Coping with finances when your partner loses a job

Finances are one of the biggest stressors in a relationship, and unemployment compounds the problems. (Rawpixel pic)

Nothing can place a burden on a relationship faster than financial stress, and job loss is the biggest contributor to money anxieties at home.

When job loss occurs, it is essential to plan ahead, set clear guidelines and be open with one’s partner. New employment will come, but the damage to a relationship that can occur in the meantime can last.

Here are some tips for dealing with a partner’s job loss to help ride out the financial storm as best as possible:

Advise your partner to keep spending to a minimum

There are seven necessities in budgeting that need to be looked after: food, clothing, housing, transport and communication, education and stationery, healthcare and recreation.

As you can see, these include everything from a roof over your head to recreation and other expenses.

Ask your partner to cut down on these and other costs while they are seeking new employment to ensure that your finances do not slide into the red.

This may include walking to close destinations or carpooling to assist your partner in getting to distant locations to seek employment.

Help them with suggestions for earning at least a small income while searching for new permanent employment.

When it comes to recreational activities, it is important to continue to actively engage in leisure activities, both for the sake of your relationship and to help your partner keep their spirits up after the emotional devastation of losing a job. It is possible to reduce the cost of entertainment and find cheap or free things to do.

It’s important to discuss things at all times to avoid flare-ups later. (Rawpixel pic)

Good financial communication

Joint finances and bank accounts are another aspect of financial life between partners that can cause financial stress if proper communication is not maintained.

There are pros and cons to sharing a joint bank account, and the decisions involved in partner finances are personal ones.

But if a couple have a joint account and a partner loses their job, it is important to communicate that the budget will be tight while they find work.

Also, ensure that all withdrawals are discussed in advance to avoid arguments flaring up later. It’s important to set up clear rules and boundaries.

Understand that while one partner is in this financial and employment crisis, the other may be required to pay the bulk of the bills, which can add stress to one’s working life as an individual.

Keep in mind that your partner is struggling as well and will be dealing with negative emotions that have arisen from the loss of work.

If you are patient and maintain good communications, the relationship will make it through this rough patch intact.

If situations cannot be worked out alone, try partner counselling or ask a mutual friend for assistance.

This article first appeared in The New Savvy

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