It might be easier to get out of debt with your partner than it is to go through the process alone. At least you have someone struggling with you when you’re in debt as a couple.
I’m sure you hear about all the success stories online about “how this couple got out of X amount of money in debt” like this article here –> “How This Couple Paid Off $120,000 Of Debt“.
And your probably asking yourself: “Why can’t we get out of debt too?”
Well we’re to help you get out of debt with your partner!
We came up with a list of the ways you can start paying off your debt.
The worst thing you can do right now is to do NOTHING.
Scroll down this page to find the ways to get out of debt with your partner.
Understand Each Other
Your first step together is understanding. Love doesn’t suggest that two people are entirely the same. In fact, it usually suggests the opposite. Opposites attract, right?
Well your partner probably has a different view on spending money as well.
This is where understanding comes in. Know your partner and remember how they think.
If one of you confronts the other about a debt problem… or one of you finally finds the courage to tell the other about the problem… Fighting with each other will only make matters worse.
The last thing you want to do is confront your significant other with negativity and aggression. No matter the circumstances.
Your first step to eliminating debt as a team is understanding.
Use A Budgeting App
You need to understand how a budget works to start your journey to get out of debt as a couple.
If there was a way to track all of your monthly expenses in one place, I’m sure you would want to know more about it. That’s what a budgeting app does. It helps make monitoring your funds easy.
You need to know exactly what you’re spending every penny on. Budgeting Apps show you where you’re spending all your money. The apps take your goals and helps you stay on track each month. That way, as you manage money, you’re less likely to overspend.
Find Ways To Increase Your Income
Here’s an obvious solution, but one you must take seriously. Americans, in general, lack fulfillment at work. They’re not happy. If you’re one of these Americans, it’s time to change that.
Try asking for a raise. Improve your work ethic, your co-worker relationships and better understand what your superiors need.
Meet those demands as you set the stage for an increase. It may take time, but that pay-increase when your debt is gone goes a LONG way.
If that doesn’t work, start looking for a better job. Both of you need to do this.
Take Financial Classes
Learning together is another great advantage that couples have. You’re fortunate. You can find great financial courses online. In major cities, you can find this same education in person.
Consider visiting a city for the day if necessary.
You learn from qualified specialists. They cover accounting basics and investing. These classes will teach you how to pay off debt as a couple and how you can work at it together.
Start A Blog
There’s a new but profound trend online. The surge of couples tackling down debt is immense. The partnership is so effective that success stories never end. And guess where hundreds of thousands of people find it?
They’re inspired through blogs. And this works both ways.
Make Only The Necessary Purchases
Now, we talk about the practical steps you MUST take.
Does your husband or partner love beer? Can your wife go without a new dress every week? Can you live without cable?
That advantage you have as a couple only improves the results of cutting back. You already know how to do this, so here’s a reminder.
Consider a budgeting app if you haven’t already. Tally up the things you need. From there, take off what you can live without. You don’t have to do it forever, but you’ve got each other along the way. Until your situation improves, this is the universal strategy for getting out of debt.
It’s enabling more money to buy your way out.
Other couples have been fortunate to understand investing. This option is great if you’re young, in school or just starting in the job market. There are great successes with managing student loans as couples begin investing early in college.
The money they acquire pay off debt or their mortgage quicker. A house is another form of debt. There’s more to look forward to though. When you’ve paid off debt using investment returns, those investment options remain long after.
If you walked away today with one piece of advice, let it be this: Act now! Whatever options you find suitable as a couple, you’re dealing with debt. Debt is best resolved by immediate action.
You can start today.
So what are you waiting for?