Tough Times Hard On Relationships

Relationships seem to suffer when the economy tanks. According to John Ingrisano, author of The Back to Basics Book of Money! A Couple´s Guide to Financial Peace, "marriage is an economic partnership. Money may not be the sole factor in its success or failure, but it is one of the top three."

So, when couples run into financial challenges, Ingrisano told New York Life´s "What´s New," it can impact every other aspect of their relationship. "It can turn your life and your home into a domestic battleground."

What can you do? Here are just some recommendations from Ingrisano, who is also director of the Family Finances Conference Center.

1. Keep the channels of communication open. Talk about your fears and concerns. Exchange points of view.

2. Share money decisions and responsibilities. Pay bills together. Discuss purchases. Most of all, discuss your options if finances become tight. Do you reduce spending (cancel a vacation, dine out less often, give up gym membership)? Take a second job? Sell assets? Map out a strategy for getting through this together … and do it together.

3. Keep thinking long-term. Identify mutual goals … and put them in writing. Where would you both like to be one year, two years, and ten years from now? In a nicer home? With children who are debt–free college grads? Retired in comfort at age 60? If you have trouble reaching agreement, look for compromises.

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