Financial stress is the number one cause of divorce
Financial difficulties and the stress that accompanies them are the main causes of divorce. Almost all marriages go through financial problems, but is divorce the solution? I do not think! My belief is that if you and your spouse can get past all that debt and all those bills, the process will really improve your marriage.
Divorce is also the number one reason people file for bankruptcy. A large debt can certainly break your marriage, but what benefit can a divorce have on your finances? Many couples don’t even discuss money issues, plan a budget, or reduce savings. Why would divorce be the answer to this communication problem? A divorce can be expensive and therefore will push you into further debt. But the most costly part of the divorce process will be losing the love of the person to whom you vowed to remain loyal and devoted. Your wedding vows included “for the richest, for the poorest,” not “for the richest, for the richest.”
You need to catch money problems early and attack them together to avoid disaster. Throwing rocks, belligerently, and yelling at a spouse does nothing to eliminate financial stress and instead takes focus away from solving the problem at hand. Don’t let your debt control your life; Take a step forward and take control of your finances. The key is to work together on a realistic and reasonable budget based on the goals you have set. Track your spending and make your money go further by sticking to this budget once it’s set. You’ll have a step-by-step formula to determine where the most important place to spend your money will be. You can then determine what expenses you can reduce or hopefully eliminate.
Start a savings account. I have a habit of telling my clients to open a savings account on the other side of town. The reasoning behind this is: the temptation to withdraw funds will not increase for convenience. Even better than that, use an automatic withdrawal system to set aside a predetermined amount from each paycheck. The best strategy is to try it with a small amount at first, then increase the amount periodically for as long as you can. Unexpected bills and emergencies are inevitable. It’s good to be financially prepared for them by keeping some money set aside.
Use wisely the money Jesus has blessed you with, as he does not want us to be slaves to debt. We must trust God, because he knows what we can handle. He will continue to bless us with more if we prove to be smart and capable of handling his prized possessions. When we play with the possessions and blessings that have already been given to us, the Lord usually takes them away.
Don’t panic about financial stress. Don’t assume that blaming your spouse or even contemplating divorce is the answer to the crisis. Sit together, take a deep breath, and grab that notepad to write down your problems. To determine your needs, visualize your situation. Call creditors and talk to them about hardship programs. Take a separate time position to get you off the hook.
Contact a credit counselor who can help you make better financial decisions moving forward. By seeking the advice of a professional, you will share the burden of overcoming your financial problems. Facing them will only make things more challenging and expensive.