6 ways to keep your relationship alive through a recession

Money problems and relationships aren’t exactly a match made in heaven.

It is believed that up to 40% of divorces are a result of financial stress. During a global recession, where economic growth slows down, people of all walks of life feel the pinch as the cost of living goes up and their income stagnates. It’s no surprise that financial recessions can be difficult on relationships, causing stress, anxiety, and conflicts within couples.

However, with effective communication, planning, and mutual support, it is possible to weather the storm together. Here are a few tips to help couples manage their relationship during a financial recession, fostering resilience and growth.

1.Open and Honest Communication

Transparent communication is crucial during challenging times.

Discuss your financial concerns, fears, and expectations openly with your partner. Share your perspectives, concerns, and ideas regarding financial decisions and regularly update each other on the financial status, including income, expenses, and savings.

By maintaining open lines of communication, you can tackle challenges together as a team.

2. Set Shared Goals

During a financial recession, it is essential to set common financial goals as a couple.

Discuss and prioritise your financial objectives, such as reducing debt, building an emergency fund, or adjusting spending habits. By working towards shared goals, you can create a sense of purpose and direction. This transforms a threat into an opportunity to feel closer to your partner and more secure in your relationship.

3. Create a Budget

Developing a comprehensive budget can help you manage your finances more effectively.

Analyse your income and expenses together, identifying areas where you can cut back or save. Allocate funds for essential needs, debt repayment, and savings. Regularly review and adjust your budget as needed. By working together to create a financial plan, you can alleviate stress and ensure a sense of financial security.

4. Practice Financial Responsibility

During a recession, it is crucial to practice responsible financial habits. Luckily, you have a partner to work with.

Encourage each other to make thoughtful spending decisions and avoid unnecessary expenses. Discuss major purchases and set limits to avoid impulsive buying. Support each other in adopting frugal habits such as meal planning and exploring cost-effective date activities. By embracing financial responsibility, you can strengthen your relationship and weather the storm together.

5. Seek Professional Help if Needed

If financial stress takes a toll on your relationship, don't hesitate to seek professional help.

A relationship counselor or financial advisor can provide guidance, support, and practical strategies tailored to your specific situation. They can help you navigate financial challenges while strengthening your emotional connection as a couple.

6. Embrace Non-Monetary Sources of Happiness

Remember: Money can’t buy happiness

During a financial recession, focus on nurturing your emotional connection, spending quality time together, and engaging in activities that bring you joy without incurring significant expenses. Cultivate gratitude for the intangible aspects of your relationship, such as love, support, and companionship.

Wrap up…

While financial recessions can present challenges for couples, they can also serve as opportunities for growth, increased resilience, and strengthened bonds. By fostering open communication, setting shared goals, practicing financial responsibility, and seeking professional help if needed, couples can navigate these difficult times together. Remember, in a recession, it is the strength of your connection and mutual support that will see you through the storm, emerging stronger and more united than ever.