When a couple gets married, they typically share their personal finances; this remains true of both assets and liabilities.
When you got married, your significant other should have been made aware of any debts that you had in your name. If you did not have any debt prior to getting married, there is still a good chance that you have accumulated some by now. After all, when you factor in the cost of a wedding, buying a home, and even starting a family, this can certainly add up very quickly. Unfortunately, being in debt can result in a great deal of stress. You and your spouse may find yourself constantly arguing about money or struggling to pay bills. If this is the situation you find yourself in, you may be wondering what you can do to get out of debt faster and save your marriage.
Making a Game Plan
That’s why it is so important for you and your spouse to talk about your finances. If debt is the main concern, then both of you will need to agree that some changes will need to be made in order to begin chipping away at the debt — especially if you want to live a happy and healthy life together.
There are several options you need to consider when it comes to better managing your finances and paying off debt. The most important include:
- Seeing a debt counselor or financial advisor.
- Taking the time to create a budget together.
- Looking into debt relief or consolidation companies.
Often times, it’s best to begin by simply creating a budget in order to see where your money is being spent and where you may be able to make some adjustments. For example, if you notice that you are spending a surprisingly large amount of money each month on dining, then limit your dining out to just once per week. You might be surprised at just how much money these small tweaks can save you in the long run.
If re-structuring your budget does not seem to do the trick, then it may be time to see a debt counselor or financial advisor. He will be able to give you more professional advice when it comes to getting out of debt. In fact, he may even suggest that you take out a debt consolidation loan, or work with a professional debt relief company as a last resort.
How Paying Off Debt Helps Your Marriage
Ultimately, paying off debt will not only help you to feel less worried about money on a regular basis, but also help your marriage — especially if you’re constantly arguing over money. As you have a financial game plan in place and then begin paying off your debts, you’ll experience less stress regarding your financial situation. As a result, you’ll soon be focusing on the things that truly make the both of you happy. Most couple experience less arguing and bickering, and they’re able to better agree on decisions about money.
So if you’re in a marriage that is ravaged by debt, and worry that your financial situation could potentially destroy your marriage, then consider having a serious talk with your spouse. From there, the two of you can work together as a couple to get out of debt gradually over time and become more sensible with your spending. The peace of mind will be worth it.
Photo Credit: Shelly Panzarella