Living with debt is undoubtedly stressful and it can have consequences for your family life as well as your financial one; after all, the two are almost always inextricably linked. Dealing with debt can contribute to tensions in your already stressed out household. If you’re up at night worrying about money then everyone becomes short tempered, overtired, and unhappy. This is a recipe for relationship disaster. If you’re worried your money situation might be impacting your personal life, there are some signs you can look out for. You can also find out more from helpful websites, like www.debtrescue.com.au.
Are You Being Honest About The Money?
If you haven’t fronted the full scale of the problem to your partner (or yourself) your stress levels around this issue when you’re at home will be higher than they otherwise would be. If you’re both honest with each other about the debt, and about how you’re feeling, you can operate with a better level of support around the problem. The only thing worse than being made miserable by debt, is facing that misery alone. If you have a partner who is working on the problem with you, at least you will not have to put a brave face on things which only adds to your tensions.
Are You Clear About Both Sets Of Goals?
You may know exactly what you want from your financial plan, but have you checked in with your partner? Do they understand what you’re doing, where you’re headed, and how you plan to get there? Are they in agreement with this? Might they have some debt reduction, or wealth creation, goals of their own? Have you talked about the part debt plays in your current financial situation, and the part you’d prefer it to play moving into the future? These are important conversations to have with your partner.
Are You In Agreement About Debt Reduction?
There’s no point devising a debt reduction plan if your partner won’t support it. Do they understand the importance of managing your debt? Perhaps drawing up a debt reduction plan together would be the better way to go. After all, two heads are better than one, especially when they’re focused on the same outcome.
Do You Plan Your Finances Together?
If you don’t, you may find yourself warring over money matters far more than is necessary. It’s important to work with your partner on debt, and also on any savings and other financial management plans you would like to get underway. Dictating a plan and expecting your partner just to follow it without any input from them is a recipe for disaster.
Do You Fight About Money and Debt?
If you do, and it seems like that’s all you do, then you might want to look at finding some common ground to begin with. Do you have any of the same financial goals? Even if it’s only to ‘get out of debt’ – that’s a beginning. Start there, and work your way towards making plans that accommodate both your financial dreams.
Try to avoid letting debt issues ruin your relationship. If you’re both on the same page, and understand where each other is coming from, your relationship will have a better chance of surviving a debt management crisis.
Have you ever lost a relationship to debt? Has it, or money, ever been a source of contention between you and your partner? Share your stories in the comments box below.