Here’s How Married Couples Can Pay Off Debt Faster, According to Rachel Cruze
Written by
Heather Altamirano
Edited by
Amen Oyiboke
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Combining finances when you’re married is a hot topic for many, but it’s something Rachel Cruze, a certified financial planner with Ramsey Solutions, strongly recommends. While there are certain circumstances, like a toxic relationship or addiction, where combining money isn’t wise, Cruze doesn’t see many other reasons for married couples to keep their finances separate.
In a recent video posted on her Facebook and TikTok pages, the finance guru breaks down the advantages of a married couple combining their bank accounts and how it can help them get rid of debt faster.
Work Together
Seems obvious, but Cruze said working together leads to paying off debt. Not all couples act as a team, and to get out of money troubles or accomplish any ambition, teamwork is key. Putting your money in one pile and deciding where it goes as a couple will launch you closer to the finish line.
“Your effort is together, your goals are together, your money is together, your debt is together,” she said.
When you’re on the same page financially, you will reach your goals faster. When two people share a common purpose, it’s easier to hold each other accountable. Plus, if both are working, you’re bringing in more money and can get out of debt more quickly.
More Money, More Choices
After working together to pay off debt, financial possibilities open up, and you have the freedom to spend your money in smart ways that keep more of your income in your wallet.
“Your income is no longer leaving your paycheck and going out 18 different directions,” Cruze said.
Instead of paying debt, you can now use your money to invest and build your retirement accounts.
“Your income is yours,” Cruze said.
Think of Your Money as the Household’s
Married couples who pay their own bills separately are more of a “business transaction” or a “roommate situation,” Cruze wrote in a separate Facebook post. When you view your income as “ours” instead of “yours,” it shifts the mindset and creates a “shared vision.”
Cruze said to look at what’s coming into your accounts like it’s the “household’s money” to use as “efficiently as possible” to build a life you love.
Life has a way of throwing curveballs that sidetrack you financially, and paying off debt isn’t easy, but couples who stay aligned and intentional can make progress faster than they think.
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