We all know that money can be a very touchy subject, even in the healthiest of relationships. Sometimes it’s easier to avoid the conversation altogether, but we know it is one of those things we should discuss.
If a couple talks about money by using the right approach, it can and will bring you and your partner closer together, and this frank discussion can help you build a solid financial future.
In our latest Debt Rescue blog, we will be sharing some practical tips to help you make those money conversations productive, hopefully stress free and maybe even empowering.
Index:
1) Choose the right time
2) Share your goals and dreams
3) The practice of active listening
4) Start off small
5) Transparency is key
6) This is not a blame game
7) Always celebrate your wins
8) What happens if you have too much debt?
9) Debt Review can be the solution
10) Do this as a team
1) Choose the right time
When it comes to a sensitive topic like finances, timing is everything. Being bombarded, when you or your partner are feeling tired, stressed or distracted, might not be the best moment.
Maybe choose a peaceful Sunday morning, over a lovely breakfast.
Start by framing the discussion in a positive light, this will make it feel less like an attack or a chore. You could start off by saying, “Imagine what we can achieve if we put our heads together with our finances?”
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2) Share your goals and dreams
Before you dive head first into the numbers, maybe begin the conversation by talking openly about your dreams, goals and aspirations.
Do you both want to buy a home, or maybe a rental property? Travel the world? Start an education fund for your child? Or, if your finances are not looking great, what to cut back on, or where you both can try and save?
It is so much easier to discuss budgeting or debt repayments when it is tied to a vision you both share.
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3) The Practice of Active Listening
Our value of money varies from person to person. This is shaped by our upbringing, life experiences, and fears. Listen without judgment and be curious about your partner’s perspective. Your partner might share that they grew up in a household where money was scarce, leaving them anxious about saving and not spending.
By truly listening, you can acknowledge their feelings and understand their point of view regarding how they would like approach your financial budget.
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4) Start off small
If this is the first time you are having a discussion regarding money, maybe don’t jump into the deep end with detailed budgets. By starting small, you can talk about what you are comfortable with, like for example planning a simple weekly budget, or looking at a single account.
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5) Transparency is key
If you are feeling nervous about sharing your true financial situation, maybe take the leap and share it all with your partner. Secrets in a relationship can lead to mistrust, arguments and unnecessary stress. Sharing how much debt you really have, or savings, or being honest about your spending habits, might help both of you understand your situation better.
By using your combined strengths, and being frank and your weaknesses and your strengths can be used as a great advantage for your financial future.
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6) This is not a blame game
When money gets tight it is easy to point fingers at each other. Does this sound familiar?
“Why did you spend so much on that item?” or
“We wouldn’t be in this financial mess if you just saved more!”
Blaming each other defeats that purpose of this discussion. You can’t do anything about what happened in the past, but you can shift your focus to the future.
Work together on adjusting your spending habits to meet your combined goals. Imagine tackling all these problems as a team!
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7) Always celebrate your WINS!
Money conversations should not always be about sacrifices or your struggles. It is important to celebrate milestones together, regardless of how small they are. Maybe as a couple you were able to pay off a credit card? High Five! Maybe you managed to stick to your budget this month? Treat yourselves to an affordable dinner date.
By celebrating small wins, remind both of you that you are in this together.
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8) What happens if you have too much debt?
If your financial discussion keeps circling back to overdue payments, maxed out credit cards, and as a couple you are taking on more credit to pay your bills, it might be time to consider outside assistance.
It is okay to acknowledge that your debt has gotten out of control and that as a couple you might need help.
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9) Debt Review can be the solution
Did you know that debt review can provide the structure and financial relief you as a couple might need? Debt review is a legal and private process. It was introduced in 2007 by the National Credit Regulator to assist over-indebted consumers. Your debt will be consolidated into one reduced monthly payment.
Debt review ensures that your living expenses are fully covered, whilst protecting your home and vehicle from being repossessed.
Do you want to know more about debt review? Read our blog – Everything you need to know about debt review.
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10) Do this as a team
We believe that knowledge is key. Our consultants will guide you through the whole process with compassion. We will start off with a free, no obligation assessment of your current financial situation. We will be able to show you how much you can save per month, and explain in more detail what you need to know.
Whether you are married in community of property, or married out of community of property, or life partners, we have solutions for every marriage type.
We understand how intimidating this may seem at first, but making it together will only strengthen your bond and your commitment to a wonderful financial future, free of debt.
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