The Issues With Joint Debt (part 4)

Continued...

A Team Effort

Begin by communicating with your partner

There are many ways to begin the lines of communications with your partner. One great way is to begin the initial conversation with your partner or spouse about debt reduction in general. You may start by mentioning that when you paid the bills last month you noticed that you had to dip into saving to cover the bills or say they had to be paid late if that was the case. Whatever the case, think along these lines and be honest. When you do approach the situation and after you mention the bills, try asking to set some quality time aside when the two of you can talk about any concerns and issues in order to come up with a viable solution to your debt problems. A great time would be after you put the children to bed or something like this. Discussing it at the dinner table – not so good.

Your first meeting of the minds should be just the two of you. Create a debt chart that includes all of your monthly bills, when they are due each months and how much they are for. For great ideas on how to create this, be sure to visit our main news article page (where you found this article) and scroll down to the budget section. Remember to stick to the facts and never place blame on each other.

Be open to any suggestions and talk them trough. There are many ways to fix your issues – not just one. Some may be better suited for you than others - so be open. Be patient with each other and if you are the one who sits down to pay the bill search month remember that you have to give your partner the time to play catch up. Try going over the bills together from now on if possible. Consider all angles when coming up with a plan. Include each other and be strategic.

Hopefully when you are making the first approach to your partner or spouse about the joint debt issues you may be having will not be a total surprise to them. Depending on how involved your spouse or partner is involved in your finances (aside from spending money goes), your initial conversation should be played out as calmly as possible.

You may be in debt fro clear reasons such as a lay-off, living beyond your means like buying a car you can’t afford, or it may be from gradual overspending through out the year. If it has been a gradual thing, you will have to really take a detailed look at where you went wrong. Did you need to eat out so much? Whereas, when it is clear-cut like a lay-off, you know why you got into difficulties with your debt. Find out why and fix the problem properly.

Making debt reduction progress

When asking for support in reducing debt, you need to ensure your partner agrees with your goals. Together you have to work on reducing your debt. When making progress, it is vital that you both work together towards a goal to become debt free or in a better debt situation. Come up with ideas together as to how to trim the fat from your spending. Compromise and do it as a team always. You may find that your partner immediately agrees to work on it or they may be in disagreement with you. You have to be assured that your partner or spouse will work with you and not against you. If you can’t work as a team, your debt reduction efforts will fail.

Be sure to read the next section of this article that covers involving the whole house in your debt reduction efforts.

Part 5…

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