By Simone Ash | October 7, 2020

Tackling Debt: How to Do It and Maintain a Healthy Marriage

couple in wedding clothes

Marriage is hard work. There are a lot of issues that couples have to work through to have a successful, or at least, not so bumpy partnership. However, one of the biggest challenges that new couples face is their finances. Think about it – finances are complicated as it is, so putting that on top of a couple's maybe already rocky situation will surely bring up new friction points. In fact, money-related issues are a serious problem that has been detrimental to many marriages. But out of all these issues, one stands out as it causes significant problems for married couples.

We're talking about debt.

Debt can be quite cumbersome on the individual as well as on your relationship as a married couple. If left unchecked, it could put a strain on a loving relationship. This is why we've put together some tips to help you out when it comes to this particular matter. If you want to know more about this, read on to know how to tackle your spouse's debt in a way that'll help you maintain a healthy marriage.

Keep Lines of Communication Open

Communication is key when dealing with these types of problems. This is why you'll want to keep the lines of communication open with your spouse. Experts emphasize the importance of having financial conversations with your partner, and being as transparent as possible. While we understand that this topic might be a little difficult to talk about, it would help to just treat it like any other issue or concern in your relationship. And just like other issues, the solution for financial concerns starts with healthy and open communication.

One way to promote these types of conversations is to be open about your financial situation as well. By being transparent with your spouse, it encourages them to be honest in return. While it may be uncomfortable, this will benefit you both in the long run as it helps you start planning a solution.

couple smilingWork Towards a Realistic Solution

Now, communication is only the first step. You'll also have to work towards a concrete and plausible solution for the problem at hand. For this, you may want to seek outside help. Unless you're a banker or financial advisor, your personal knowledge of finances is probably rather limited.

Financial advisors from your local bank can help you formulate a plan and match financial programs to your needs. Their job is to make your budget work for your needs. You can expect them to suggest low-interest personal loans, which are spaced out to follow a timeframe specific to your budget. This can help take the weight off planning everything yourselves. This is a good option, as it can simplify multiple debts into one, which will allow you to figure out a payment plan that may even save you money down the line. It's important to remember that while it may seem like a huge challenge now, with a little bit of outside help, you can overcome it with your spouse. Eventually, you'll be able to get through this as a couple if you both support each other throughout this ordeal.

Plan for Everything

Lastly, a little planning will go a long way when it comes to addressing your spouse's debt. After you've set up a reasonable payment plan, it's time to figure out how to balance your spending around that plan.

Having a budget will ensure that you're on track with the solution that you've come up with. And while this may mean giving up certain luxuries, for the time being, it will ultimately be better for your household (and your marriage) when it is all said and done.

If you're looking for more ways to improve your relationship and open the lines of communication, then check out our post on "10 Relationship Checkup Questions"!