7 Tips For Couples to Overcome Financial Struggles
When it comes to shared stresses in couples, finances can be an overwhelming form of stress. Often, couples go through money matters without knowing exactly how to address these issues. Whether these challenges stem from credit card debt or differences in spending habits, financial issues can cause great strain in a relationship.
As a couple, or one part of a couple, you might be looking for ways to properly encounter these money problems with your significant other, like couples counseling that us focused on finances. Addressing these financial issues together, will not only help to create a stronger bond in your relationship, but it can help you establish a strong financial future together.
In this blog, we will discuss 7 steps to overcome some of the most common money issues that couples encounter and how to create a plan to help you to stop fighting over your finances.
1. Open Communication
Communication is a crucial component in a relationships, but when it comes to finances, couples often find it hard to address important money issues.
Communicating can consist of spending time arguing about money or sweeping important issues under the rug, but these communication tactics are not healthy or conducive to creating healthy communication habits to really help the couple come together to create shared financial goals.
By having a healthy and open communication dialogue, it is easier to talk about what has caused some of your financial issues and how to enact a corrective plan for you and your partner to overcome and conquer your money problems.
One way to address finances through communication is to have open conversations without judgement. If you and your partner can come together and lay all of your grievances about money before each other with an open mind, then it will allow for each person to not only feel involved but heard and understood.
Any concerns, goals, and priorities can be discussed and with each persons input there will be less room for arguments and confusion. At first it might be difficult, since each of you will have differing views, but over time, and with commitment to doing the work together, or with more help like couples counseling, it can become easier to navigate.
2. Create Shared Money Goals
Working together on shared financial goals is another way to overcome financial struggles in a relationship. Taking the time to create long and short term goals will help you and your partner stay on track with your finances.
Some of the short-term goals you can discuss are your current bills and starting a joint savings account. Deciding a day that would work for both of you to sit down for a set amount of time each week can be something that you and your partner commit to for you to stay on track.
Short-term goals can help you feel like you are accomplishing a shared goal without feeling overwhelmed, since these are most likely already done in some capacity.
For long-term goals it might be easier to begin discussing paying off debts and saving for your family home. Long-term goals might require more planning, so it is understandable if you have to spend more time planning in this area. You might start off by discussing how you will tackle your debt and how long and how much you plan on spending.
Being debt free or close to debt free might ease some of the stress involved with purchasing your first home. During the planning stage for your long-term goals you can decide how to save for your down payment and how much money you plan to spend on purchasing your home.
3. Create a Joint Budget
You are probably familiar with having an individual budget, but when in a relationship it is also great to have a shared budget. By creating a joint budget you can provide a strong financial foundation and clarity for current and future expenses.
This will also prove easier for communicating how bills will be paid, especially if there is a significant difference in both incomes. Sometimes couples experience problems if one partner makes more money than the other, but this can be addressed beforehand so that each partner contributes according to their income.
When creating a joint budget, this is also the perfect time to decide who will hold the primary responsibility of managing your finances. One person can be responsible for making sure all bills are paid and how the bills will be paid. Some people enjoy doing everything digital, while others enjoy going old school with checks and money orders.
There is no wrong or right way to creating a joint budget, and the most important thing is making sure to create one. Also, although one person will manage the finances, it is still important for each person to review their finances on a regular basis.
During this time of revision you and your partner can make any changes or address any issues that changed since your last financial meeting. By creating a collaboration between you and your partners finances, it will be easier to ensure that both partners are aware and held accountable for shared spending and savings.
4. Tackle Credit Card Debt Together
Credit card debt is something that many couples struggle with, and it can be overwhelming to come up with a plan to tackle this debt. Although it can be challenging, it is not impossible to create a plan to pay down credit card debt.
One of the ways that you and your significant other can start to tackle this debt is to create a repayment plan. By creating a repayment plan you can have a solid plan of action without feeling stressed about paying off your credit card debt.
Your repayment plan can be as little as 3 months or 3 years, but the most important thing is to have a plan and stick to it. Some of the anxieties associated with credit card debt comes from not know when and how you will get the debt paid.
By having a plan you will have a better understanding and timeframe for when you will be debt free. If you are unsure about how to create a plan for debt repayment, it might be necessary to consult with a professional financial advisor or credit counseling service. You can also find help through marriage counseling as you work through your budget, credit, and finances.
You can do your own research on google or youtube about how to create a plan for credit card repayment. Make sure to take into consideration you and your partner’s other debts and financial responsibilities when creating a credit card repayment plan.
5. Understanding Differences in Spending Habits
Having an understanding and respect for your differences in spending habits will help you and your partner work through financial obstacles. By having this discussion and making a plan it can help to eliminate some of the financial stressors that could arise as a result of these differences.
One partner might enjoy spending money more freely on payday, while the other partner might be more frugal. There is no right or wrong way, whether spending more freely or frugally, but it is imperative to have a plan to navigate these differences. During the planning stage this will give you time to compromise about how you will spend.
Since your spending habits can affect your partner, this would be a good time to find a common ground through shared values and activities you both enjoy. By establishing and maintaining these priorities, you and your partner can foster trust and creativity in your spending habits.
6. Create an Emergency Fund
Saving for a rainy day sounds cliche, but it is something that needs to be considered. Life happens, so creating an emergency fund is important for securing your financial future. Having this safety net set in place offers peace of mind if you and your partner happen to endure a small financial setback.
A good starting point for creating your emergency fund might be to work towards saving 1 month of all of your expenses. Once you have a month of expenses saved you can work towards 3 months and then 6 months. This will offer great financial stability if you or your partner encounter unexpected life expenses.
When you and your partner are planning your finances you can discuss how much you want to contribute to your emergency fund during each pay period. Having this emergency money set aside will help to reduce stress during challenging times and offer additional security.
7. Seek Professional Financial Advice
If you and your partner find it difficult to overcome financial challenges then seeking financial advice from a professional could be helpful. A financial advisor or credit specialist can provide information and strategies to help you and your partner get and stay on track with your financial goals.
Receiving help from a professional can offer a new perspective while helping you maintain your core values financially as a couple. If you or your partner have been experiencing financial difficulties with outstanding debt or credit issues, then a credit specialist can offer tangible ways to improve your finances to help you reach your money goals.
Receiving professional guidance can help you with a plan to get out of debt quicker while empowering you and your spouse to make better decisions about your financial future.
Accomplishing Money Goals as a Couple
When couples encounter financial challenges it requires teamwork to overcome such difficulties. With commitment and dedication to shared goals, you and your partner can work together to overcome financial struggles. By incorporating these tips into your finances you can build a solid and secure foundation for your financial future.
Are you considering online couples or marriage counseling in Texas?
You can reach out to me, if I can offer any support to you and your partner on your financial journey. I am a virtual counselor in the Jacksonville, Tyler, and Laneville area of East Texas.
