Make your relationship recession-proof

MONEY can’t buy love but it can play a major role in its demise, an Australian psychologist warns.

The global economic crisis is pushing many younger couples and families into uncharted waters, Dr Matthew Bambling of the Queensland University of Technology says.

Many have never before faced job insecurity, redundancy or worries about making ends meet.

Dr Bambling is urging families to pull together amid the global economic crisis and warns financial “dreams” may need to be downsized.

In such tough times, good communication within couples is critical, he says.

“The current economic situation is unprecedented and will affect every aspect of our lives,” he says.

“Don’t be afraid or too proud to ask for help in a crisis.

“You might be surprised how much family and friends are prepared to do for you, and community organisations can assist with the basics of life if things are really tough.”

As governments talk of stimulus measures, Dr Bambling says now is a time for couples to rigorously assess their financial positions, with an emphasis on open communication and shared responsibility.

“Agree on attainable dreams and goals but accept differences in some areas and speak to each other with understanding and respect about differing financial priorities,” he says.

“A big house might be a dream, but the dream will soon crash and burn if it can’t be paid for. A small house will do just as well.”

Dr Bambling says couples should also: 

-  Carry out a shared financial audit each month to help “reduce surprises and relationship-wounding arguments”

- Avoid spending on credit where possible and try to save even a small amount each week to ease money worries

- See a financial counsellor, if necessary, for advice on winning control over expenditure and servicing debt

- Share the load because “if you are both involved in finding solutions … you are more likely to own the plan and be committed to the goals”.

Dr Bambling says that doing nothing and worrying about going backwards financially is more stressful than working as a team to reduce debt.

“It is the quality of our closest relationships that makes us happy and satisfied, not how much money we have,” he says.

“There are ways to help ensure that stress created by tight economic times doesn’t damage our most important relationships.”

Make your relationship recession-proof | Health & Lifestyle | News.com.au