5 dos and 5 don’ts that could help make your DMP a success
Starting a debt management plan (DMP) can be daunting, but there are...
Can you talk about debt with your partner?
Did you know that money worries are one of the biggest causes of stress in a relationship? One plus One has released a series of videos that look at real couples’ stories about being in debt, how it affects relationships and how they got back on track.
One plus One is a charity dedicated to helping people build stronger relationships. They’ve recently been exploring the different reasons couples might get in debt, as well as the stresses that they experienced including working longer hours, spending less, and not being able to socialise.
- During their research they discovered that:
- 55% of couples include money worries in top three relationship strains
- Getting just three months behind on your bills can have a negative impact on your family life
- Debt is the number one problem area for newly married couples
Have you experienced relationship problems as a result of money worries? Do any of these situations feel familiar to you?
Losing a job – ‘The breadwinner’
Having a baby – ‘The pay cut’
Borrowing too much – ‘The rollercoaster’
Having more fun than you can afford – ‘The tycoon’
What can we learn from the stories?
- Don’t hide money problems from your partner – it can be damaging to your relationship
- Learn some budgeting skills together. Read our guide to making a budget
- Try to share the responsibility of budgeting, working together to manage your money
- Take time to talk about money worries and try to avoid blaming one another
- Consider getting debt advice if your debts are making it difficult to pay your bills
You can read more about One plus One’s research and the #talkmoneysecrets campaign over on their website.
