Easing the Debt Burden for a Sustainable Marriage

Money is one of the main reasons for trouble in marital paradise. According the Guardian, 33% of marriages end before their 15th wedding anniversary. To prevent money getting between you and your loved one, take control of your debt now before financial problems start causing relationship issues.

Create A Financial Plan

Organising your financial documents and creating a budget is the first step towards working your way out of debt. Work out your total expenditure versus your income. If your expenditure exceeds your income, you are both living beyond your means.

Try to make savings where you can. It might be easier to separate your finances, if you have joint bank accounts. Promise each other that you will maintain an organised fiscal system and check your bank accounts regularly, as ignoring these important resources will keep your money troubles out of sight, out of mind. At this point, it is crucial to face your debt head-on; things will only get worse if you both look the other way.

Brainstorm easy ways to make or save money. This may mean changing providers to a more cost-effective business, such as Fincar, the professional car loan company, Sydney – make sure to compare prices online.

Start Saving

If you want to make any big purchases, save up for them in advance. Create several savings accounts, including a holiday fund. More importantly for now, you should both establish an emergency fund, so if you take a large financial hit, you have something to fall back on. This will help you keep to budget and stop you getting into further financial problems.

Spend Smartly

Try to reign-in the impulse shopping. Promise your partner not to make any large or unnecessary purchases without consulting them first. If you desperately want to buy something, wait a few weeks before making the purchase and review if you still want it. For now, it’s best to keep your treats restricted to small price tags, at least until you are both in a financially stable position.

Seek Support

It’s likely that friends and family have been through some very tough financial times, so go to them for support. Whether this is just for a shoulder to cry on or for some hard advice, it’s up to you. Seek professional help with your debt problem and other issues, like depression, which can arise out of debt.

Make Money

You’d be surprised just how easy it is to make a little money on the side. The best way to go about this is to analyse your strengths and hobbies. If you have a particular skill, like sewing or writing, is there any way you could utilise this for some extra cash? Sell your homemade items online or submit articles to paying websites. These are just a few of the approaches you can take.

For those who are struggling to think of skills they could use to make money, try something like dog walking or babysitting.

This article was written on behalf of the professional car loan company, Sydney