Don't let debt affect your family life and happiness

This is a guest post by Valentina Wilson, a writer on

Debt! The word itself is enough to make a family depressed. However, it’s not the end of the world even if you’re neck deep in debt. At first, you need to stop worrying; only then, you’ll be able to think properly and find out a suitable solution to solve your debt problems.

And, before you try to keep your family financially and emotionally content when you’re struggling to find your way out of debt, you need to be happy yourself.

So, what do you do?

Let’s find it out. Let’s discuss how to enjoy life and make your family financially and emotionally content in spite of being in debt.

Accept you are in debt and face it

Accepting your debts doesn’t mean that you have to be fearful about it. Instead, accept your current financial situation. There may be unavoidable reasons that led you to debt. If swiping credit cards is the problem, be happy that you won't make this mistake again. So, you can easily avoid debt in the future.

And, for your present situation, treat ‘debt’ like your enemy. Just as you have to fight an external enemy unitedly, likewise, fight with debt with all your family members.

Do not keep your family in the dark. Explain to them the entire situation and discuss how you can overcome the crisis.

Involve your family in the debt payoff journey

Do not fight with each other and blame each other for your current financial situation. Instead, fight with debt together.

You can sit with your spouse or your family members and discuss what changes you can make in your lifestyle to save more and more and use the amount to pay off debt.

For example, instead of going shopping or eating out, plan a family affair of preparing a meal together. Don't forget to involve the children too. Instead of visiting the gym, plan a good hike at your nearby hiking trail during the weekends.

Plan a suitable budget which everyone can follow

I always say that a suitable budget is a must for any financial planning. Therefore, discuss with your family and plan a budget.

Make sure that each one of your likes is catered to while planning the budget. Be prepared that you won’t be successful in your first attempt. With time, you’ll be able to plan a suitable budget. You should also review your budget every month and make necessary modifications, if required.

Talk about reducing expenses and embracing a frugal lifestyle

Talk to your family how you can embrace a frugal lifestyle. This doesn’t mean that you’d have to compromise with your lifestyle.

Maintain a thermostat at a certain temperature. Cancel your cable subscription and watch programs online, if it’s possible. You can also substitute your television watching time with spending time with our family. If you have to arrange a party, instead of going outside, you can arrange it at your home. Call your family and friends and cook food at home.

Another important area is grocery shopping. Whenever you go grocery shopping, have a list with you and don't buy anything extra, no matter how much enticing it is.

Arrange weekend trips with your family members

It is true that you can’t plan a long vacation when you’re practicing frugal living and trying to save money to repay debt. But, you can always plan short weekend family trips to keep them happy and enjoy family time.

Moreover, have you visited each and every tourist attractions in your city or in the nearby area? Browse online and select such places where you can spend your weekend and be rejuvenated.

Keep your family active to make them happy and content

When you want to keep your family emotionally content, try to make them active. Yes, I’m not joking.

When you do physical exercise, your body releases certain chemicals that make you happy. So, when you’re stressed out with money worries and always looking for ways to save money, make yourself active. Moreover, all of you can work out together in the nearby park and enjoy family time too. The children will also develop the good habit of exercising. Even a few minutes of evening stroll is also helpful if you can’t take out a lot of time.

Plan a suitable debt payment strategy

Now, the most important part, that is, planning a good debt payoff strategy, following which you can repay debt and improve your financial situation.

If you are struggling to repay your multiple unsecured debts and need debt consolidation help, then you search for a reputed organization, who are into business for at least 3-5 years. When you enroll in a consolidation program, you can repay your multiple debts through single monthly payments, and that too, at a reduced rate of interest.

However, if you think that you can’t repay the outstanding balances in full, then you can think of settling your debts. In this debt repayment strategy, you or a settlement company negotiate with your creditors to reduce the payoff amount so that you can pay that amount and get rid of your debts.

So, is it that difficult to repay debt and make your family happy? Not that difficult… right? So, don’t let debt affect your family life and happiness. Be happy and be debt free at the same time… Enjoy life!

Did you find this article helpful? Let us know in the comments!

Thanks again to Valentina Wilson, who guest wrote this article for us.

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Olive Branch Financial is a debt settlement company that operates in some but not all states in the United States, Olive Branch Financial does not accept any clients who do not meet with a consultant for an in-person consultation. If you reside in a state that we do not accept clients in, we may be able to refer you to another company for assistance. 

Olive Branch Financial negotiates unsecured debts on behalf of its clients and does not assume its clients’ debts, make monthly payments to creditors on clients’ behalf, or give clients tax, bankruptcy, accounting, or legal advice. We do not provide credit repair services. Please contact a tax professional to discuss potential tax consequences associated with settling debts for less than the full balance. Please read and understand all of Olive Branch Financial’s Program requirements and Olive Branch Financial’s service agreement before enrolling into Olive Branch Financial’s Program.

The use of debt settlement services will likely adversely affect your creditworthiness, may result in the balances of your enrolled debts increasing due to the accrual of legal fees and interest on your accounts and you being subject to collections actions or lawsuits brought by your creditors. The settlements we negotiate on behalf of our clients resolve the entire account, including all accrued interest and fees. We cannot guarantee that we will resolve your debts and results will vary based on your individual circumstances.