Keeping the peace when dealing with financial trouble can be difficult as money is one of the most common stressors in a marriage. If you and your spouse are struggling with money, you aren’t alone. However, blaming one another or constantly focusing on the negative isn’t likely to do anything positive to get you into a better financial situation. Or marital situation. So instead, work together to create a realistic budget. Then, identify and hone in on fixing unhealthy spending habits. Finally, set financial goals together, both short and long-term to help you stay motivated. Hopefully, by working together towards a common goal, you can get yourselves into a place where you can pay off debt and begin saving.
Keeping the Peace When Dealing with Financial Trouble: Don’t Let Money Ruin Your Marriage
Don’t Place Blame
Keeping the peace when dealing with financial trouble is only achievable if you both agree not to play the blame game. Unless one of you has a serious spending issue, it’s likely that you both contributed to any financial woes you’re facing. There will be times in any marriage where partners must rely on each other. Not everything is always equal, but over the course of a relationship, you both likely will have times when you’re making more or less money. Try to see the bigger picture and avoid pointing fingers, as this isn’t going to achieve anything other than resentment.
Work Together to Create a Budget
Another thing that can be helpful with keeping the peace when dealing with financial trouble is to work together to create a realistic budget. First, work together to compile a list of your monthly income. Consider everything you make both at work or any side hustles. Then, figure out a realistic budget that takes into account all of your month to month spending. Also make sure you account for things like subscriptions or yearly bills. Give yourself a little spending money so that things aren’t too rigid, but most of your income should go to debt pay-off and savings at this point.
Fix Unhealthy Spending Habits
It’s important to start identifying unhealthy spending habits if you’re already facing financial strain. For example, frivolous purchases, excessive eating out, or ordering in food. If there are subscriptions that you can cut out, do so. Additionally, if you are driving cars outside your means, see if you can find a better deal on one. Identifying places where you spend too much money and trying to come up with solutions together can save you more money than you realize.
Set Goals Together
Finally, keeping the peace when dealing with financial trouble is easier and more manageable if you set goals together for your finances. For example, set aside money for things that are fun like traveling, as well as the necessities. Make short-term and long-term goals, and keep things to small baby steps. That way, you won’t get overwhelmed. Focus on paying down debt little by little, then building an emergency fund of six month’s worth of income, and finally, creating a savings account and adding to it each month.
Money struggles can be incredibly difficult, but keeping the peace when you’re dealing with financial trouble is possible if you both commit to it. Firstly, you must both agree to avoid placing blame on one another. Likely, it’s a combination of both of your spending that has led you to this point. Next, make a list of all of your income and expenses for each month, and see if there are areas where you can cut down on things. Don’t forget those sneaky expenses like yearly renewals or subscriptions. Nip any problematic spending habits in the bud, like frivolous spending or going out to eat too often. Finally, create some goals together that will keep you both motivated to keep saving. Hopefully, if you work together and stay focused on the end goal of living without crushing debt or without being paycheck to paycheck, you can achieve your goals and some financial freedom along the way.
