When unexpected expenses come your way, you may find yourself digging into emergency savings or taking out a loan to stay afloat. However, the wisest course may be to ask your partner for help.
We have a look at the importance of getting organised before you approach your partner, and we consider whether it would be wise to ask for help if they are still new in your life.
Tip: Take charge of your debt by consolidating it – find out more.
Get organised before you approach your partner
Giles Maynard, regional manager at Carrick Wealth, says that it’s important to get a full and up-to-date overview of your income, expenses, and any outstanding debt before you approach your partner.
“This will ensure that you’re organised, and you can accurately answer any questions your partner may have,” says Maynard. He explains that being organised will also help you feel more confident.
Prepare yourself for difficult questions, which may include:
- Are you relying on your savings to get you through the month?
- Are you behind on any of your bills?
- Are you taking out more debt to keep yourself afloat?
If you can comfortably answer these in private, then you will feel more comfortable answering them in front of your partner.
“Remember, finances are a ‘we’ problem within a supportive and secure relationship or marriage, not a ‘me’ problem. It should be something you look at together if the goal is to be together in the long term and to build a life together,” says Maynard.
What if you’ve only been a couple for a short time?
Maynard believes that partners wouldn’t feel comfortable lending money to someone that they haven’t been with for long. In this case, it may be more sensible to reach out to a close friend, or a family member.
“If you still want to go ahead and approach your partner, you can enlist the help of a third party, such as an attorney, to draw up a contract with terms and conditions to pay your partner back. This can offer some peace of mind,” says Maynard.
He explains that offering a concrete plan on how you will pay them back, letting them know when they can expect the money, and where you plan to get it from, could be useful at your initial approach.
“Have a plan, but don’t go in with any expectations,” says Maynard.
Have you considered seeking professional debt help? You can consolidate your debt today.