Financial problems can bring down many relationships. If you or your partner or even both of you are in debt and are worried that it’s causing a serious stress on your relationship, here are some things to consider that might help to solve the issue.
Start having financial transparency
Quite often a lack of trust can be the cause of a relationship breaking down, not the actual debt itself. A partner may have lied about their financial situation, only for the truth to later come out thought an angry demand letter or debt collection agency. Start introducing financial transparency to your relationship so that you’re both fully aware of one another’s financial situations. Discuss bills and statements with one another and keep your partner in the loop when you’re struggling to meet payments.
Consider a joint account for bills
A joint account for personal spending is generally never a good idea, especially if one partner has a tendency to splurge their money more than the other. That said, you could still consider a joint account for paying bills. Both of you contribute small amounts to this account each month, creating a savings pot which can then be used for paying off each bill. If one of you can’t pay, the other person can step in and make up the costs. This could stop debt from accumulating.
Be prepared to make sacrifices
It could be worth making some sacrifices to help pay off your debts. This could involve skipping an annual holiday or putting wedding plans off. Talk this out with your partner and ensure that you’re both happy to make these sacrifices.
But spare some money for treats
You don’t want to make too many sacrifices that could add on pressure to your relationship. Save some money for the odd meal out together or for activities that the two of you can share.
Negotiate with your creditors
Budgeting isn’t the only way to pay off your debt more quickly. In some cases you may be able to both negotiate with your creditors in order to lower repayment rates if the two of you can prove that you’re struggling. There are sites like debtsettlement.co that can help you to find debt settlement companies and lawyers to help negotiate terms. Having this professional assistance could be easier than negotiating directly.
Beware of one-sided debt
The hardest situation is when partner owes debt and the other doesn’t. You shouldn’t let a partner bring you down financially by taking out a loan for them which they might never pay back, causing you to end up in debt. If one of you owes money to the other, make sure that a payment plan is put in place – don’t simply try to ignore the debt as this will cause resentment. Sites like relate.org can help to provide relationship counselling in this area.
Related: Financial tips for women