How do you go about changing a spendaholic’s ways? If you have come to realize how money habits are negatively affecting the household budget, the biggest hurdle is over. Acceptance is a difficult part of the task to improve money matters. If it is your partner’s bad habits that are creating a problem, the problem is much bigger. It will take thought and good communication skills to get over the first hurdle; get your partner to accept that there is a problem.
No one wants to be told what to do. If there is an underlying emotional problem fueling their shopping habits, you will want to respect that problem and handle the discussion with sensitivity. Talking down to your partner or being adversarial in anyway is not the best approach.
What is the best approach to improve personal finances? Reasoning and sensitivity will help a budget.
1. Explain the financial situation without blame.
2. Create an atmosphere where it is safe to talk about troubled budget areas.
3. Encourage feedback both good and bad.
4. Discuss your current financial path.
5. Open a discussion for change and what you both want it to look like.
6. Address problem areas tactfully.
7. Make an improvement plan.
You can’t just make a person feel bad for spending too much money. It is more proactive to look at your finances in a complete picture and show how different money management aspects make a difference. Point out positives as well as negatives. You will want to get your spouse on the same page as you with a willingness to make things better. You can reason how large debt on high interest department store cards takes money away from an opportunity to save. Discuss ways to make those purchases more economical. Talk about needs and wants and using stronger spending techniques. Instead of using the department store card, use a lower interest general credit card. Instead of borrowing from a payday loan company, you could save or use a layaway plan instead. Explain how waiting a few extra weeks for the item wouldn’t hurt your everyday life but how it would make a big impact on keeping the budget on track. Keep the conversation about positive change and not about mistakes of the past.
– Less debt, less interest
– Choose lower interest methods over higher rates
– Wait a week before buying to make sure you really want it
– Create a shopping budget and stick to it
– Shop for best prices
– Talk it over with your partner
By creating a plan based on communication and smart shopping guidelines, you are not telling your partner they cannot shop at all. What you are doing is giving them tools to self-regulate spending habits and to break the ones that created stress in the bank account. It’s a win-win situation for your finances and relationship.
The hardest part to changing a shopaholic is getting them to realize they have a problem by using tact and reason. Pointing fingers and blame get nowhere fast. Leave the mistakes of the past in the past. It’s time to embrace a successful financial future.