Managing the Economic Downturn

Managing the Economic Downturn

A lot of economic experts are beginning to predict that the economic bubble is likely to burst in the coming months if it hasn’t already. This could leave you wondering what these changes in the economy mean to your relationship.

When money is hard to find, the relationship between you and your spouse can quickly become more strained. Financial pressures can increase concerns about interest rates and potential instability in employment can all lead to serious problems, as well as frivolous disagreements between parties. There’s even a chance that your marriage or union will break down.

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Creating a Plan

Now that divorce rates in Australia are hanging at just under 50%, it’s important to think about what you can do to reduce your need for an asset calculator and a divorce in the years to come. Here’s what you need to do if you see the worst coming on the horizon.

  • Communicate clearly: Make sure that you’re clear about your concerns with your partner. Don’t play the blame game, just find a solution to your problems
    Avoid putting your frustrations onto your family or spouse. Talk about what is worrying you, but don’t let it get the best of you.
  • Think about dating each other again. Find fun and cheap ways to spend time together and enjoy each other’s company. This will strengthen your relationship.
  • Save money and find extra. Look at ways that you may be able to reduce what you spend each day. You could also think about selling the assets that you no longer need so you have more cash to put into an emergency fund.
  • Find a budget and stick to it. Make sure that you know what your incoming and outgoing cash looks like. This will help you to stay on track with your expenses and reduce the risks of debts in the future.
  • Review your financial liabilities. Think about refinancing your mortgage while the rates are lower than usual and pay off as many of your expensive debts as you can. Additionally, pre-pay the larger bills that you can.
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Preparing for the Worst

Although you might not want to think about what you’re going to do if things go wrong with you and your partner, it’s important to make sure that you plan for the worst and expect the best. Have a contingency plan in place. Think about where you can get support if you need it and consider using an asset calculator to see how things will be split between you and your partner if your relationship begins to break down.

Nobody wants to be living paycheck to paycheck. However, strengthening your relationship will help you to actively reduce debt and become more financially buoyant in this difficult time when everyone is worried about cash.

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