Talk Money Week 2020 will take place on 9-13 November.
Talk Money Week is an annual campaign to get the nation talking about money.
Communication is really important in all aspects of life especially when it comes to your finances. However, talking about money is often seen as a ‘Taboo’ subject that people shy away from. Perhaps it is seen as too personal, whatever the reason Let’s get the conversation started!
Why talk about money?
During COVID-19 we may be physically closer than ever to our immediate families, but financially we are still distant from some of our loved ones.
The effect of the pandemic has made it more important than ever to start conversations about money.
Research shows that people who talk about money:
• make better and less risky financial decisions
• have stronger personal relationships
• help their children form good lifetime money habits
• feel less stressed or anxious and more in control
Building money conversations into our everyday lives also helps us build financial confidence and resilience to face whatever the future throws at us.
Talking to your partner about money
According to Relate, one in three people say that support when talking to their partner about debt and finances would benefit them.
The key time to know about your partner’s finances is when they begin to become intertwined with yours. This will often be when you start living together and paying bills jointly. It is at this point that your partner’s finances can begin to have a more significant impact on your own and vice versa.
Hiding Money worries and debts from your partner
Having a debt problem can be an extremely stressful and isolating experience. Trying to deal with the situation on your own by keeping it secret will probably only make the stress feel that much worse.
If it is you who has a debt problem which you are hiding from your partner, tell them about it as soon as you can. The sooner you have the conversation, the easier it will be.
Think about what your partner is going to want to know when you tell them. Get all your paperwork ready so they can see the whole situation – and that you are taking it seriously.
Find a time where you have no plans, no distractions (make sure the kids are out if you have them), so you have plenty of time to go through all the details.
You need to be really honest here. There’s no point hiding some things – come completely clean and get it all over in one conversation.
Hiding your debts can have wider implications – it might not just be impacting you but also your partner’s credit rating could be affected too.
That’s because if you are linked financially to your other half – through a joint bank account, mortgage or credit card, etc – banks and others may look at the financial situation of both people before making a decision.
Struggling with unaffordable debtsexperienced debt adviser before you decide what to do.
There are many ways to clear your debts and some are more well-known than others.
The one that is best for you will depend on your personal circumstances. Speak to our team today for expert debt advice. Call 0800 121 48 63