My Wife and I Don’t Know How to Tell Ourselves ‘No’ and Are in $20,000 Debt. What Do We Do Now?
When you and your spouse have dug yourselves into a lot of debt, it can make you feel pretty hopeless. Interestingly, that oppressive feeling can cause you to spin into even more bad choices, continuing the pattern that got you into debt in the first place. It’s a common, but dangerous, belief to think, “If I can’t get out of this debt, why try?” But that’s not the solution. And the good news is, you’re not alone!
In today’s video, we discuss some of the necessary changes you and your spouse will need to make to climb out of a mountain of debt.
We often don’t know how to say ‘no’ to ourselves when it comes to finances. Wants and non-necessities tempt us to break our budget (or never create one at all!), and even when we know that we have a spending problem, we keep saying yes out of guilt.
To get out of this hole, we recommend that you consult a financial expert who can help the two of you set your finances on a better long-term trajectory. There are many effective programs out there, like Dave Ramsey’s Financial Peace University, that can get you on the right track.
One more thing: you can’t do this alone. You and your spouse must be in agreement to work together to take control of your money. Team up to become committed and motivated to make the right changes for your family.
Remember, if you’re going to say no to purchases, start saying yes to non-purchases that will fulfill your needs. Seek out activities and entertainment that cost little to nothing, and create ways to have fun without breaking your budget.
Once you’ve taken control of your spending, you’ll feel so relieved and proud of yourselves.
How have you taken control of your spending? How has that changed your relationship for the better? We’d love to hear from you in the comments section.