Sharing the responsibility of repayments can be a great way to reduce pressure and stress, whilst allowing a couple to develop their relationship further with a bond whereby both parties bring their support to the table. But a common concern that pops up amongst those with dual debt responsibilities, particularly in Australia where repayments to lenders are so important, is disagreements relating to how much is being spent habitually.
We all have our hobbies, leisure activities and preferences, and for many these are our escapes from the day to day activities that comprise our lives. But these types of activities often come at a cost and when one person wants to save and their partner doesn’t; disagreements can take place. Fortunately, even these matters can be dealt with – especially when hiring the help of a financial advisor.
Identifying the problem
One of the biggest issues that can lead to disagreements is when one person doesn’t see anything wrong with their spending habits. Whether they smoke, visit the gym, or pay for an expensive mobile phone plan – getting them to reduce their costs can be quite a challenge for many. And this is why visiting a finance specialist can be so beneficial.
As a third party, it will be their job to identify the problem in an open manner; meaning that the partner that spends willy-nilly won’t feel like they are being quite as targeted (which could be the case if one member of the couple decides to take matters in to their own hands). An advisor should be able to recognise where spending can be reduced and then suggest improvements to these types of activities.
A good relationship requires open lines of communication, but if we’re honest – sometimes the thought of such a confrontation can be pretty terrifying. This is why a third party can be helpful when dealing with these types of events. If you schedule a meeting with an advisor and ensure that you take all of your spending details with you, it will quickly become apparent that savings could be made if possible.
Why might you want your partner to spend less and save more?
When it comes to your joint future, saving as much extra money as possible each month could build a significant nest egg – and this could be used toward a deposit for a first home, a new car, or even to start a family.