Advice on How to Support Your Spouse During a Financial Crisis

Advice on How to Support Your Spouse During a Financial Crisis

Issues concerning money are cited as the cause for divorce in over 70% of the cases. In particular, priorities that don’t match, major expenses that have not been agreed on at the dinner table, plus other secret expenses. Strangely enough, some spouses go to the extent of keeping their salaries secret, which is a recipe for major family clashes.

Basically, it is well known now that financial education is not taught at school, for some reason or other. Fortunately today, it is possible to learn virtually anything, so long as the interest is there. Personal finance is the name of the game. So during courtship, that is when issues concerning money should be spelled out clearly and the details set out.

Both spouses should take the initiative to study and understand how money works. If one is not able, the willing spouse should study in order to help the other in the event of a financial crisis. Finance being such a great home-breaker, one of the spouses should take the responsibility of learning how to manage money, so as t support the other spouse duting a financial crisis.

Couples Disagree on Expenditure
Couples Disagree on Expenditure

Both must identify the most important goals for the family, like buying a house, vacations, schooling for the kids, and so on. With that in mind, most couples will avoid the first event that distorts any plans the couple may have had: wedding expenses. Some couples go to the extent of taking out loans for a wedding!

Major corporations thrive and grow year after year through seriously detailed budgeting. Prepare a family budget at the beginning of every year and stick to it as corporations do.

In a family setup, how much should be spent on food and groceries? How much for a mortgage? What about school fees? Medical expenses? What about furniture, clothing, and traveling? How much should be kept aside for emergencies? The spouse who has acquired financial literacy should take the initiative to support the other during a financial crisis.

In the event of a financial crisis like the Covid 19 which has literally turned the world upside down, budgets are adjusted to meet new realities. Indeed, budget adjustments are allowed even by corporations because we live in a real-world, no rehearsals.

So budgeting is crucial. After that, keep the financial communication lines open for discussion at all times. If the mother-in-law requests $300, the issue should be discussed, it must be in the budget and then executed by agreement. Lifestyle patterns should also be agreed on and acted on accordingly. All purchases should also be done transparently.

With finances taken care of, most marriage problems will fall into place. Times of crisis will be handled at the dinner table as the spouses fix the current budget, (which is exactly what major corporations are doing right now). At this pace, all a spouse needs in times of crisis is to help the other one to stick to the budget.

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