Long-term relationships are all about give and take. No relationship goes by without facing any obstacles. Today, one issue that most couples face is having enough money. The cost of living is high and wages don’t necessarily reflect that.
Both partners can find themselves struggling with money. Even if only one partner has debts, this is still a joint issue. Outlined below are some proactive steps that partners can take together to address debts.
Working together
One of the most common responses to overwhelming debt is simply to ignore it in the hope that it goes away. However, debts don’t go away, and debt collectors calling is inevitably with this approach. Ignoring a debt and not telling your partner about it can also cause serious relationship problems.
As with any serious issue, resolving debt together starts with communication. If your spouse doesn’t know, you’ll probably be surprised with how supportive they are. If you are both aware of the debt, then two heads are far better than one in tackling it.
Preparing a budget
Once you are communicating and on the same page, you and your partner can formulate a joint budget. You can prioritize the debts. For example, high priority debts such as tax obligations, rent and mortgage payments and utility bills can be at the top of the list. Then, you can pool resources and decide on a budget plan. For example, many couples like to allocate 50% of their total income to housing and food, 20-30% toward reducing debt and the remaining percentage toward leisure activities.
Facing debt together with your partner is better than going it alone. Both of you may also find benefits in seeking legal guidance.