Dealing with a spendthrift partner

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By Jasmine Birtles, financial expert from moneymagpie.com

Are you living with someone who spends all of their money and more while you are trying to save? Do they have credit card bills coming in each month which go straight into the drawer unopened?

When it comes to money do you feel like you are shovelling snow while an avalanche is coming down the hill at you?

If so you are living with a spendthrift partner.

According to the dictionary a spendthrift is 'someone who spends their money extravagantly or wastefully'.

In real terms that can mean someone who spends their money on things that you think are wasteful or it could be someone who spends more than they (or the two of you) earn.

Not only is this upsetting and annoying, but if you have a joint mortgage you could lose your home. Mortgages that are not paid are normally the responsibility of both spouses - or both partners if you are co-habiting.

So even if you are paying your way your partner could make you lose your house.

Also, if they go bankrupt it could affect your whole way of life.

So how do you save the situation? The first rule, as with most couples issues, is - communicate! Find a quiet moment - or set a date for one and have a serious talk with them.

· Talk about why they spend so much. Talk about their relationship with money and borrowing. Sometimes people take on the spending habits and the fears of money that their parents had without even realising it. Talking about it can sometimes open their eyes.

• If you are dangerously in debt, work out the numbers for yourself first. Try and have a calm conversation, using your figures to illustrate the financial position you're both in.

Use whatever tactics you know might work - after all, you know your partner better than anyone.

• Show them how much money is being wasted on interest payments every month.

• If they hate their job, point out how many hours of work they're putting in just to service the debts. It might annoy them enough to want to pay it off as soon as possible.