Your finances

Your finances MONEY TALKS

With the cost of living rising rapidly, talking to your par tner about finances is more impor tant than ever. Here’s how...

We all have different attitudes towards money and, no matter what stage you’re at in your relationship, if your finances mix – from shared bills to a mortgage – it’s time for open communication. ‘Talking to loved ones about money is more important than ever, but some people find this difficult, understandably. There are some simple steps you can take to help make these conversations go smoothly and allow you to feel more in control.’

Jo Sneddon, financial wellbeing manager, Tesco Bank

FIND THE RIGHT TIME

It never feels like a good time to talk about money, but try to set aside a quiet hour with no distractions. It’s worth switching off your phones to ensure you give the chat your full focus. If your partner is reluctant to discuss anything to do with money and budgeting, try turning the chat into something positive by discussing your goals: is there something you both want to save up for, or might both of you want to do some work on your home?

SET SAV INGS GOA LS

A useful way to help you save is to set goals, as this gives you an incentive to avoid spending. It could be a big goal such as a holiday, or something smaller such as a meal at your favourite restaurant. Consider setting up automatic deposits into a savings account at the start of the month to make things easier.

AGREE BUDGETS

Draw up a simple budget (on a computer, app or with paper and pen). Record all your joint outgoings, such as the rent or mortgage, bills and food. Then look at where you can save, such as cancelling a subscription. You can find a free budget planner at moneyhelper.org.uk.

Prepare a list of topics to discuss, covering areas like budgets and paying off debt. Make a list of incomings and outgoings for a better picture of your money

AVOID JUDGEMENT

Approaching the conversation from a place of non-judgement is key. Avoid using language such as ‘bad with money’ – this isn’t helpful and can make your partner feel judged. If they become defensive, you won’t get the most out of the chat. Talking about money in a partnership is tough; for more expert advice on how to tackle it, try relate.org.uk.

Using language such as ‘bad with money’ can make your partner feel judged

DISCUSS DEBT

If you feel your partner is hiding debt from you – perhaps they are secretive around their finances or seem anxious and withdrawn – it’s important to talk to them about it now. If they’re not keen to discuss the matter, point them in the direction of a debt charity such as Step Change, which can offer free tailor-made advice and support.