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3 Ways to Pay Off Debt and Have a Happy Marriage

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Are you struggling to pay off your debt? Do you feel stuck with no end in sight? Does your frustration and stress with your finances carry over to your marriage and cause fights?

Luckily for you, there are many ways you can pay off that debt and keep a happy healthy marriage. 

Hi, my name is Kelan Kline blogger and business owner of The Savvy Couple. Over the last three years, my wife Brittany and I have been able to grow our blogging side hustle and turn it into a six-figure per year online business

Doing so enabled us to pay off over $25,000 in student loan debt in under 5 months! 

Today in this article I want to share with you the three most effective ways we were able to pay off our debt and keep a healthy marriage.

1) Organize Your Finances 

If you don’t know this already financial stress is the leading cause of divorce. Makes perfect sense, personal finance can be extremely stressful! 

To give yourself the best chance of destroying your debt and keeping a happy marriage in the process, it’s of the utmost importance to get on the same page when it comes to money. 

So what does it look like to actually manage your money effectively? Simply follow these steps. 

  1. Collect and Write Down Your Assets and Liabilities
  2. Calculate Your Net Worth
  3. Create Your Monthly Budget: Income vs. Expenses
  4. Calculate Your Overall Cash Flow
  5. Get a Hold of Your Credit Scores and Reports
  6. Evaluate Your Personal Finance
  7. Create Monthly and Yearly Budgets
  8. Get Motivated
  9. Ongoing Review
  10. Relax and Take a Deep Breath

It all starts with taking action. You cannot expect things to change without taking immediate action and committing to following through. 

Even if it is starting with a simple monthly budget template you need to take action starting today. 

Once you get everything down on paper it is time to start putting a plan in place on how you are going to attack your debt. 

Financial expert Dave Ramsey preaches using the snowball method to attack your debt so you can take advantage of the emotions of seeing debt quickly go to the wayside. 

Don’t try to take emotions out of personal finance. There is a reason that the word “personal” is included. 

2) Start a Side Hustle Together

This is one of the most effective ways to pay off debt with your spouse quickly. Find something you are both extremely passionate about. Something you both talk about nonstop and comes up in conversations all the time.  

Then find a way to make money with that passion through starting a side hustle. 

Love playing music? Start teaching music lessons.

Love staying fit? Become a fitness coach. 

Love camping? Look into work camping gigs. 

Love marketing? Start a lead generation business

Love cooking? Start a food blog or YouTube channel. 

Love kids? Start a daycare. 

The options are literally endless you just have to get creative when brainstorming your side hustle ideas

The best part is we live in a very digital age and having the ability to make money online has never been easier. Which is great because you can spend more time with your family. 

Having this passion project with your spouse is not only going to help you connect more, but it has the possibility of making some serious money that you can put right towards your debt. 

Even $100/month extra can go a long way at chipping away your debt over time. Get hustling! 

3) Prioritize Your Spending 

One thing that is never talked about enough is learning how to live a frugal lifestyle and prioritizing your spending. 

Many people get confused when they hear the word frugal. They think of cheap people hoarding their money. When in fact being frugal means always finding the best value for your hard-earned money. 

It’s much faster to and more efficient to cut your living expenses than going out to try to make more money. 

Go back through your budget from time to time and see where your expenses are coming from. 

The three biggest expense categories you should really comb through are housing, food, and transportation. 

Start by looking for ways to save money in these categories. That could mean going out to eat less, living in a smaller home or apartment, and buying a reliable used car instead of brand new. 

Then, go through the smaller categories such as your monthly subscriptions, cosmetics, streaming services, internet, utilities, etc. to see if there are any frugal ways to save. 

A dollar saved is another dollar you can put towards your debt. 

The next time you go to make a purchase look at the cost and convert it into the time you would have to spend working to pay for it. 

Those $150 shoes won’t look so enticing anymore. Nor will that $250 purse. 


Final Thoughts on Paying Off Debt and Keeping Your Marriage Happy 

At the end of the day, marriage is hard. It takes a lot of continuous effort, self-sacrifice, and communication to achieve your dreams together. 

Take some time to really lay out what your dream life looks like and the steps you need to take to get there. 

A couple that dreams together stays together. 


About the Authors 

The Savvy Couple struggled for years to find the right career paths and pay down $40,000 of student loan debt. They buckled down and got serious learning everything they possibly could about personal finance. That’s when they knew a traditional career path was not going to cut it. They decided to start their own personal finance blog as a side hustle in 2016 and have not looked back.

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Published on August 8, 2019