Talking about money

Talking about money can seem daunting. For years, many people have felt a stigma when talking about money. But there needn’t be. Many people will experience money problems at some point in life and talking about them can help share the burden and allow you to get help and support.

You might be surprised to see the support you have from friends and family once you open up about money worries.

How to start the conversation

Starting the conversation can be the hardest part of all. Chose a time where you can talk about things without being disturbed.

Starting the conversation:

• Maybe a friend or family member has gone through something similar?
• You could mention something you have seen on TV or the soaps?
• At the moment there is so much talk about money and prices rising it can be quite good to start the conversation by mentioning the things that you see happening right now.
• Be honest. This is the hard. It is hard to not try and put a ‘brave face on’ but being honest about your situation and the issues you are experiencing will help you to get support from friends and family.
• Listen – Your friends and family members might have things to say. They might be shocked or worried. This is normal. Try and give them the time to process things and listen to what they are saying. Try not to talk over them as this can easily lead to an argument.

The chat

You’ve started the conversation. That is great. Just stick to the facts and explain your circumstances, how it is making you feel, and what you are doing about it. Is there ways that your friends and family can help support you?

• Be honest– This is the hard. Sometimes we try and put a ‘brave face on’ but being honest about your situation and the issues you are experiencing will help you to get support from friends and family.
• Listen – Your friends and family members might have things to say. They might be shocked or worried. This is normal. Try and give them the time to process things and listen to what they are saying. Try not to talk over them as this can easily lead to an argument.

Talking to your children about money

Talking to your children about money can be hard. We all want our children to have the best we can afford. We want them to have the things their friends have and to be able to do activities and hobbies. Sometimes, that is just not possible.

Having conversations about money with your children is actually a really good way of ensuring they understand the basics of money and this helps them in the long term.

Conversations with children should always be age appropriate and they don’t need to be structured as a conversation. You could incorporate it into a game! Here are some ideas for talking about money with kids:

• Playing shops – You could start showing you child the difference in prices in their play shops or cafes. This can also help teach your child about the different values of money – notes and coins.
• Playing banks – Make a game of saving and play banks. Encourage your child to save money they get at birthdays and Christmas. Make a savings jar and help them to understand that they can buy what they want of they save.

Some parents give their kids pocket money. If you are on a budget this can be hard. Kids can be quite happy with 50p here and there for doing jobs around the house. It encourages them to help out and it means they can start to save. You could even set up a star chart that rewards them, keeps them on track and gives them a small amount every time they get a star.

Talking to your children about money worries

Children are very intuitive and even if you haven’t spoken to them about any money difficulties you are experiencing, they may have already picked up on it. Explaining to them that you have a budget and that treats need to be saved for can help them understand why you need to cut back. It is important not to worry them. But being open about why they cannot have certain things is okay, it helps them learn that treats are just that, treats!

Talking about debt

Talking to family and friends about debt can be tough. Make sure you give yourself the space to speak honestly about your difficulties. Debt is something that affects a lot of people so do not feel embarrassed or guilty. By speaking about it

Reassure them that you are dealing with the problem and making the steps to speak to an organisation that can help can ease any worries they may have.

Money and debt advice is available in our Glasgow Service

Contact OPFS Glasgow service:

If you live out with Glasgow here is information and support available:

Debt Advice | Financial Support (moneysupport.scot)