Tips for Married Couples Feeling the Financial Effects of COVID-19

May 10, 2020
Categories: 

As the coronavirus pandemic continues to devastate the nation, married couples could be facing a challenging time.

With millions across the country now being unemployed due to coronavirus, many marriages are facing a financial crisis.

Rachel Cruze, a personal finance expert with Ramsey Solutions and a New York Times best-selling author, shared tips with Good Morning America on how couples should navigate their way through this pandemic.

Cruze shared that ever since the pandemic began, shutdowns and mandates to work from home have caused a lot of fear for Americans. The expert said as a couple, and you should face your fears together.

The personal finance expert said it is essential for couples to share their financial fears with each other.

"Understanding those fears helps you to understand why your partner views money the way they do," she said.

While couples face this pandemic together, Cruze also mentioned that spouses should make a plan together to create a budget.

She also said that if even if you're in "crisis-mode," you still need to plan a budget. The expert said whether it's from your savings or your stimulus check, couples should put that money in their budget.

Whether you lost your income or still have your job, Cruze urges spouses to try to pay off their debt from all bank and credit card accounts.

Cruze suggested if anyone lost their job due to COVID-19, focus on “covering your four walls.” The includes food, utilities, shelter and transportation.

“Having a shared dream with your spouse brings you closer together. When you share a dream, you work as a team,” Cruze said.

If people are headed back to work or still quarantined, Cruze said couples should still create dreams for their futures.

Trending Coronavirus Coverage From RADIO.COM
—Disney World receives guidelines for when parks eventually reopen
—How likely is a second stimulus check?
—Families face ‘tough love’ conversations as coronavirus infects whole households
—6 creative ways to celebrate Mother’s Day while social distancing
—No stimulus check yet? 6 reasons why it may be held up
Doctor who pushed vitamin treatment for COVID-19 charged with fraud—Heartburn medicine being studied as possible treatment for coronavirus
—30-year-old teacher dies of coronavirus after symptoms were dismissed as panic attack

LISTEN NOW on the RADIO.COM App
Follow RADIO.COM
Facebook | Twitter | Instagram