Brits are being encouraged to ‘Do One Thing’ to improve their financial situation as part of Talk Money Week 2024.
Running from 4-8 November the annual event aims to tackle the stigma surrounding talking about personal finances and financial well-being.
From creating a new monthly budget to even having a conversation with a child about how to look after their pocket money, there are a number of different things we can do to take part this week.
To help, we’ve shared our top tips to help you Do One Thing to make positive changes to your finances not only this week, but all year round.
1. Have a conversation
Whether you’re worried about money yourself or have concerns for a friend or loved one, talking about the situation is one of the best ways to make a positive change.
It might not be easy and sometimes it can feel difficult to bring up but don’t forget a problem shared is a problem halved.
So, let’s address the biggest elephant in the room. How do you start the conversation?
If you’re keen to chat about your own situation, have a think about who you’d like to chat to. This could be a friend or family member who you feel could offer guidance or understand what you’re going through.
Ask for a catch up, like if they’re free for a walk or a coffee, and bring it into conversation then.
Not ready just to bring it up on your own? Have a think about how you can bring money into the conversation, whether it’s mentioning something that’s happened in your life recently or even something you’ve watched on TikTok, the news.
It’s also important to remember to always be mindful of emotions on both sides when having any sort of chat about money, don’t interrupt and have an open mind.
2. Review your spending
When was the last time you sat down and reviewed your spending?
This might seem like a daunting task, especially if you find yourself dipping into your overdraft, but it’s important to check in with yourself at least once a month.
Knowing how much you’re spending and where you’re spending it can help you better manage your money more effectively.
Start by checking your bank statement and looking at all of your outgoings.
Check how much you’re spending on essentials such as your rent or mortgage, food and energy bills and ring fence that money each month. Then have a look at how much you spend on things like subscriptions and look at where you could maybe make a few cuts. It might surprise you how much you’re spending on subscriptions you no longer use (hint, gym memberships can be a good place to start).
Take a note of everything you’re not using and start cancelling those subscriptions one by one to free up a little extra cash before Christmas.
3. Think of a goal and make it a reality
Always wanted to go on a trip of a lifetime to some sun drenched destination? Or have you always just dreamed of finally clearing long-standing credit card debt?
Having a goal, no matter what it looks like, is a good way to make us focus on our finances.
Knowing what you want can allow you to make a plan to work towards it.
It won’t happen overnight but by having a realistic plan in place, you can take small steps to making your dreams a reality.
This could be saving a little and often to buy something big, like that far-flung adventure, or reaching out for free debt advice to manage what you owe.
4. Talk to your kids
Teaching children about money arms them with the knowledge and skills they need to manage their finances in the future.
According to research by Money Helper, children who are encouraged to talk about money tend to manage their money better when they grow up.
These conversations, no matter how simple, can help build their confidence and of course develop their financial skills.
For little ones, even something as simple as teaching them the difference between wants and needs can lay a good foundation for later life. You could also teach them the importance of keeping their pocket money safe.
For older children, don’t be afraid to introduce a little financial responsibility. Depending on their age this could range from taking charge of their own spending decisions or for older kids, thinking about how they’re going to cover the cost of milestone purchases like driving lessons.
5. Learn to say no
Managing money isn’t always about physically doing anything with cash or savings.
Instead, it can be about feeling confident enough to be open about the things you can do, can’t do or don’t want to do.
Something seemingly as simple as saying no can have a lot of power over your finances.
Life is fast paced, especially in the run up to the festive season, and there can be an expectation that we are free for lots of different social events whilst still managing the cost of Christmas.
This is where the power of no can come in handy. Peer pressure can be one of the biggest influences in how much we spend. If you’re not able to afford a glitzy night out or even just go for a coffee date with a pal, don’t be afraid to say no. Your friends and family might quietly feel the same and even thank you for it!
6. Get free debt advice
Of course, we couldn’t end our tips without talking about the importance of dealing with debt.
We understand that reaching out for professional debt advice might seem scary but sometimes it can be the best way to manage what you owe.
Asking for advice can be a way to help you build an affordable and sustainable budget if you don’t already have one in place, as well as help you get a handle on how much you owe.
Expert advisors will get to know more about you, your situation and your lifestyle before recommending the best solutions for your needs.
