A Guide to Talking About Money With Your Friends
Money can be a sensitive topic, especially among friends. It’s important to understand that everyone’s financial situation is different, and some people may have more pressing financial needs than others. This blog will provide tips on how to talk openly and honestly about money with your friends.
Why is money a sensitive topic?
Many young people face financial challenges, such as student loans, rent, and living expenses. These can make it difficult to manage your money and afford non-essential items or activities.
Some people may have family responsibilities that impact their finances, such as caring for younger siblings or elderly or unwell parents or guardians.
On top of this, life can throw unexpected expenses at you. These can significantly impact you and your family’s budget and cause a lot of stress and worry.
Some of your friends will likely have more or less money than you – not one person will be in the exact same financial situation. Remember, everyone has different priorities when it comes to spending money. Some struggle to make ends meet, whilst others have more disposable income.
Disposable income is the amount of money you have left after you’ve spent money on essentials like bills, rent, a mortgage, and food.
People like to spend their disposable income on different things. Some may prioritise travel or hobbies, while others may focus on saving for the future.
All these factors can make it difficult when talking to your friends about money, what they can afford, and planning activities to do together.
Here are some tips for talking about money with your friends:
Be open and honest
If you’re struggling financially, don’t be afraid to talk about it with your friends. It’s not something to be embarrassed about, and they may be able to offer support or advice. Sharing your situation can help alleviate stress and build trust in your relationships. Remember, you’re not alone in facing financial challenges.
Be a good listener
When your friends share their financial concerns, listen attentively and without judgment. People can’t always control their circumstances, and they don’t always want you to come up with solutions and advice. Show empathy and understanding.
Avoid comparing your situation
Comparing your financial situation to others can be harmful and lead to feelings of not being good enough. Focus on your own circumstances and goals, and try not to boast about expensive things you may have bought, been given, or gifted.
Offer support
If a friend is struggling financially, offer practical support. If they say yes, you may be able to help them find a job or share resources about money, like the ones we have at Meic.
Be understanding
Remember that everyone’s financial situation is unique. Be understanding and avoid making assumptions about your friend’s financial situation. Try to find activities you can do together that are low in cost or free so your friend doesn’t feel left out or pressed to spend money unnecessarily.
Need more advice?
Every financial situation is different and all relationships are unique. By talking to a Meic helpline adviser, you can access free information, advice, and advocacy support for anything on your mind. Chat with us confidentially and anonymously from 8am to midnight every day.
