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Marriage and Debt: How Couples Should Handle Debt
Marriage is the beginning of a lifetime partnership. But when debt issues arise, some couples tend to forget the vow they made; they can’t seem to figure out their differences in terms of money matters. Here are some tips on how to make money (debt) matters and marriage work.
Set a goal and agree on it.
This will help you and your partner move towards a single direction. You and your spouse can agree to pay your debts first before you try to allocate funds for your retirement, savings, etc.
Discuss spending habits.
You and your spouse should allot a significant amount of time to discuss your spending habits. Make a budget that both of you will follow to stop adding more debt to your list.
Talk about unpaid loans.
If you’re a newlywed, talk about debt issues as soon as possible to avoid future problems. Identify which loan you need to pay first.
Take turns in paying off your bills.
Set a schedule for each month. This allows both partners to save up for his/her turn to pay for the bills. Both will have the freedom to spend and save. This tactic will ensure that all bills are paid for.
Be a “we” couple.
In trying to figure out solutions for debt issues, use the term “we”, not “I”. Financial decisions should be mutual. You can’t splurge on the things you want and leave your partner paying for all the bills. Avoid blaming each other for the (financial) mistakes he/she has committed. You’re now a couple; you share both income and losses, so work on the problem as one.
Debt can play a big role on your marriage; it can place a huge stress on couples. That’s why it is important that both spouses communicate and compromise.
Lenddo is an online community that helps members build financial credibility, as well as learn useful tips on how to manage their money. Lenddo members, how do you and your spouse handle debt issues? Share it with us in the comments section!
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