Saving? It pays to talk…

Savings

Sarah Willingham

3rd February 2014 at 12:43pm

As we march boldly into a new year, now is often a good time to reflect on the past and look to the future. While we traditionally linger over our waist lines we should perhaps be focussing on our finances too. Are they in shape? On track and fighting fit? A financial health check can be just as important as a fitness one. No health programme should ever be easy but there’s a simple exercise you can do from the comfort of your own home – communicate.

As a nation we’re aware we need to get better at managing our day to day finances.  If you then throw in saving for the future it can be even more of a headache, add in again the burden of looking after loved ones, old and young and it can often feel unmanageable. However a little bit of communication goes a long way.

Our research shows that the topic of money is still regarded as a taboo subject in the family and even when we’re having financial concerns, we don’t turn to our own families for advice.

Research shows that the topic of money is still regarded as a taboo subject in the family.

Nearly a quarter of families only discuss money when there’s a major problem and 1 in 10 never discuss their finances with a family member. In fact, two thirds of grandparents would much rather suffer in silence than ask their families for financial help.

The younger generation are so tech savvy and use google to research everything, yet 95% of kids have never been asked for help by their parents.  We can however learn a lot from our families and each generation is able to bring its own wisdom to the dining table. From nan at the top of the chain full of post-war frugality through to mum in the middle who knows how to run a family on a tight budget right through to the teenager who can find a deal on anything. It’s great to talk and if we learned to listen to our family members more often, we might end up with more money in our wallets.

So to get the conversation started, look out for my short series of blogs where I’ll be discussing some top money saving tips from a range of family perspectives. Kicking off with gran first, tapping into that well of wisdom to see what she has to say. So keep your eyes open for my next blog, coming soon.

You can follow Sarah on Twitter @S_Willingham for more top tips on managing your family finances. 

Alternatively you can visit her website www.letssavesomemoney.com where she looks to help consumers take action, save and make money through easy to follow 1-minute Guides and 1-minute videos.

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