Let’s look at some of the specific issues mentioned above and some ways to handle such problems.
Unemployment
Suddenly losing your job can create tension and anxiety in a relationship. One of you is now earning money to care for both, and if there are children involved, the stress multiplies!
Here are some tips that can help you stay afloat during this difficult time:
Act quickly to reduce spending and reevaluate your monthly budget and short-term monetary needs.
Avoid cashing out your retirement plan.
Consider the help of a qualified, licensed financial advisor or planner.
File for unemployment benefits with the Department of Workforce Development.
Reckless Spending
Many of us are guilty of splurging without thought from time to time. But when you’re in a relationship, your careless use of cash can hurt your spouse. Discuss your purchases with your spouse. If you splurge on an item that you shouldn’t have, see if you can return it without penalty. If that’s not an option, you should discuss ways to prevent such reckless spending in the future.
For those of you who struggle with impulse purchasing, try this strategy when shopping. When you see something you want, either online or in the store, walk away. Wait twenty-four hours and if you still feel like you can’t live without that item and can afford it, then you can head back to the store or your online shopping cart and buy it.
Marriage and Money:
Dealing with difficult situations
Financial problems come in many forms. One of you could suddenly lose your job. You may have neglected to talk about money before getting married only to discover after saying “I do” that you don’t have the same spending and saving mentality. What’s worse is you may discover a mountain of debt from your spouse’s past that wasn’t discussed until after the wedding. In all of these cases, your spouse’s financial problems are now your financial problems and vice versa.
So how can you keep the harmony when money issues arise? It’s never too late to talk about problems. If you’re an over-spender, this could redefine the meaning of “retail therapy.” Sit down, get comfortable and be prepared to handle some harsh realities. Conversations like this are easier to cope with when you plan in advance.