For many couples, discussing finances, budgeting, and money in general can be a difficult subject; especially when it comes to borrowing with a car title loan. Approaching the topic in a way that will help both of you feel that you are being heard is very important. Being able to talk about finances is a sign of a healthy relationship. Unfortunately it's not that way for everyone. Often times one or both people become upset which can lead to a real strain on the relationship. In fact, one of the most common reasons married couples get divorced is because of money. Approaching the subject of finances, when it comes to your relationship, means being able to talk without confrontation. Learning how to have productive, calm conversations about money will be beneficial not only to your finances but to your relationship as well.
Financial transactions like car title loans that involve borrowing money should always be discussed between couples. It's a big decision and one that should be made together. The first thing to think about when talking to your significant other about budgeting for a car title loan is being able to sit down and discuss your financial goals as a couple. What we desire for our financial life is not always the same as our loved one. You may want to save for a summer vacation while your partner wants to sock away money to buy a home. Your desires may or may not be the same. Regardless, being able to sit down and talk about your budget and future finances without arguing is the first step to setting and achieving your financial goals together.
Achieving financial goals and dreams together also requires some sort of compromise on both sides of the relationship. Whether it's denying yourself a purchase or committing to putting aside a certain amount of money every month, taking turns to compromise can be a large part of having a healthy financial relationship. You and your significant other should be able to offer suggestions, as well as criticisms, about spending, saving, and achieving monetary goals. If one of you is looking to take out a car title loan for something that isn't a priority at the time, it may take some compromise to put off getting the loan if the other person doesn't feel comfortable borrowing money.
It's important for couples to determine their current financial standing to better understand where they can go with their future finances. Often times it is hard for people to discuss the future of their money because it can be scary or frustrating. Using a budgeting tool, either online or in a paper format, can help provide a clearer road-map for a couple's budget and financial future and put some perspective on what the other person's ideals and vision are. It can also help with future discussions.
The most important part to of discussing the option to get a car title loan is knowing if it actually fits in with your budget. If you choose to borrow, setting a budget to pay the loan back is imperative to help both people in the relationship understand, and feel good, about the decision. Sit down together and look at your current budget to figure out whether or not you will be able to pay back the lender within the time frame that is required. It may take some moving around of numbers. If you have to compromise in other areas of your budget, make sure both of you are clear and accepting of what categories may take a hit. The key is in the communication. When both of you understand where the other person is coming from and work together to understand your finances, the process of budgeting with your spouse, partner, or significant other will be a whole lot easier and blissful!
