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5 Ways to Discuss Money in Your Relationship

A relationship with another person is never easy; especially when you have become so acquainted as to be involved in every aspect of each other's lives. Money can be a cause of concern when your relationship gets to that point. However just like we most probably know, relationships thrive on communication and in this piece we will share with you how to communicate about money in your relationship. 

 
 
As good as money is, it can be the cause of many woes in our relationship and these are some tips that will help communicate better with our partner when it comes to money:
 

1. Be on the Same Page

Relationship are built and based on values. Making sure your partner and yourself share the same values especially concerning money is very vital. If your partner believes that they should spend all and you believe that there is need to save, there is a challenge already. Hence the first step to talking about money is asking questions to make sure you and your partner are on the same page. 

Talk to your partner about their values about money. Make suggestions and make them see reason with your views about money.

2. Be Open-minded
Be ever ready to learn from the other person and before you have the discussion about money make sure your mind is open to the possibilities that may abound. This open mind would help you to listen and understand what your partner is trying to say.

Discussing about money may feel uneasy but being open and actually letting your guard down would do a world of good. This is because it would help in managing any negative feedback you may get while discussing finances with your partner.

2. BE TRANSPARENT
When it comes to finances, the way to go forward is transparency. Letting your partner know the inflow and outflows of your account shows them that you trust them and it shows that you have nothing to hide. 

When discussing finances with your partner you have to make sure you are not hiding any details when you talk. When you hide details and you partner discovers later even if you did not intend to it would send a wrong message across.

4. MAKE SUGGESTIONS

When all has been laid bare and the discussion about your finances progress, make suggestions of your own in the polite way. This is important as you must understand that you are no more alone and your decisions will affect another individual. 

As you make suggestions, give your partner time to evaluate the suggestion and listen to your partner for feedback. Repeat this process until you both agree on a solution that works for you. Say you both want to buy a car, make suggestions as to what car you think you both should get and be sure to let your partner know the reasons you think that's what you should get.

5. MAKE A DEFINITE CONCLUSION

Make sure at the end of your discussion a final decision that you both agree with is reached. This is important so that no one leaves the discussion and goes to do something different from the other. 

When the decision is made, you must get an affirmation for it from your partner by asking questions like 'is this okay by you?' When this is done, repeat the processes as often as possible in the realationship.

5 Reasons Why You Should Pay Back Your Loans Early

The most important aspect of loans and advancements is the act of paying back what you owed. Taking a loan is now very easy but I cannot say the same for paying it back especially in case of personal loans without proper plan of repayment or inability to. This is why I encourage that before taking a loan, you should ensure that the repayment process will go smoothly whether in installments or as a whole.

However, while working towards paying back your loan, if you get to have the funds for repayment readily available even before the due date, then it shows how committed you are towards paying off your debts and it definitely comes with merits for you. So, I will be identifying and explaining five reasons why you should pay back your loans early.

 

1. It Guarantees Your Peace of Mind

The first reason why you should consider paying back your loan early is to save yourself from emotional stress. Being in debt comes with a burden that keeps you worried from time to time, you wonder about the penalties if you do not meet up with the due date, or the loss of your collateral scares you, you might even fear the disappointment of your guarantor if you provided one during the loan process and in situations where the loan is from friends or families, losing your respect might also be a thing of worry. All of these does not keep your mind at peace and in the long run poses a danger to your health. Therefore, ensuring and doing all you can to pay back your loan as early as possible eliminates your emotional and psychological stress, providing you with internal relief to focus on all other aspects of your life.

 

2. It Reduces the amount of interest paid

Except for Islamic banks whose sharia laws prohibits taking interest on loans, most lenders and financial institutions give out loans with interest where some can be high or low. Having to pay back your loan early makes you save money that is supposed to be used to pay interest consecutively. For example, if a loan of N50,000 attracts interest of N500 per month and you have 12 months to pay back. Therefore, if you are paying back your loan at that 12th month you will have to pay N56,000 in total, but if you pay back as early as the 6th month, you will only get to pay N53,000 thereby saving N3,000. However, you should note that some financial institutions charge prepayment penalty on loans especially personal loans. In this case, you are bound to wait until agreed due date before making your repayment because you won’t be saving anymore by paying early since you will also be charged a fee for it.

 

3. Improve Your Credit Worthiness

When you pay back your loan early, there are chances that you get to gain the trust of your lender and you also have a proof that you are credit worthy. Especially when you take a loan from an individual and not a financial institution, paying back your loan early means a lot to the lender and when next you need a loan I’m sure he or she would not be reluctant to because you are already found worthy of credit. In case of financial institutions, your credit scores get to increase and this way you can have access to even more higher loans than the one you paid back. It is just a matter of tit for tat. If the loan was for business reasons and you got to pay back early, this also shows how well the business is fairing and how profitable it is which is also an opportunity to attract more investors.

 

4. Focus on other Financial Goals

When you pay back your loan early you get to focus on your other financial goals and you also have the money to pursue them. If you hurriedly do all you can to take debt out of your financial life, it provides the opportunity to consecutively deal with other things on your financial bucket list. For example, you get to buy stocks, indulge yourself in luxurious shopping without guilt, save more, or even take on a new loan for a different purpose because it is best to run just one loan at a time.

 

5. Reduce Debt to Income Ratio

If you pay back your loan on installments maybe every month then you should be familiar with what debt to income ratio is. It is ratio of how much of your income is going towards paying off debts. For example, if you earn N100,000 monthly and you have to pay debt of N45,000 every month for 10 months, this means for the next 10 months, your debt to income ratio is 45:55. From this example, it means you took a loan of N450,000, so if you pay off as much as N250,000 as early as possible, in the consecutive months left to pay off the loan your debt to income ratio gets to reduce drastically, with you having more of the income to your self.

 


It might not always be easy to pay back loans early enough before the due date except in some certain cases, so while trying to ease your emotional stress, save money, focus on other financial goals and so on try not to drain your self and make realistic plans towards your early repayment goal.

6 Ways to Survive Petrol Subsidy Removal

 There's a saying  that when a problem arises we look for or create a solution  in other to tackle such problem.The recent removal of petrol subsidy has caused more advoc to the standard of living of a Nigerian,rather than good as all price of goods and services, transportation etc are increased without corresponding increase in salaries.

    Here are ways you can survive during this period.

1. Have Solid reasons for going out

 Due to the increase in price of transportation as a result of the subsidy removal it is important you think twice before going out.You could look for possible alternatives in which you could get the work done rather than going out.Reduce unnecessary going out to visit friends etc.You could also stock your house with food to prevent going out every day to get the same thing over and over again.

2. Create a new budget

A new budget this period will help you to revisit the price of expenses written down before the subsidy removal.While creating a new budget remember to spend below or within your means,so you could save some money for emergency days.You could cut some of your expenses or go for a cheaper one where you need to.

3. Find other sources of income:

      During this period relying on one source of income might lead to a disaster at the end of the day due to cost of increase in the price of transportation,food, electricity bills etc without corresponding increase in salary.You could get an online job and do other side's job like buying and selling etc.If you have a car you use on a daily basis to work,you could engage your car by picking people going along the same route with you.Doing this everyday will serve as another source of income and likewise when returning from work you could pick some of your colleagues and charge them depending on their busstop.By doing this you can realise the money you use to fuel your car on a daily basis.

4. For a family it's advisable for both spouses to work hand in hand to help them scale through this period.Both spouses don't need to go out together,they could rotate it and still achieve the same purpose.

5. If you have a car and you feel the price of petrol you spend on your going to work is higher than taking public transport you might need to shift to public transport to reduce the money you spend on petrol on a daily basis.

6. Online shopping

This as to do with  buying and selling on online platform. Instead of going to the market you could patronise online vendors and you could have whatsoever you need delivered at your doorstep thereby reducing the stress of going outside and amount spent on transportation can be saved for another need.

   

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5 Ways to Discuss Money in Your Relationship

5 Reasons Why You Should Pay Back Your Loans Early

6 Ways to Survive Petrol Subsidy Removal

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