When it comes to making financial decisions, it can be trying to figure out which person in your relationship has the best idea. It might actually mean compromising or giving in s that you can reach an agreement.
So, what do you do when only one of you wants to get out of debt? Give up completely? Force them to do it? Unfortunately, you can’t force someone to do one thing or another. What you will want to do is just sit down and go through the numbers. It is not an easy talk to have, but it is important.
Sit down with your budget. If your partner becomes overwhelmed, do it over a period of a few days. Start with the bills you have to pay every month. Show him or her that these bills can be covered by your income. Make sure you do not include dining out or anything outside of mandatory expenses. The next time you meet, show him or her the discretionary expenses. This would include your dining out, entertainment and items along that line. Finally, show them what you pay out every month in debt. Sometimes, lining up the numbers one next to the other can resonate.
Many times, it isn’t the idea of getting out of debt, it is that it seems too bit of a job to tackle. It sometimes is fear of giving up something (such as dining out or movie nights). Whatever the fear, just talk to your partner about it. Once you can work it out together, you can move forward to getting your debt plan into place and get on the path to financial independence.
If you can’t come to an agreement, then that might mean now is not the time for you. You can still use a budget and should do so in order to see where your money is going. However, if your partner is not ready to make the leap, just be patient. One of these days he or she will hopefully come around and you can tackle your debt plan with a vengeance.
| **Please, if you have recently paid off another debt, share with us! You can report every single debt — so that we can have an accurate amount reflected!! As a reminder, the survey is completely anonymous – there is truly no way for me to know who you are at all. You can share your amount you have PAID OFF HERE. |
(I am not a financial advisor and the information listed within these Debt Challenge posts is not to be construed a financial advice. This is knowledge we gained through our own personal experiences and information as outlined in Dave Ramsey’s Financial Makeover — and is being shared as such. Participants are not required to follow any steps listed if they do not wish to do so. Financial concerns/issues should be addressed with a professional in order to receive advice and assistance.)
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Tracie is a stay at home mom to three young children; ages 4, 6 and 8 in Raymore, Missouri. In November 2007, she and her husband decided to eliminate their debt and made many changes in their lifestyle to do just that.
In 27 months, they eradicated over $37,000 in debt through both budgeting and learning how to live a frugal life. She now shares her knowledge in order to help you stretch your hard-earned dollars so you can live the life you want.