How to Use “Financial Date Night” to Get Relief from DebtApr 21, 2017
Financial date night. While it may not sound like the most romantic thing ever, many experts agree that it can do wonders for your relationship. It can also do wonders for your finances, including helping you and your partner work towards getting relief from the debt that you carry. Here are some tips for making “financial date night” work for you:
While the idea of actually having less debt — or even no more debt — is appealing to most couples, busy lives and hectic schedules can often get in the making it a reality. It’s important to make financial date night a priority. Whether you schedule it once a week or once a month, add it to your calendars to ensure that it is not pushed aside for other priorities. You can meet at a local coffee shop, set aside some time on the weekend, or plan a nice dinner — just try to make sure you’re not disturbed or distracted as you discuss your financial plans.
Discuss your plans and priorities
So what exactly should you talk about on your financial date night? Your financial goals and priorities should definitely be a topic of focus. Use the time to reconnect and determine whether your financial priorities have changed. You should also examine your progress since you last talked. If your priorities have changed, or you’ve experienced limited success when it comes to making your financial goals come true, it may be time to regroup and create a new strategy.
With debt a common concern across Ontario and the rest of Canada, your plans for reducing your household debt burden should also be a primary focus of your financial date night. Use this time to discuss any challenges or difficulties. It’s also a great opportunity to research debt relief strategies, such as debt consolidation, that may potentially help you repay your debts more quickly and more effectively. The Financial Consumer Agency of Canada provides many great resources that can help you learn more about managing your debt.
Consider seeing someone new
If your financial date night reveals that your debt has become overwhelming or problematic, it may be a good time to start seeing someone new. A debt relief professional, such as a Licensed Insolvency Trustee (LIT) or a not-for-profit credit counsellor, can help you and your spouse explore debt relief strategies. In some cases, this may involve reworking your budget or choosing a DIY debt repayment plan. If your debt is more serious, and you’re missing payments or receiving collection calls, talk to an LIT about formal solutions like filing a consumer proposal. The debt relief professional you choose to work with will provide you with the information and assistance you and your partner need in order to select the best option.
A financial date night is a great way to help you and your partner effectively manage your finances and work towards being free from debt. Do you and your partner go on financial dates? Join the conversation and share your thoughts with BDO Embrun using the hashtags #BDODebtrelief and #LetsTalkDebt.