By Jasmin Brown

BDO Debt Solutions

Financial Date Night

Feb 15, 2024 | 10:26 AM

“The views and opinions expressed in this article are those of the author and do not necessarily reflect the position of Pattison Media and this site.”

Valentine’s Day is a day to celebrate love and romance, but financial struggles can really put a strain on a relationship.

Marital or relationship breakdown continues to be one of the leading causes of financial difficulty and insolvency filings, but one can’t help but wonder if it is actually the financial difficulty that causes the breakdown of the relationship. The increased cost of living and high interest rates are causing many people to struggle and to rely on credit to fill the gap. As people continue to struggle with affordability, relationships continue to be affected.

A recent BMO Survey found that approximately 32% of Canadian couples indicate that spending is often a source of disruption in their relationship, and 35% of respondents say that their partner spends too much. The survey highlights that couples are not always transparent with their spending.

Couples should have an understanding of the way each person views money and spending and how much debt they are bringing into the relationship. Even though it can be difficult, it is important to talk to your partner about money. Setting time aside and having a financial date night can help make these conversations more productive.

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Five Financial Talks Every Couple Should Have

· Yours, mine, or ours? Whether you want to combine your money, maintain individual bank accounts, or a combination of both.

· Does it fit in the budget? Whether certain purchases are affordable and help you move toward reaching your financial goals and fit within your budget.

· What if the sky falls? Whether you are prepared for an unexpected life event and what you can do build an emergency fund.

· What is the password? Whether both people know the location of financial documents and have access to all online accounts.

· Who will stay at home? Whether one or the other will stay home with children, or if both of you will go to work.

Tips for Having a Financial Date Night

· Set a date and time in advance

· Do it after the kids are in bed (or with a babysitter)

· Come together as equal partners with an open mind

· Start with the small stuff until you get comfortable

· Seek to listen and understand the other person’s point of view

· Reserve judgment

· Focus on solutions

· Be a team and commit to working on your finances together

It can be really difficult to talk about money and debt, even with the person that you are supposed to trust the most. Often that is because people have a fear of being judged. The sooner you start having these conversations, the better off your relationship will be. If you have had these conversations and you are still overwhelmed and unsure of how to handle your financial situation, then it may be time to reach out to a professional for help.

If you are having trouble making ends meet each month, finding the right debt solution can help. Visit the BDO Debt Solutions website for more information, or call 1 855 BDO DEBT to book a free, no obligation consultation.

Jasmin Brown is a Senior Vice President overseeing the insolvency practice in Saskatchewan. She is committed to providing creative and practical debt solutions with empathy, understanding and professionalism to help people overcome their financial difficulties.