HOW TO SURVIVE FINANCIAL CRISES: TIPS FOR MARRIED COUPLES

  Job loss, a lay off, fraud, getting fired, robbery, legal issues, credit card debt. In a moment, any of these instantaneous events can shatter your financial plan. At times, these events do not come alone, but they come in groups-event after event.

Unfortunately, life is filled with disappointment, frustration, and surprise. So what do you do when you get the pink card? How do you wade through a series of financial failures? “10% is what happens and 90% is how you react “.

  Remember this quote during a family financial meltdown. Nerves wear thin and perspective is tainted. If couples do not proceed with caution, there might be even more losses (in addition to financial losses) on the way.

 Talk openly, Communicate, and set goals

 Financial difficulty brings a slew of questions: What are we going to do now? How will we pay bills? What if “X” happens? While all these questions are buzzing around, talk with your spouse and communicate. Decide on a direction you both support and start looking forward. Commit to moving through the process together, no alone.

Switch to survival mode

 Bring in the spending tsar who reduces spending to absolute necessities. I suggest you write your needs list and then cut out half the stuff. This is the time to get the most mileage out of every single dollar. While your life might feel completely out of control this is one area you can control. Spend carefully and intentionally.

Acknowledge Emotions

 You will experience a bunch of emotions from bitterness to guilt to frustration. The emotions will impact your relationship with your spouse, your children, your extended family, your friends and even your faith. Did I miss anything? You may be tempted to lash out to find a place to release your frustration. When your talk about your emotions use phrases like, “I feel …” This makes others less defensive.

Avoid Blame

 At this point, once things are damaged, it is not the time to figure out who is to blame. This will only serve to push your spouse away. Your frayed nerves will do more damage than good if you let them run rampant. There will be a time for reflection and debriefing, but in the midst of the chaos you will do more harm than good if you start to play the blame game.

Accept help

 Accepting help is difficult because of one reason- pride. Perhaps you will have a new favorite Bible verse “it is better to give than receive.” God may once again put you in the position of the  giver, but for now this might just be your own time to receive. Standing together is the function of the community, and in this case standing alone is a sign of selfishness.

Minimize pressure

 If you allow it, financial concern can completely consume you. Schedule time in your day to focus your energy on other chores or tasks. Removing yourself from the worry and strain will help remove the burden.

Turn to your faith

 When the world seems to be falling apart you will need a rock upon which to stand. Continue or begin a habit of daily devotionals and seek the will and presence of God.

Count your blessings

 Yes count your blessings. Things may be bad, or awful, or even horrible. But are there probably still many blessings in your life? Focusing solely on your problems and your lack of stuffs will only cause depression. Remember that around every corner there is a blessing, if you are looking for it.

Don’t be afraid to dream

 If you have just lust your job, this is a great chance to dream. What am I passionate about doing? What have I always wanted to try? This crisis might simply be a hidden opportunity. Look ahead and have a direction, the time may be right to turn a hobby into a business or even trying a new way to make money. Just be sure to ask the right questions to reduce risk.

Stay in control

 You may be tempted to throw up your hands and say” I don’t care anymore”. Creditors want to drive you to this state where you just give them what they want to get you off their back. Remember you don’t need to answer the phone, whatever you do make sure you break the dept cycle by refusing to take on more dept. Digging deeper is not your solution. Don’t be a good person who makes bad money choices.