How to Help a Partner out of Debt

Most people have trouble managing their debts. If your spouse belongs to this category, then it is time that you take financial matters in your own hands. With a little effort, persistence and ability to make hard decisions, you can certainly put your finances on track and get the freedom you always wanted in your life.  The decisions you make will not only help your spouse, but will be in the best interests of the whole family, including you.


  • 1

    Talk about it

    You firstly need to talk to your spouse about the financial difficulties. Make sure that you are supportive rather than argumentative. As the issue is a sensitive one, you must tackle it by not blaming your spouse for your financial hardships. Take professional advice if you feel that the matter is blown out of proportion. Understand your family needs and take realistic measures to sort out your finances.  Realize yourself that it is a long term process and won’t be sorted out immediately.

  • 2

    Calculate your obligations

    Having done the talking, now it is time to get your expenses sorted out. Make a list of your entire short and long term obligations so that you clearly understand what you are dealing with. This will help you arrange your income streams and create a budget. All this needs to be done on your own terms. If you need to create a separate account, do that to ensure that your family's needs are met.

  • 3

    Prioritize your expenses

    Having listed all your obligations, it is time that you prioritize your expenses. Cut out all unnecessary spending so that you can free some amount instantly. Moreover, check your high interest payments and pay them out first. Eliminate all credit card expenses and starting dealing in cash. Contact your creditors to see if they are willing to make certain adjustments.

  • 4

    Tap into your resources

    Now look at avenues from where you can generate some additional money. Working a double shift may be an option for you. Moreover, further look into your emergency funds for some urgent debt payments. However, that must be your last resort as this money may be needed for other purposes such as medical bills, home repairs etc.

  • 5


    It is important that you keep close tabs on all financial movement. This will eventually help you seek other ways to free up some money.

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