One in four of us doesn’t know how to discuss money worries with our loved ones. Here’s how to have those difficult conversations…
Honesty is the best policy
It sometimes feels easier to deal with difficult financial topics or your personal finances on your own, but being honest with your partner is the best policy. As well as covering any debt, it’s also a good time to talk about your wider financial goals.
Avoid the blame game
Money can be an emotive subject, so avoid pointing any fingers. Focus your attention on what actionable steps you can take. It might help if you split the conversation up into chunks that feel manageable.
Set a money date
Set aside some time to have an open conversation about money, and any debts you have, or any concerns. Putting a date in the diary means you both know it’s coming and can prepare for it, noting any thoughts or questions you have down before you start.
Work together
List your outgoings, including things that are fixed, like rent or mortgage repayments, right through to takeaways or subscriptions. Then think about how you can work together to cut down spending and start to tackle any debts. It might be giving up takeaways or dropping to a lower-price phone plan. These small changes can make a big difference over the course of a year.
Celebrate the wins
On average, people expect that it will take 21 months to pay off their debts, so be sure to mark any milestones, progress and changes you make to help keep you motivated.
● Financial tips from Craig Bundell, Help me Borrow Director at Tesco Bank.