Plain Truth: Growing a debt free marriage

Date: 29 November 2013   Read: 749

A debt free marriage? Is it possible, and how possible is it?

It is not possible to create a debt-free marriage if we take it from the point that we are forever indebted to one another as a couple in terms of love and doing our best to fan the flames in all areas. It is possible to develop a debt-free marriage when it comes to economic matters.

The first step is to resolve to have financial harmony in the house in terms of not only how you generate funds but also how you spend it. Develop a culture of talking about money freely and openly with one another. Financial discord and disharmony in many marriages is caused by trying to close any space for serious engagement. Financial harmony and a debt-free marriage therefore start with a common philosophy that a couple develops.

If happens that you might have tried it in the past and even gone to the point of sharing one card and one pin number, but one person may be very wasteful and just spend irresponsibly. I am reminded of what I normally see during this time of the year, with some women spending lots of money on groceries rather than on the education of their children.

A culture of being wasteful can be curbed and become a thing of the past only if you agree to look this demon in the eye and exorcise it. You need to be more open in terms of identifying critical problems affecting your unity as a married couple. Make a list of all the problems affecting your finances and then start reflecting on how best you can start resolving these problems.

You are already afloat in what seems to be a sea of debts, so how do you get out of it? Mary Hunt once said: “Credit is like a rope. You can use it as a tool or tie it into a noose to hang yourself”.  The reality is that it would be difficult for many of us to own a home or a car without consumer credit. On the other hand, some of us depend too much on credit and we then find ourselves drowning in it or having to go for debt counselling or negotiation.

If you are indebted already, work out a plan that will help you get out it. Cut down your expenses on non-essential things; cut down the years of servicing your mortgage payback in half; budget together and agree on a monthly limit that each one of you can access in the family coffers. Start thinking of ways to earn extra income and in this way you will ease the pressure on your family's finances.

Start saving part of your salary and do not pay the full price for clothing. Always be alert for sales or buying in bulk and make sure that you cut costs on non-essentials. If you have facilities to read a newspaper online, why do you have to buy a hard copy? I hope and trust that you will spend responsibly during this festive season. - Prof Derrick Mashau, Unisa