Dan Hinz from Adulting with Money is back to discuss mastering money issues in marriage during the COVID-19 pandemic.
“If you don’t know where you are going, every detour is going to be really difficult.” - Brandon CunninghamMoney Issues in Marriage During COVID-19
The COVID-19 pandemic did more than create panic, take lives, and put people in hospitals. It took its toll on families financially.
Fear and hoarding impacted available goods in stores, and the prices of some essential items may have risen. Rather than going into a crowded store, many people opted for delivery services which also increased the costs of groceries.
Electric bills may have been higher than usual as people worked from home and children completed the school year online from home as well.
Many people found themselves with reduced hours, reduced pay, or worse. They could have been furloughed or ultimately laid off from their jobs. Pew Research published in September 2020 that roughly 15% of Americans reported they were laid off from work. Another 15% stated they found new work during the pandemic (Pew Research, 2020).
This may have left you crying out, “The financial stress is killing my marriage!”
There is hope, and some practical tips to help you get through the current pandemic, or prepare for the next emergency that arises.
How to Deal with Money Issues
Our episode this week discusses mastering money issues in marriage by master three practices as a married couple.
- Set clear goals using real numbers - Do you have a Top 10 priorities list financially?
- Track your money using an app, spreadsheet, or pad of paper
- Use monthly budgeting and budget conversations to get you to the “next step” of your financial goals.
When it comes to money and relationships, conversations around money are not a one-and-done type of deal. You will need to have regular conversations remembering that you and your spouse are on the same team. The object is not to beat the other at a game, but to come to an agreement where both of you are happy with the decision. These conversations will take practice and patient to master, so start today and keep at it.
Financial struggles can be overcome by applying these additional tips discussed in this week’s episode as well:
- Create and maintain an emergency fund
- Have two types of meetings on your budget: brainstorming and decision-making
- Remind yourself “it will be okay”. Your net worth is not what defines your self worth.
- If you found yourself w
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