Even if you and your partner make many agreements which you intend to stick to, ‘out-of-control’ spending can still occur. This means that your outgoings are exceeding your income. A constant overdraft, having numerous credit cards (which are maxed out) and having difficulty lasting until payday without borrowing money can result in a lot of issues. If excessive spending is occurring then the issue should be discussed immediately, it will only get worse if not addressed.
Because effectively dealing with disagreements is very important, if these talks fail to resolve the problems, then it is recommended to get in touch with an adviser or counsellor to help you out as quickly as possible.
If the problems cannot be fixed, it’s important to protect you and your family. If you have any joint debts, even if they were accumulated by your partner and they refuse to pay, you are still liable. Avoid agreeing to new joint debts (especially debts secured on your house) unless you are completely happy to do so.
How to go about dealing with disagreements
Most credit cards allow the main cardholder to add an authorised cardholder, so that they can use it to purchase things. If your partner is an authorised cardholder and has run up an uncontrollable bill, then you could think about removing this privilege. The main cardholder is expected to pay the bill.
If your partner has a poor credit rating, avoid having a joint account with them until their credit situation gets better, to avoid damaging your own credit situation.
Talking about money with you partner goes a long way in avoiding financial difficulties, reducing the likelihood that you will end up in a position where dealing with disagreements is necessary in order to save your relationship. Set aside some spare time to discuss the current situation, identify upcoming costs and also come up with savings goals, such as a holiday. Avoid having very frequent financial talks though, and if anyone is angry at the time, postpone the talks.