Tesco Bank urges couples to use this Valentine’s Day to set a money date

Use this Valentine’s Day to set a money date

Craig Bundell, Help me Borrow Director at Tesco Bank: “While talking about money might not be at the top of the list for Valentine’s Day, it’s an incredibly important part of any relationship. Every couple should have time set aside for a money date. A time to discuss savings goals, planning for the future and potentially more tricky topics like money concerns in the cost of living crunch or debt, be that credit cards, loans or overdraft borrowing. It’s important to not shoulder any concerns on your own.  

“Our latest research shows that debt is still a taboo subject for many people. Nearly one in four (23%) people feel shame or embarrassment discussing debt and 18% would never confess to being in the red. This really shouldn’t be the case. While it can feel challenging, being open and honest about any debt or money worries you have can help you work out a way forward, helping to take the pressure off and potentially ease any negative impact on your mental health. Often the first step can be the hardest, but being open is the key.”

Craig shares his tips on how to approach talking about debt with your partner.

• Honesty is the best policy

It sometimes feels easier to try and deal with difficult financial topics, or your personal finances on your own. But being honest with your partner is the best policy. As well as covering any debt, it’s also a good time to talk about your wider financial goals.

• Set a money date  

Set aside some time to have an open and honest conversation about money, any debts you have or concerns. Putting a date in the diary means you both know it’s coming and can prepare for it, noting any thoughts or questions you have down before you start.

• Avoid the blame game

Try and avoid pointing any fingers. Try and focus your attention towards what actionable steps you can take. Money can be a really emotive subject, so it might help if you take some time and split the conversation up into chunks that feel manageable.

• Work together

List your outgoings, including things that are fixed like rent or mortgage repayments right through to take aways or subscriptions. Then think about how you can work together to cut down spending and start to tackle any debts. It might be swapping a takeaway for a ‘make your own’ date night, or dropping to a lower price phone plan. While these can feel like small changes, they can make a big difference to you r finances over the course of a year. 

• Make that money date regular

Try setting aside one evening a month to talk about your progress, and any tweaks that need to be made to your plan. This doesn’t need to be super formal. It could be a conversation after dinner about what you’ve achieved so far, what your next steps are, and how you can both work towards those goals. You may find that you also want to discuss areas such as short and long term savings goals, discussing which bills are priorities this month, or adjusting how you split your bills.

• Celebrate the wins

Paying off debt can be a real journey, and there can be a few dips along the way. But don’t forget to celebrate the wins. Our research found that on average people expect it will take 21 months to pay off their debts., so make sure to mark milestones, progress and changes you make to help keep you motivated and make it manageable.

• Speak to the experts and consider your options

30% of those surveyed said that they didn’t know where to go for debt and other financial advice,. Try getting in touch with Citizen’s Advice or Step Change, who both offer free, impartial advice on how to deal with debt. It’s also worth looking at options like a debt consolidation loan, which will combine your debt into one pot, making it easier to manage. Try exploring the routes with your partner to find what options suits your personal circumstances the best.

Cover photo from Canva