopened bills because you can’t face what’s inside them.

These moments can feel incredibly lonely. But you don’t have to face them alone. As your credit union, we can provide a safe space to talk through your situation and help you understand your options. We can help you to use tools such as our Better Off calculator to understand your current situation and what your options might be.

However, sometimes you might need more specialist support. For issues like problem debt, complex benefits questions, or specific financial advice, there are dedicated organisations who can help:

  • StepChange and other debt charities provide free, regulated debt advice
  • Citizens Advice can help with benefits and legal matters
  • Independent financial advisers can provide regulated advice about pensions and investments

What matters isn’t how you got here, but taking that first step. Whether that’s having an initial conversation with us to understand your situation better, or reaching out directly to specialist advice services – there are people who can help.

Where do we go from here?

Remember, money problems don’t care how educated you are, what job you do, or how good you usually are with finances. They can affect anyone, especially in times like these when costs keep rising faster than wages can keep up.

Taking that first step to talk about money – whether with a friend, family member, or with us at London Mutual Credit Union – can feel daunting. But it’s often the beginning of getting things back on track. This Talk Money Week, why not take that first small step? Sometimes, just having someone listen and understand can make all the difference.

Ben West

As Head of Business Development, Ben is responsible for promoting our membership and services, improving customer experience, and developing our links with employers and community organisations

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