Learn why it’s important to come clean about debt to your spouse. We also go over the process to make things easier and I have a success story I want to share to help you two be more open about your finances in your marriage.
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Admitting to Your Spouse That You’re in Debt
Money and marriage do not have to be a source of friction, but for some it can be painful, especially when one is hiding debt from the other.
Keeping financial secrets can be harmful beyond the money. You break your spouse’s trust in you which is poison to your marriage.
Coming clean is never easy, but it’s absolutely necessary if you want to keep your marriage and fix your finances.
- Admit that you have a problem. Your spouse deserves to hear the news from you.
- Be open with the debt. You may think you can open up little by little, but it’s better to rip off the band aid.
- Agree to lay off the cards. Protect your family’s finances and stop using them.
- Create a debt pay off plan together. Here is where the two of you need to especially be open with one another. Make sure that the plan you come up with is something both of you agree on.
- Decide on your next steps. What can you do to prevent this from happening again? It takes effort because you’re trying to not just address the symptom, but the root cause – Reevaluating why you’re spending and why you’re hiding things.
You may need some professional help, both for your marriage and your finances, but it’s well worth the effort!
Working Together and Getting Out of Debt
I wish you two the best and if you’re looking for a success story, please check out Episode Eight with Travis Pizel about Getting Free From Debt. He reached a point where they were unable to pay all of their monthly bills and he had to admit to his wife they they were in six figures of debt.
He shares how that conversation went the long and hard journey they took and how they are debt free and now on top of their finances.
I hope his story helps you with your marriage and finances.
Newlyweds and Finances
Since it is wedding season, I want to mention that Toni had me over the Midday Money Show and had a fun chat about newlyweds and money.
Here are some things we went over:
- Questions couples need to ask (and have answered) before saying “I Do”.
- How to set up the money date to address finances without turning it into an interrogation.
- How couples at odds financially can work together effectively.
- Tips for sticking to a wedding budget and facing this financial endeavor as a couple.
Even though the focus is on engaged and newlyweds, I really feel you should have a listen. Toni & I share our hard learned lessons and the progress we made communicating better with our husbands.
Catch it on Debt Free Divas when you have a chance.
Until next time take care!