There’s no question the changes in our nation’s economy will add stress to our lives. Our advice? Face it. As a couple, acknowledge that there will be additional financial pressures in the coming months. You can get bogged down by the emotions, the tension, the depression these times can bring on but that won’t help you. You have to face reality then make a plan to deal with it.
Start with an honest evaluation of where you are right now. Look at your assets, your income, your debt, your investments. What might change? What will stay stable? In First Comes Love, Then Comes Money, we teach readers something we call The Money Huddle. The idea is to get all of your financial information on the table so you can have an honest conversation about where you’re at and where you’re going.
Once you know where you are right now, make plans to get you through the next six months. That’s right, six months. Working with a short timeframe makes necessary changes feel less overwhelming. And be prepared to make real changes. If you need to cut back on your spending or stop using credit cards for six months, do it. Taking action now will save you from bigger problems down the road.