The money conversation
Around half of all couples in the UK say they are not always honest with their partner about their finances while a quarter said they actually lied to their partner about how much money they spent each month.
We know having 'the money conversation' with your partner can be daunting but if you aren’t open and honest about money, it can put a strain on your money and the relationship itself.
Three quarters of CAP clients said their debts had led to arguments with their partner and nearly a quarter of them said it had led to either a break up or a divorce - the stakes are high. That’s why biting the bullet, sitting down together now to talk about your debt problems and make a plan to get out of debt, before it gets worse, could be the best thing for you and your relationship in 2016.
Remember, we at CAP are here to help you. Here are ten top tips we think might help:
- Pick a time when things are quiet at home and no one is dealing with any immediate stresses.
- Find time when you can be alone. Avoid times when the children are around, your mum-in-law is visiting or a big bill has just landed.
- Agree that you want to make it a year when you get on top of finances together and that it isn’t about blaming anyone.
- Admit that managing money can be hard, especially when stressed, or if you’re on a low income. Mistakes may have been made but this is about looking forward.
- Remember you might have very different attitudes to money. Past experiences can shape these but you can play to each other’s strengths.
- Decide on a shared goal you want to aim for, like a day out, a holiday or a new car or just a 'getting back in the black' celebration. This will happen twice as fast if you’re in it together.
- Use one of the many online tools – or book into one of the hundreds of free CAP Money Courses – to begin to build your budget.
- If you have debts, don’t delay in getting in touch with CAP for free debt help. You can call us on 0800 328 0006.
- Make payday the day you review how it’s all going and change your budget when its necessary.
- Avoid credit wherever possible and begin to save as soon as you can, even if it is a small regular amount.