Debt can put a real strain on any relationship. But if you focus on your debt more than you focus on yourself or feel stressed from the relationship you have with debt, it’s time to reclaim your freedom and happiness.

1. Examine Your Financial Relationship

Check in with your finances. Make sure you understand the terms of your existing loans and credit cards, particularly minimum payments, interest rates, penalties, and timelines. 

Just like a romantic relationship, it’s good to know where you stand. Your credit score will tell you how easy it will be to qualify for refinancing or consolidating your debt. If you have a less-than-stellar credit score, make this the year that you raise it.

See if you’re on track with your repayment plan in time for a Valentine’s treat. Our partners at Greenpath Financial Wellness can talk through your finances with you in a confidential and supportive way. 

2. Set Yourself Up For Financial Bliss

You may not be able to break up with debt collectors, but you can set yourself up to achieve life’s big moments and milestones, such as a mortgage or auto loan.

If you’re thinking about buying a car, make sure to get pre-approved first so you know exactly how much you have available to spend.

A balance transfer is a great way to pay off credit card debt faster. 

Know when it’s time to refinance your mortgage, and how to get the most out of your mortgage refinance savings by contacting a mortgage expert.

3. Re-confirm Your Financial Vows 

Regardless of your financial goals, it is important to remind yourself of what those goals are and why you set them in the first place. 

Even if your goal is to pay off expensive credit card debt, remind yourself that you are doing it to reduce the cost of interest and save yourself a bundle of money in the process. 

Consider the following:

Set up a savings account and make a contribution every month, no matter how large or small.

Review your monthly spending and make some cutbacks on non-essentials to help you save. 

Set aside a separate savings account for holidays like Valentine’s Day. This gives you a much better picture of what you can realistically spend.

4. Whisper Sweet Somethings About Your Finances

If you are in a couple, there’s no better time than Valentine’s Day to have an open, honest discussion about your personal finances. It may not be as romantic as a candlelit dinner, but one Couples & Money Study found that many couples lack “financial intimacy”.

For starters, more than half (51%) of participating couples disagreed on how much savings they would need to reach retirement, and 48% disagreed on the age they planned on retiring. Another 40% disagreed on how much risk they are comfortable taking on in their investments, and 34% were not in sync as to whether they were savers or spenders. 

So this Valentine’s Day, pour a couple glasses of wine and have “the talk” with your loved one.

5. The Greatest Gift Of All

On Valentine’s Day, being in love will cost you but not overspending is sexier than ever. In fact, financial stability may be the sexiest gift of all. 

Almost a third of people say that money matters more to them in a relationship now than it did before, according to a WalletHub study. People want to date people who are financially responsible, and irresponsible spending and bad credit are a big turn-off.

6. Count on Us

Everyone needs a life-long banking partner. At PFCU, you’re a member, not a customer. Whether it be a credit card balance transfer to consolidate your debt or a loan, you can count on us to help you live well financially, through all of life’s moments and milestones.