Talk Money Week 2024 is an annual campaign that encourages open conversations about personal finance, money management, and financial well-being.
This week-long initiative aims to break the silence surrounding money-related discussions and empower individuals and families to make informed financial decisions.
For Talk Money Week (4th-8th November), TV financial expert and our founder, Jasmine Birtles, says that setting regular ‘Budget Days’ for the whole family to discuss their savings goals and what they would like to do with any spare money, helps families manage their finances and sets healthy financial habits for everyone.
“If parents and children get used to talking about money together early on,” she says “even if it’s just simple things like where they can afford to go on holiday or what they will spend their Christmas budget on, then it will get them used to being open about making, spending and saving money later on. Then. when they’re older, the kids will understand what their parents can and can’t afford to give them and the whole family will be able to discuss elder care and inheritance planning.”
She adds, “many families never speak about money, so all generations are in darkness about what the others might need. This can lead to quite serious misunderstandings and can leave older family members, particularly, poorly cared for. Don’t let this happen to you or your parents.”
Jasmine gives a few tips for families to get the ball rolling:
- Have a monthly ‘Budget Day’ where you all discuss something fun that you would like to do that month, how much it will cost and what you could all do to afford it.
- Are there some things you could go without to save the money?
- Are there some things you could sell?
- Could the kids go online and see if they can find discounts for it?
- Discuss Christmas in September (or even earlier if you can bear it). Discuss what your budget is and what you would all like to spend it on. Nearer the time you could tell them your presents budget and ask them what present they would really like that is within that budget. Secretly, of course, you could get them other smaller presents in the meantime!
- In January, your Budget Day could be about your summer holiday. How much can you afford for it. Where would everyone like to go to and how could you all make a bit more cash to have extra holiday spending money.
- Could you all do a car boot sale together?
- How much could you save on the price of the holiday by shopping around (get the kids to do it with you).
- Once the children are a little older you can have Budget Days in which you discuss their futures and whether they want to go to university or an apprenticeship and what they are aiming at generally. Then discuss how much it is likely to cost and how much the family will need to put aside each year to help fund this.
- Look at Junior ISAs to help build up the cash tax-free
- Maybe agree to ask family and friends to give money for savings instead of presents at birthdays and Christmases.
- Help them get Saturday and holiday jobs to gain experience and make extra money.
- When the children are a little older, get more of the family finances out in the open, including the mortgage, discussing how it can be paid off earlier and how much you will need in your pensions and investments to pay for your retirement. This will help the children understand where some of your money has to go, and will also encourage them to invest for themselves later.
