Why is communication so important when it comes to finances? Because finances are the number one reason for divorce in this country and because the divorce rate is over 50% at this point. Granted, this is not the only reason people get divorced, but I know, even the best of marriages can feel some strain because of money. The reason I chose communication to discuss today is because I am starting to put together a program that will outline steps people can take for their own economic recovery. It starts with coming to terms with your current situation. I think we have all been there at some point in our lives, whether it involved a relationship we realized just was not working for us anymore or our finances have spiraled out of control. Coming to terms with your situation acts as a catalyst towards healing. Please enjoy my blog post from earlier in the week where I share my own personal family story in regards to this (link below).

The next step is to start communicating. If you have a significant other in your life, that is who you need to communicate to first. When you pledged your love for one another, you made the commitment “For richer, for poorer”. You have chosen to walk through this life together…NOT ALONE. So, please do not feel like you need to take this burden on all by yourself.

If you do not have a significant other, find someone very close to you that you feel can be your pillar of strength. No, maybe they are not going through what you are going through, but they can be there to help you get through this. This could be your mom or dad, your children (if they are adult children only please), your dearest friends, a neighbor. You get the idea. This is someone you feel comfortable bearing your soul to. Someone you would trust your life to. Someone you know will not go blabbing your business all over the neighborhood.

If you have no one in your life you feel that comfortable with, seek out a professional. You could find yourself a good CPA (hey, I might know one of those ;0)), a financial advisor, an attorney. Make sure you check out their credentials, their resume and most importantly that you feel comfortable with them.

You have to understand, first that you are not alone. Even when economic times are good, people struggle financially. There is always a way out. It may not be pleasant to go through, but the sooner you do it and the more conscious you are when you go, the better. And, as my mother always says, “This too shall pass.” I promise.

Not only are you not alone, you don’t have to go through it alone. Being a CPA and my husband being in construction, I naturally took over the business and household finances when we moved in together. It got to the point where I was resentful of having that enormous burden on my shoulders. He was frustrated because he did not know what was going on. We now sit down weekly and go through everything. I still do the work because that is what I do for a living and it makes the most sense for us. However, he is fully aware of our financial situation and what is going on. I am hoping to get to the point where if something happens to me, he will be able to take over. I have to admit, we are still working on that one.

Same thing with Lindsay, my employee. It is very important that I keep her in the loop as well. It is a wonderful motivating factor for her. She sees what needs to be done and she takes care of it. You will not always feel comfortable sharing financial information with employees, but there may be a couple key employees where it makes sense. That will have to be a personal decision for you.

The point is, if money is the root of all evil, I feel communication is its kryptonite.