FiHow Couples Can Sustain Financial Changes Together?
In today’s economic climate, it’s common for one or both partners to lose their job or have inflexible working hours. Change on a larger scale means that the financial habits you developed after getting together may not work out the same way anymore. So, if you both as a couple are facing any financial blow due to major changes in life, then you should be tackling it together rather than getting suppressed by the issues. In this guide, we will tell you how you can deal with major changes in life and maintain financial stability whilst keeping the relationship healthy with your partner.
Common Reasons for Change
Everyone’s situation is different from others and there can be some common triggers, meaning you need to rethink what you do with your savings.
TIP: Just as every relationship has ups and downs, your relationship with money can also go through highs and lows. Even if each one of you keeps your savings separate, what you decide to do with your money is likely to affect your partner in some way.
There can be these situations:
Your partner or you have changed jobs- It may mean you’re earning a lot less or a lot more than you were a few years ago.
Your partner or you have given up work altogether- Probably you both planned to go back to work after having children and have changed your mind post it.
Your partner or you would like to start your own business-If you both choose to quit working because you want to be a full-time dad or mom, it’s normally expected that your other half will also support you. But what if you want to stop working so that you can retrain or do something completely different?
If you’re not happy with your current job
Your partner will probably welcome your plans for a change. No person would want to see someone they love doing a job they don’t actually enjoy or at worse, one that actually makes them feel depressed. But at the same time they can be concerned about the financial implications for the both of you.
TIP: Your plans getting affected by any of the above situations can mean that your income will drop, or even disappear altogether. Due to this both of you are bound to feel the financial pressure.
Action Plan
Try these ways to help you get back into control:
Figure out exactly how much money you’ll have coming in and how easy it will be to live on your reduced income.
TIP: Work out whether you can distribute payments using a 0% credit card (apply for it while you’re still working) and look at where you may be able to make cutbacks. A good place to make some extra money is looking if your existing card has a mis-sold PPI policy on them. If you find out that you have been mis-sold a PPI policy on your credit card by your provider such as Barclays PPI, then you can make a claim for PPI refund. Making a claim for refund will put you in a position to get the money that was taken from you wrongfully back in your account. It is also not tough to find out if you have mis-sold PPI as you can check it online and make a claim as well. It all starts with making an effort to make extra money in whatever ways possible.
If you’re worried about paying your mortgage, talk to your lender and see what all options may be available to you. Your lender may not always be as sympathetic as they could be but it’s worthwhile getting in touch.
If you’re planning to retrain, get as much as information you can get about financial support and assessing the likelihood of you getting a job at the end of it. It’s similar to making up a small-business plan.
If you want to start a business
Starting a business can be an early sign of massive change in lifestyle for both of you: the one with the business will probably be eating, living and breathing it, while the other may find they end up doing more of the chores or childcare, or both.
There is also a likeness that it will affect how much money you have coming in and importantly the predictability of that income.
Starting your own business requires courage and as couple you both shouldn’t underestimate that.
Action plan
Starting any sort of business requires more than a winning idea. You have to think about what you’ll live on before your business start making money.
· Do Your Research-
It’s clichéd but there are some people who start businesses without having a proper planning, especially without looking at whether or not there is a market for it. You can do your online research and offline as well to ensure that your idea is worth execution.
· Discuss Your Idea-
Don’t pass secrets to everyone but run your ideas to your trusted friends and family and try to listen to their feedback. It’s likely to get carried away with the idea, but if you can’t make money from your idea, it’s not a good business idea.
· Evaluate The Risk- Most of the successful business owners have taken risks in starting or expanding their business, but you should be wary of the worst case scenario and put limits on your financial exposure.
Keep these tips in mind and plan things together to tackle financial changes just as you both do to keep your relationship get better regardless of all odds.
