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Helping my Partner
Tango_5
Posts: 1 Newbie
Good Afternoon,
I've recently been through my partner's finances so that we could plan our future and actually make the things we want happen (engagement, wedding, new home, holidays etc). I'm actually seeing the light at the end of the tunnel with my debts as I should be totally debt free by August next year. However my girlfriend with whom I live and love very much and am totally committed to is in a slightly different position. She owes about £25k in loans credit cards and overdrafts. She's admitted she has a bit of a spending problem so I've said I'll try and help. She's agreed to let me monitor her bank account and I've said if she can do a month without buying gifts for people unnecessarily I'll treat her to a full beauty session at the end of the month. The thing is I really want to sort this out so that we can move forward with the things we both really want. She owns her own house but with only a small amount of equity. I've thought about buying a Barratt-type house myself "off-plan" to realise some relatively quick profits as a potential way of knocking a sizeable chunk off the £25k. I can only really think that additional income generation and helping her with her spending problem can help. We both earn reasonable salaries amounting to a combined total of around £80k. I also have the option of boosting my earnings by going contracting (in IT) and am in the process of learning website development skills. If anyone can give me any feedback on these ideas and add their own, I really would be grateful.
Best Regards
Tango
PS: Can anyone tell me why my signature says "sarah" - I was a bloke last time I looked!
I've recently been through my partner's finances so that we could plan our future and actually make the things we want happen (engagement, wedding, new home, holidays etc). I'm actually seeing the light at the end of the tunnel with my debts as I should be totally debt free by August next year. However my girlfriend with whom I live and love very much and am totally committed to is in a slightly different position. She owes about £25k in loans credit cards and overdrafts. She's admitted she has a bit of a spending problem so I've said I'll try and help. She's agreed to let me monitor her bank account and I've said if she can do a month without buying gifts for people unnecessarily I'll treat her to a full beauty session at the end of the month. The thing is I really want to sort this out so that we can move forward with the things we both really want. She owns her own house but with only a small amount of equity. I've thought about buying a Barratt-type house myself "off-plan" to realise some relatively quick profits as a potential way of knocking a sizeable chunk off the £25k. I can only really think that additional income generation and helping her with her spending problem can help. We both earn reasonable salaries amounting to a combined total of around £80k. I also have the option of boosting my earnings by going contracting (in IT) and am in the process of learning website development skills. If anyone can give me any feedback on these ideas and add their own, I really would be grateful.
Best Regards
Tango
PS: Can anyone tell me why my signature says "sarah" - I was a bloke last time I looked!
0
Comments
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as far as your sig goes, click on user cp on the menu type bar thing, there will be an option on the left to edit signature, that should get ya feeling masculine again.
as for your gf what about posting up your soa (as in southernscousers sticky) and we can see if we can't make any cuts to your budget.
welcome to dfw!0 -
Hi there
Welcome
In all fairness, you being an IT contractor, or you bringing in extra money for flipping properties is really not going to help. She needs to grab the bull by the horns herself. With the greatest of respects, and you do sound lovely, you cant and shouldnt do anything for her, if shes on a good salary she can dig herself out of the mess shes got herself in on her own, there are people paying off 25k debts out of thier benefits here, and with some perseverence she will be able to do the same.
Ask her to come here and discuss her SOA with us, and join in on our challenges!!!:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
First things first, you need to both sit down and go through what comes in and out. Do you have joint or separate bank accounts and finances? How do you separate bills etc? Once you have done that, you can see what she is spending on what and hopefully try and get it under control. Also try the snowball site https://www.whatsthecost.com as the snowball tool helps to work out how best to pay off your debt according to how much you have to spend and what the interest rates are on your debts. It saves loads of £££ in interest. To give any more detailed advice about debt management, you could do with posting us a statement of affairs with your girlfriends income and outgoings on. Welcome to DFW
Official DFW Nerd #148
Debt level @ highest (May 2004): £15000 :eek: Debt level @ August 2006: £9591.53
Lightbulb moment May 2006 :idea:0 -
Welcome!
i agree with Lynz - you sound very nice and it is easier to help a partner out of debt than watch them do it on their own and struggle.
But all said and done, she has got herself into the situation and needs to learn by her mistakes (none of us are perfect or we wouldnt be here!) and sort it out herself by cutting back on some things. If you help her, she has learnt nothing other than, when she gets herself in debt, you will bail her out.0
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