Do One Thing for Your Finances: Start a Conversation

This Talk Money Week, MyBnk invites everyone to join the conversation about money and “do one thing” to improve their financial wellbeing.

Everyone needs to be able to manage their money. At MyBnk, we bring the language of finance to life so that everyone can navigate their money, no matter where they started. That’s why this Talk Money Week we are sharing valuable insights from a variety of financial experts and partners to help you take that first step to better financial wellbeing.

This guest article comes from our partners Lowell, offering useful suggestions on the first step towards better money management: how to start a conversation about your finances. Thank you to Lowell for collaborating with us on this important topic and guest writing this piece. Let’s dive in and discover how just one action can lead to greater financial confidence!

Do One Thing for Your Finances: Start a Conversation

Financial stress affects many of us, with recent surveys showing that 25% of people feel anxious or ashamed about their financial situation. However, not everyone feels this way—19.5% of respondents report feeling empowered or in control. So, what sets these groups apart? Often, it’s one simple action: talking about finances. Starting a conversation about your money might seem daunting, but it can be the key to feeling more secure, empowered, and in control.

Why Talking About Money Matters

Money stress often stems from feeling isolated in financial struggles, but sharing these challenges can provide relief and perspective. Opening up to a friend or consulting a financial professional can help unbottle feelings of stress and uncertainty that often make financial matters feel overwhelming.

How to Start the Financial Conversation

Facing financial concerns doesn’t have to be scary or uncomfortable. Taking that first step—whether confiding in a friend, seeking professional advice, or simply having an honest conversation with yourself—can make all the difference.

Here are some tips on how to approach the topic:

1. What are my long-term financial goals?
   Envisioning your future financial goals whether it’s paying off debt, saving for a big purchase, or achieving financial stability. Having milestones, you can check in and gives you a tangible sense of making progress and gives you something concrete to work towards.
2. What might be stopping me from reaching my goals?
   Identifying barriers, like debt or other responsibilities, is a crucial part of creating a realistic plan. Life is unpredictable, and obstacles like health issues or unexpected expenses can arise. Charities like Money Helper, a government-backed, free impartial money advice service or StepChange, the UK’s leading free debt charity for advice and solutions, offer free support to guide you through challenges, including debt management and financial planning.
3. Can budgeting help me?
   Budgeting doesn’t need to be restrictive. Understanding your income and outgoings can help you to manage your money. You can use our free online budget calculator to get a clear view of your finances and keep track of exactly where your money is going, but make sure the information you enter is accurate to get a realistic understanding. The more information you provide, the more accurate the budget will be.
4. Where can I find reliable financial information?
   There are lots of places you can go to get more information about financial wellness, but it’s important to make sure that any information you read is helpful, factual, and accurate. Many charities, including StepChange, MoneyHelper, and National Debtline, offer free guidance on managing money wisely. You might also consider reaching out to financial experts who can provide personalised advice tailored to your needs.
5. Are my spending priorities aligned with my goals?
   Keeping track of important payments, like rent and utilities, can help to ensure your essentials are covered. Automating these payments can help prevent missed bills and reduce stress.

Moving Forward

If you do one thing to improve your finances today, start by opening up. That one conversation can help you move toward feeling more empowered and in control.

If you’re a Lowell customer and having issues with your finances or your Lowell debts, please get in touch. We want to work with you on your journey to become free of your Lowell debt.

Survey Notes:

Answers were taken from 1000 UK adults via OnePoll in January 2024 as part Lowell’s Talk To Yourself About Money campaign.

Featured photo by Surface on Unsplash.