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
So you’ve made the usual New Year’s resolutions. You’ve resolved to go on a diet, take more exercise, take up a new hobby and stop drinking.
There’s a lot of pressure that comes along with keeping a resolution. One minor slip-up, and it can feel like it’s all come crashing down and there’s no point in persevering with it. There is, however, one resolution that you should make and keep this year: start an emergency fund.
The past few years have seen loan shops popping up on the high street and some lenders using adverts with friendly characters and catchy jingles to encourage people into taking them out. Payday loans quickly became the ‘norm’ and many used them to get a quick fix of cash. Unfortunately, things could spiral out of control pretty quickly if you were late on repayments, with interest and late fees adding up, sometimes leaving you in a worse situation than when you started.
Recognising cases of irresponsible lending and debt inflation in the market, the FCA has introduced new rules to come into place from today. Hopefully these will help to keep the payday loan industry under control and clamp down on unfair lending.
So the clocks are going back this weekend. Cue obligatory panic about whether that means we’ll get an hour less in bed or not! Thankfully, this Sunday you’ll have a whole extra hour in your day. Or your Saturday night, if you’re the energetic type.
Rather than getting 60 minutes more sleep, here are eight ways you could use your extra hour to boost your bank balance this weekend!
Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no.2757055). Authorised and regulated by the Financial Conduct Authority.