Bradford District Credit Union is taking part in Talk Money Week as an initiative to go against the stigma which people have and encourage an open conversation about money. We know money can be a sensitive topic, which is why BDCU has introduced money tips – To give you some useful tips regarding any financial worries you might have.
Talk Money Week: What is it?
Talk Money Week encourages conversations between families, friends, businesses, and communities in general to reduce the stigma surrounding money. Speaking openly about money can highly help to tackle money worries and be healthy for your relationships and your personal health. First Covid-19 and now the Cost Of Living Crisis has made it vital for us to have a conversation about money, and furthermore, to enhance our financial well-being.
Why Talk about Money?Taking part in money talks regularly can help us gain financial confidence and the ability to face future challenges.
Research presented by Money & Pensions Service shows that people who talk about money:
- Can make better and less risk-based financial decisions
- Maintain healthier personal relationships
- Help their children gain positive money habits
- Feel less anxiety and stress regarding money
5 Useful tips
Here are some useful tips to help you talk about money:
- Talk to your partner, a family member, or a friend that you can trust and share your money worries with. Maybe they share the same worries or have dealt with the same in the past. They should be able to reassure, support, and understand you, which can make a difference in helping you tackle the financial difficulty.
- If you feel uncomfortable talking to your friends or family, you can contact support here.
- Make a clear and honest list regarding your finances. A list of your bills can help you form a budget for what you can spend and save.
- Start Saving! – even if it is a few pounds a week. You will notice whatever you save will help you reach your financial goals such as a holiday to pay off your debts. Saving can also help you stop constantly borrowing.
- If you have a loan or a credit card, keep up to date with the interest rate and balance for what you pay. If you are struggling to pay them off get in contact with your provider to see if they can make any changes. If not then find out if debt consolidation would be suitable for you.
How BDCU Can Help:
StepChange (2021) stated that 31% of parents with children under the age of 5 are borrowing to make ends meet. BDCU is a friendly alternative to high street banks and is committed to supporting our community and promoting the financial well-being of anyone living or working in our common bond. We help encourage our members to get into savings habits in a way that is suitable for them. Whether that’s through payroll deduction, regular savings, or saving as you borrow. You can see the type of saving accounts we have here.
Around 51% of adults in the UK are unconfident when making decisions about financial services and products (MaPS, 2022). We believe Online Banking helps people improve their confidence in managing their finances as they can access their money whenever and keep track of their funds. BDCU offers an online banking service via our website and our app.
Our financial inclusion officer, Ian Brewer, Hosts regular webinars regarding financial well-being. This has previously included Payroll deductions and FoodSavers. More recently, How to Empower Your Financial Future in relation to the Cost Of Living Crisis and much more.
The Credit Union runs a number of financial inclusion projects including ‘Money SOS’ workshops, Money tips, Loans, FoodSavers, and UniformSavers. All are making a real impact on people’s lives. Give them a look!