Blog by Jonathan Moore Chief Executive at Stockport Credit Union
‘It’s the hardest thing to talk about sometimes, isn’t it? Especially, if there isn’t enough of it. Our members share this feeling with us on a regular basis – how they felt lonely and embarrassed with debts and making ends meet.
I’m not sure where this apprehension to talk about money comes from – the research is fascinating, and strongly suggests that people hold back to avoid embarrassment or being judged, all things we naturally avoid as humans. On the flip side of this, we know the old saying of ‘a problem shared, is a problem halved’ normally rings true and that good things can come from being more open to discussing money. By talking about money worries, you are already moving forward and closer to resolving them and feeling more in control.
Throughout #Talkmoney week we will share some tips to help you talk about money, and don’t forget that as your Credit Union, we are more than happy to talk to you – you can get in touch via www.stockportcu.com”
The tips for the week:
- Find a friend or family member that you can confide in and share your worries – many people have experienced money worries and should be able to understand and show support. A reassuring chat with someone can really make a difference to how you tackle your problem. Don’t be embarrassed – that’s what friends are for.
- If you really don’t want to talk to friends or family, there are lots of organisations that can provide support, visit our website to find out more.
- Are you clear about your finances? Be honest and start a list! Our members can use our free budgeting tool, which really helps to show what you have to pay and what is left over – join us today and access a wide range of tools, products and services. https://www.stockportcu.com/nivo/
- Save! Yes, this can be extremely difficult – but starting to save, even a few pounds a week, you soon notice a little nest egg developing. You may be saving for a real goal such as a holiday, or saving a little as you pay off debts – the savings you accumulate really help to break the cycle of borrowing as you have it already! You can save for winter energy bill and Christmas with us too.
- Talk to your current loan or credit card providers and get a balance and interest rate for everything you are paying already (credit cards/loans etc) and then consider if debt consolidation would be suitable for you. We may be able to offer a more affordable solution for you that is competitive, affordable, and ethical. (Link to additional blog re consolidation)