Money problems are a common source of stress for American families. Consider just a few statistics:
- 38.1 percent of households have credit card debt.
- About 46 percent of Americans don’t have enough savings to cover a $400 emergency expense.
- One-third of Americans lose sleep over money worries.
Unfortunately, couples with ongoing financial difficulties tend to take their anxiety out on each other. As I wrote in my book Strong Women, Strong Love, research shows that couples under high stress for extended periods magnify the negatives in their relationship and have trouble remembering the positives. They get defensive and anger more quickly at each other’s faults. No matter how well they usually communicate with each other, they have trouble drawing on those relationship skills because they’re overwhelmed.
Whether you’re dealing with credit card debt, lost income after a layoff, a large emergency expense or ongoing difficulties making ends meet, it’s important to protect your relationship from the stress caused by financial problems. Here are a few steps you can start implementing right now.
- Realize it’s normal to feel fearful during a money crisis, and be aware that fear changes how you think and behave. For example, if you fear what might happen if your husband doesn’t find another job soon, you might start micromanaging his job search, even if that’s not how you usually act in your relationship.
- When you’re stressed about money, it’s more important than ever to maintain habits that help you stay calm. This supports your own health and wellbeing, and it helps you stay connected with your partner when the going gets tough. A couple of things that help many people get to a calmer place when they’re stressed are deep-breathing exercises and mindfulness practices to stay in the moment instead of spiraling into worries about the future.
- Remind yourself that this is a temporary situation. When you’re very stressed about money, you might feel overwhelmed and hopeless and have trouble seeing possibilities for change.
- Collaborate with your partner to find solutions. Work as a team to plot how you’ll get a new job, start tackling your debt or pay off that surprise bill. You’ll maintain, and maybe even deepen, the sense of trust and respect in your relationship.
If you aren’t going through money troubles right now, talk with each other about how you can prepare for a rainy day. What would you do if one of you lost your job? Can you change your saving or spending habits now so that you’ll be in better shape if a crisis does hit? These conversations might not be the most fun way to spend your time, but they’ll protect your financial health and the health of your marriage in the long run.