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Let’s face it, talking to your significant other about money can be more than just uncomfortable and awkward; for many couples, it can become a downright battle. However, having open, honest, and consistent communication with your partner about finances is the most important step towards achieving a healthy financial future for your family.
Set aside an appropriate time to talk
When it comes to discussing finances with your partner, timing is key. One study found that 62% of married couples wished they had talked about money before their big day, yet less than half of engaged couples actually talk about their finances before the wedding. Prior to any major life change or commitment, such as moving in together, getting married, or starting a family, it’s critical that both parties are on the same page financially.
Set aside a specific time to talk about your finances. Since money can be a sensitive topic for many people, it’s important that you don’t blindside your partner. Give them enough notice so they have time to think it over and prepare.
Don’t play the blame game
Placing blame on one another will be counterproductive to achieving any sense of unity. Whether it’s taking on too much debt, overspending, or not keeping up with bill payments, remember that everyone makes mistakes with money. Rather than pointing the finger at your partner, identify problem areas and address them as something that “we” need to work on “together,” not as something the individual needs to fix on their own.
Come to the table with solutions
Everyone comes into a relationship with their own views and practices regarding money, so finding a common ground is critical to the success of your collective finances. The key is to come to the table with specific, realistic ideas that could help alleviate some of your financial concerns. For example, compare packages and price points from telecommunications companies, and consider switching providers to find something more affordable to bring your cell phone, cable, and internet expenses down. Or, discuss ways each of you could contribute to bringing in more income in order to reach your financial goals faster, such as taking on side projects that can be done on evenings or weekends, or perhaps taking on extra shifts at work. The point is to approach your conversations about money as constructively as possible and come up with real, practical solutions.
Work together to create a shared budget
One of the most productive ways to get on the same page financially with your partner is to develop a monthly family budget together. Write out all your monthly expenses, including rent, car payments, cell phone bills, and debt payments. Additionally, lay out all your variable expenses, that is, how much you intend on paying for things like groceries, clothing, entertainment, and so on. This is also an important step towards planning your savings, particularly your emergency fund. Decide with your partner what fixed amount of money you will allocate towards this fund every month and, over time, it will grow into a substantial financial buffer for unexpected expenses that may arise. Having three to six months saved up in your emergency fund for expenses will give you peace of mind should anything happen, whether it’s a car or home repair, a job loss, or an illness in your family. Remember, a little can go a long way, so even if you start by saving just a small amount, you can always add to it as your budget allows.
Using free budgeting software, such as Mint, can help you stay organized, focused, and productive as you build your monthly budget. These budgeting tools provide an outline of what an appropriate budget looks like, providing benchmarks on how much of your income should be allocated for particular items. For a detailed example on how to build a budget, check out this Budget Calculator.
Once you’ve created a budget, you’ve got to stick to it! You can keep each other accountable by setting up a joint chequing account and monitoring your collective spending patterns. Additionally, if you create your budget using a more traditional spreadsheet method, you can set it up as a shared online document on Google Sheets™. This way, you and your partner can log in to your Google Docs™ and consult your budget anywhere and anytime. Better yet, download the Mint and Google Sheets™ apps on your phone. Joint access to bank accounts, financial documents, and budgets is a great way to foster shared responsibility and improved communication regarding your collective finances.
Consistent, open, and honest communication with your honey about money will help you get on the same page, work as a team, and build a stable and successful financial future together.
We know the fine print can be painful, but we believe it's important you have all the facts!
easyfinancial offers a variety of financial services including personal loans, and mortgages. easyfinancial is a division of goeasy Ltd., the leading full service provider of goods and alternative financial services that improve the lives of everyday Canadians. goeasy Ltd. is listed on the TSE under the symbol 'GSY'.
* Approval measured against all lenders providing unsecured credit and lease-to-own products, excluding payday lenders, and based on a random sample of applications before verification.
** Based on the maximum total cost of borrowing under applicable provincial payday loan legislation.
*** Loans amortization between 9-60 months
APR between 29.99% and 46.96%
Example: $1000 borrowed for 12 months at 29.99%: Monthly payment: $97.51; Total repayment with interest: $1170.06
CREDIT SCORE IMPACT
While having a loan and honouring its obligations can help build credit, too many loans may be seen by potential creditors as an increased risk, and failure to meet repayment obligations will result in a negative report to the credit bureaus, which would reduce your credit score. Please borrow responsibly.
Loans from easyfinancial do not automatically renew. Customers have the option to request an increase to their loan after paying down a percentage of their current loan amount and maintaining good payment history. Such a request would be subject to the company's standard underwriting rules.
easyfinancial offers personal loans from $500 to $10,000 with terms from 9 to 48 months. The APR is 46.96%, and there are no additional fees for the loan. easyfinancial does not charge a late fee, but payments returned NSF (non-sufficient funds) will be assessed a $50 fee in addition to fees charged by the customer's financial institution.
easyfinancial contacts customers in arrears as soon as possible through various means including, but not limited to telephone, email, postal mail and SMS. easyfinancial may work with third parties to assist in collections activities.
1 Loan Protection Plan is underwritten by American Bankers Insurance Company of Florida (ABIC) and American Bankers Life Assurance Company of Florida (ABLAC) under Group Master Policy Number EF012017 and EFL012017.
ABIC and ABLAC carry on business in Canada under the trade name of Assurant (R).
(R) Assurant is a registered trademark of Assurant, Inc.
The complete terms, eligibility, benefits, limitations an exclusions are contained in the Certificate of Insurance
Purposes for which goeasy Handles Personal Information
goeasy collects and uses personal information for purposes limited to those which are related to its businesses, which include providing household furnishings, appliances, and home electronic products to its customers under lease agreements, staging services, mortgage brokerage services and financial services. We collect personal information primarily from you, for instance through applications and supporting documentation you provide. We may also collect personal information about you through your ongoing interactions with us, from references, employers and other financial institutions you have identified in your application as well as credit bureaus and other third party sources. For example, we may collect personal information from credit bureaus for the purpose of locating you to collect outstanding debts. In connection with loan agreements, we may also collect personal information from credit bureaus in order to verify your current and ongoing creditworthiness and other information you may provide to us.
We may collect and use personal information for purposes such as, but not limited to, the following:
Personal Information goeasy Collects
goeasy limits the amount and type of personal information collected to that which is necessary for our identified purposes, and we collect personal information by fair and lawful means.
Personal information that we collect includes:
Transfers and Disclosures of Personal Information
goeasy may disclose personal information in a number of circumstances, including:
In addition to the above, personal information may be shared between our affiliates or subsidiaries (including those located in the United States) for internal audit, management, billing or administrative purposes including defending and bringing legal actions.
In the course of fulfilling the purposes described above, goeasy may transfer your personal information to service providers, including affiliates or other third party organizations or individuals retained by goeasy to perform functions on its behalf, such as marketing, data processing, customer service, office, security, collections, insurance, financial and taxation services. When personal information is transferred to service providers, we use contractual or other means to ensure that a comparable level of protection is provided. Some of our service providers may be located outside Canada and will be subject to applicable legal requirements in that country including lawful requirements to disclose personal information to government authorities in certain circumstances.
If you are a resident of the Province of Quebec, you understand that we may transfer your personal information to a third party based outside of the Province of Quebec, or store it outside of the Province of Quebec, the handling (including the disclosure to third parties) of that personal information will be subject to the laws and regulations applicable in that jurisdiction and you consent thereto.
goeasy may also use and disclose personal information in connection with the proposed or actual financing, securitization, insuring, sale, assignment or other disposal of all or part of our business or assets (including your loan or lease and any agreement to which it relates), for the purposes of evaluating and/or performing the proposed transaction. Assignees or successors of our business or assets may use and disclose your personal information for similar purposes as those described in this Policy.
goeasy may disclose your personal information as necessary to meet legal, regulatory, insurance, audit, and security requirements, and as otherwise with your consent or as permitted or required by law.
goeasy uses reasonable safeguards and other security standards to protect all personal information in its custody and control against loss or theft, as well as unauthorized access, disclosure, copying, use or modification, regardless of the format in which the information is held. Safeguards will vary depending on the sensitivity, format, location, and storage of the personal information. Only authorized employees, agents, partners and third parties who require access to personal information to fulfill their job requirements will have access to personal information.
Access and Accuracy
goeasy may establish and maintain a file containing an individual's personal information for the purposes described above, which will be accessible at our offices. Individuals have the right to request access to or correction of their personal information that is held by goeasy. Requests must be made in writing, addressed to goeasy's Privacy Officer as per the contact information set out at the end of this Policy. We will respond to written requests within a reasonable time. Copies of records containing personal information may be subject to a fee. If this is the case, goeasy will inform the individual of the amount of the fee in advance. We will use our best efforts to ensure that personal information is as accurate, complete and up-to-date as necessary for the identified purposes. If an individual successfully demonstrates the inaccuracy or incompleteness of personal information, we will amend the information as required. If we refuse access to personal information or disagree with an assertion that information held by us is incorrect, we will provide a written explanation for such refusal and a description of our complaints procedure should an individual decide to challenge such written explanation. An individual's right to access or correct personal information is subject to applicable legal restrictions. To prevent fraudulent access to the personal information stored by goeasy, we may take reasonable steps to verify an individual's identity before granting access or making corrections.
goeasy's Websites and E-Mail Communication
goeasy does not guarantee the confidentiality of any communications made by you via e-mail or otherwise through our websites. If you wish to provide information of a confidential or sensitive nature to easyhome, please contact us directly by telephone at 1-866-823-3279 or easyfinancial at 1-888-502-3279 to arrange for delivery/transmission of such information by secure means.
In compliance with Google's advertising policies, we use Google Adwords Search Engine Marketing (Pay Per Click) and Display Advertising (Remarketing and Google Display Network). We use Google AdWords Remarketing in compliance with the Google AdWords Interest-Based Advertising Policy, which means that you may see our advertisements on Google and other third party websites on the internet after visiting our website.
We use Google Analytics for Display Advertising, including Remarketing, Google Analytics Demographics and Interest Reporting, Google Display Network Impression Reporting and the DoubleClick Campaign Manager integration. You have the option to opt out of Google Analytics for Display Advertising and customize Google Display Network ads. For all the currently available opt-outs, please visit https://tools.google.com/dlpage/gaoptout
We use the data collected through Google Analytics Demographics and Interest Reporting to better understand our website visitors in terms of demographics and interests, to improve our website content in order to cater to our audience, and to customize advertisements based on our audience's interests and demographics.
In certain circumstances, as permitted or required by law, we may collect, use or disclose personal information without the knowledge or consent of the individual. These circumstances include but are not limited to: personal information that is publicly available as defined by regulation; where collection is clearly in the interests of the individual and consent cannot be obtained in a timely way; where disclosure is made for the purposes of collecting a debt owed to us; or to comply with a subpoena, warrant or court order.
Inquiries or Further Information
Privacy Officer, goeasy Ltd.,
33 City Centre Drive, Suite 510
Mississauga, Ontario, L5B 2N5, Canada
If you are not satisfied with our response to a privacy-related matter, you may contact the Office of the Privacy Commissioner of Canada at 1-800-282-1376 or at www.privcom.gc.ca. or in Alberta or British Columbia, your provincial privacy regulator, as applicable.