• Home
  • GET THE BOOK
  • Start Here
  • Blog
  • Free Resources
  • Shop TBM
  • Courses

The Budget Mom

Real Women. Real Life. Real Finance

  • Home
  • Products
    • Live Rich Planner
    • Budget By Paycheck
  • Blog
  • FREE RESOURCES
  • COURSES
  • GET THE BOOK
  • Shop TBM

A life you love on a budget you can afford.

Here on TBM®, I provide you with simple, easy-to-follow solutions to help you budget your money, pay off debt, save more, and crush your financial goals. But more than that, I give you the tools to start doing the things that matter most to you, on a budget that actually works!

8 Tips to Protect Your Marriage While Paying off Debt

April 30, 2017
DEBT & CREDIT

Share11
Pin751
Share
Tweet
Email
762 Shares

Own up to the fact that you have debt. Sit down and develop a game plan for paying it off, accept the choices and determine what you are going to do about it.

This is a guest post from Barbara Delinsky.

A successful marriage and debt – Can it go hand in hand? There are instances of ‘Debt’ spoiling a marital relationship.

But, is it impossible? No, it’s not.

You can protect your marriage while paying off your debts successfully. All you need is a good understanding with your spouse, patience and a realistic debt payment strategy.

Check out the following tips to get rid of debt while keeping your marriage alive.

UNDERSTAND THAT PAYING OFF DEBT IS NECESSARY

Both of you need to realize that paying off debt is a prerequisite to preserving your marital relationship, irrespective of who’s responsible for the debt or when you accumulated debt – before or after marriage.

  • Read: How to Stop Fighting with Your Spouse About Money

HAVE AN HONEST DISCUSSION WITH YOUR PARTNER

A discussion is necessary among couples to solve day-to-day problems, and ‘debt’ is not an exception; rather, it’s mandatory. Have an honest discussion – If you’re responsible for the debt, admit it and ask your partner to help you out to solve your debt problems. Make a commitment to pay it off together.

According to Taffy Wagner, owner of Money Talk Matters, “The couple should own up to the fact that they have debt. They need to sit down and develop a game plan for paying it off, accept the choices and then determine what they are going to do about it.”

MAKE NECESSARY PLANS AND DIVIDE RESPONSIBILITIES

Discuss and decide whether you’ll opt for professional help or try out DIY methods first. If both of you are confident, you can choose to repay your debts on your own.

There are more things to plan. One of you should take the responsibility of managing the bills and statements, and transferring the required amount to the specific accounts as per your strategy. Another person can check whether or not the payments are made on time, and how to save more. However, both of you should discuss and plan a budget which you can follow with ease.

  • Read: 3 Spending Habits That Are Setting You up for Failure

MAINTAIN GRACE IN YOUR RELATIONSHIP

It is quite natural that frustrations will rise and both of you will say things which you’ll regret later. However, try to maintain grace in the marital relationship while paying off debt. Most of the times, anger is generated from fear; so, try to find out what is bothering you.

It is not necessary that your spouse will be equally motivated to pay off debt; but, you can encourage him/her to pay them off or at least, help you in your journey to be debt free, which will ultimately improve your overall financial situation.

PRACTICE A FRUGAL LIFESTYLE AND HAVE FUN

For the time being, practice a frugal lifestyle. It doesn’t mean that you’d have to compromise with your enjoyment.

For example, decide a no-spend weekend, and have fun without spending money. Sound like ‘Mission Impossible’? I promise, it's not.

You can go on a hike, play board games, host a potluck party, do some DIY work (paint furniture, organize photos, etc.), go fishing, redesign your room, etc. Believe me! It can be fun to spend time with each other and also strengthen your bond.

  • Read: 20 Things to Do on a No-Spend Weekend in Fall

PRIORITIZE YOUR EXPENSES AND DEBTS

First of all, list your daily necessities like food, shelter, and clothing. Be careful not to splurge. Then, make sure you make the minimum payments on your secured loans to stay current on them. After that, target one debt to pay off along with making the minimum payment on others.

  • Read: Pay off Debt With the Debt Snowball Method

MOTIVATE EACH OTHER

It is a bit difficult to stay motivated on your debt payoff journey, especially if it’s too long. So, to avoid this, both of you need to motivate each other. To do so, keep looking at the finish line and what you can do once both of you are debt free. Think something which motivates you – like going on a dream vacation, planning for a child, buying a house, planning for early retirement, etc.

SELECT YOUR PREFERRED DEBT RELIEF STRATEGY

You can choose between debt snowball and debt avalanche as your preferred debt repayment strategy if you opt for DIY strategies.

You can also combine both the strategies. How?

Instead of targeting one debt, you can target two debts at the same time. The extra amount, which you need to make towards paying off your debts, divide it equally, and pay one portion towards the smallest balance and the remaining one towards the highest interest debt.

After you pay off your debt, it's important that both of you work together to develop a plan for spending – that is, create a budget. You shouldn’t feel trapped; instead, discuss with each other and determine how much each of you can spend in a month.

Before making any purchase, especially a big ticket item, discuss whether the purchase is need or want.
This way, both of you can live debt free and enjoy a financially happy married life.

Barbara Delinsky has expertise in personal finance and she loves to share her thoughts with her readers. She has written for a number of blogs. In her spare time, Barbara loves exploring new places and witness their culture. You can get in touch with her on twitter @DelinskyBarbara.

Share11
Pin751
Share
Tweet
Email
762 Shares

Filed Under: Tagged With: DEBT, LIFE, MARRIAGE

Previous article:
« How to Start Investing in the Stock Market
Next article:
I Tracked Every Penny I Spent for 30 Days and This Is What Happened »

Comments

  1. Ms. Frugal Asian Finance says

    May 26, 2017 at 2:52 pm

    These are great tips! Mr. FAF and I have run into many issues related to money although both of us are frugal and agree on paying off our mortgage early. There’s just so much about money that can cause tension in a relationship!

    • kumiko Ehrmantraut says

      June 4, 2017 at 2:38 pm

      Thank you!

  2. Kalpana says

    June 11, 2017 at 1:33 am

    For any problem, there will be a solution. And even for debt also. But need a plan in clearing it. When we have a clear idea of our debt and clearing it, it automatically protection of your marriage. Here are the awesome tips for such planning.

    • kumiko Ehrmantraut says

      June 14, 2017 at 3:43 pm

      Thanks Kalpana!

Hello, I'm Kumiko, but everyone just calls me Miko. Welcome to my blog, The Budget Mom. I am an Accredited Financial Counselor® , and mom to a rambunctious boy. Come along with me as I strive to live a life I love on a budget that I can afford. Read more about me.

RECENT YOUTUBE VIDEO

The Budget Mom

The Budget Mom
Back on March 1st, I did an Instagram Live all about closing out your budget.

This step and my "Where Did My Money Go?" Worksheets are the two things I get the MOST questions about.

What do you do with your budget after the month is over, and you’re ready to begin a new month? Most people don’t realize it, but your spending throughout the month gives you some incredibly helpful information.

One of the first steps to creating and sticking to a realistic budget is tracking your expenses. Your spending is the underlying foundation for creating a budget and ensuring that your budgets in the future are successful.

If you are not aware of where your money is going, you can’t make the best decisions for your dollars.

➡️ HOW I TRACK MY SPENDING: https://bit.ly/3aIe89I
➡️ HOW TO USE A BUDGET CALENDAR: https://bit.ly/2IzF2Vj
➡️ FINDING YOUR WHY: https://bit.ly/3aJUryj
➡️ THE BUDGET MOM'S FINANCIAL FREEDOM STEPS: https://bit.ly/3cfJXsp
➡️ HOW TO GET STARTED WITH THE CASH ENVELOPE METHOD: https://bit.ly/2vQJaO5
➡️ HOW TO CREATE A PLAN OF ATTACK TO PAY OFF DEBT: https://bit.ly/2wDETxF
➡️ HOW TO CLOSE OUT YOUR BUDGET: https://bit.ly/2Uz0UUW

ABOUT ME

Kumiko Love is a single mom who empowers women everywhere to regain control of their financial lives. An Accredited Financial Counselor with over nine years of experience in the finance industry, she founded The Budget Mom, a community of millions of women on a path to financial fulfillment.

She's also the creator of the wildly popular Live Rich Planner® and Budget by Paycheck® Workbook. Love has been featured on Good Morning America, the Today show, CNN, CBS, ABC and in USA Today, US News, World Report, Huffington Post, Money Magazine, Parents Magazine, the Washington Post, and Real Simple. She lives in Spokane Valley, Washington.

YOU CAN FIND ME AT:

📝 WEBSITE: https://www.thebudgetmom.com
📘 FACEBOOK: https://www.facebook.com/thebudgetmom/
📸 INSTAGRAM: https://www.instagram.com/thebudgetmom/
📌 PINTEREST: https://www.pinterest.com/thebudgetmom/

GET STARTED

➡️Start Here: https://www.thebudgetmom.com/start-here/
➡️Courses: https://courses.thebudgetmom.com/
➡️Free Resources: https://bit.ly/2PDmTHz
➡️GET 10% OFF my popular Budget-by-Paycheck Workbook - Coupon Code TBMYOUTUBE https://bit.ly/3FEdZFp
Load More... Subscribe
Free Resource Library

Recent Posts

  • What to Do When You Receive a Lump Sum of Money
  • Why You Should Consider a High Yield Savings Account for Your Emergency Fund
  • Common Investment Terms You Need to Know
  • Saving for the Unexpected: How to Protect Your Family with an Emergency Fund
  • Budgeting When You’re Behind on Bills: A Survival Guide

Blog Categories

Amazon Associates Disclosure

The Budget Mom, LLC is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

  • Cart
  • Shop Policies

Start With My Friday Newsletter

Every Friday I send you a short helpful email with my popular Friday freebie. Join my 500k+ subscribers!

About

  • Home
  • ABOUT TBM
  • Contact
  • Start Here

Important

  • DISCLAIMER
  • PRIVACY POLICY
  • Subscribe

Favorites

  • YouTube
  • Blog
  • Live Rich Planner
  • Budget by Paycheck

Start With My Friday Newsletter

Copyright ©2023, The Budget Mom®
This website contains affiliate links, which means that if you click on a product link, I may receive a commission. This website is a participant in the amazon services llc associates program, an affiliate advertising program where I earn advertising fees by linking to amazon.com.
  • How financially fulfilled are you? Take this 2 minute quiz to get your score!
    Click Here to Start