Talking about money remains one of life’s great taboos.
And there are many reasons for this.
For many, talking about money causes feelings of embarrassment and insecurity – something that applies whether you have a lot of money or none at all.
But despite all of the negativity around talking money, there are a lot of positive that can come from it too.
From learning more about finance to getting help with debts and other money issues, sometimes it’s good to talk.
Why should you talk about your finances and debt?
Explore just some of the reasons why below.
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Money talk – relationships
Money is a topic that many try to avoid in relationships, but it’s the not talking about it that can damage them, especially where debt is involved.
Paying off your debts can affect your future plans such as vacations, getting married, buying a house, etc., so the more open and honest you are about your finances the better.
The sooner you have the money talk in your relationship, the better.
By being upfront, you can benefit from your partner’s advice and support ready to enjoy a brighter future together.
It will help you make future plans and could even help each of you develop better money habits.
But one thing that is important to remember is that your debts are not your partner’s debts.
Apart from joint debts you hold together, your credit rating and your debts belong to each individual.
Talking about debt
Raising the subject of debt can be difficult, especially if you’re trying to avoid embarrassment or feeling like you’re nagging your partner.
You could broach the subject by asking for advice or opinions about management.
Questions such as ‘how much should I be saving a month?’ or ‘how can I pay off my debts quicker?’ could help lead you into conversations about your finances, helping you to be more honest with your partner or relative.
If you’re dealing with serious debt and want to confide in someone or ask for help, being honest is the best thing you can do.
You could even come up with a plan for reducing your debt before you tell them, helping you have a more open conversation and perhaps even find a solution together.
Dealing with debt can be stressful and cause anxiety, but sharing your concerns with someone else can help you lift the weight off of your shoulders ready to move forward.
Talking about finances can seem scary, but you’ll likely feel a sense of relief afterward.
If you’re in debt and want to explore ways of getting out of it, talk to Bankruptcy Canada today.
Call us on (877) 879-4770 today and we’ll be happy to help you get debt-free.