Thursday, August 11, 2011

How to share a debt burden

Washington are bickering and finger pointing and I think until now they haven't created something totally secure for the nations economy and our staggering debt. I am going to talk about how to share debt and not to make it a burden on your self and this would apply to the family. And the family is the heart of the society right? So why not start with out family first.
Family relationships got strained because only one partner carries the financial burden instead of sharing it with the family. But eliminating debt can be an enriching experience financially as well as emotionally when you share this with the whole family. Here are some tips to help you along:

1. Focus on goals. You and/or your spouse made choices that brought you to this financial point. Perhaps you want to assign blame. Don't. Instead, focus on goals. Have a family meeting and set a family goal on how you can eliminate your family debt.
2. Set up a system. Make sure that you set up a system that will enable you to slowly pay off your debt. For example, you can have one account for all your fixed expenses (which could include a specific amount for debt payment). Then you and your spouse can have separate accounts for each of your allowance.
3. Involve the children. Involving the children would help them learn important financial lessons that could make them financially responsible adults. Through their knowledge (and hopefully more thrifty ways), they can also help alleviate the financial burden.
4. Make it a lesson for everyone. Go over your financial situation with the whole family. List down your goals, your income and expenses and what could be done to improve your situation.
5. Prayer. Gather your family to prayer. Remember God said "don't be afraid" I am with you. Trusting on
         HIM is quite not the thing that people believe. That's why we end up stress because we tried to do our
         best but seems that our best is not enough and nobody ever ask why?
Remember the family that prays together stays together. Money is good but it you allow money to rule your life then that's that end of your good life ^_^





2 comments:

Umma said...

Thanks for the post manang Kim, its so disappointing talaga ang economic situation sa US right now. Imagine the unemployment rate? IMO, It's the fault of corporate America, as they sent jobs to China so lots of people cant find a decent job compare to ole American dream before. I hope they will put high tariffs sa mga imports so Americans will buy Made in USA products instead of China crappy products.

It's only my opinion hahaha.. I know Im dreaming.

George said...

This is a very thoughtful post. Your suggestions are very good, and I hope more people will follow them.