Easy Ways To Tackle Financial Roadblocks As A Family

Around three in four households with children and incomes below $100,000 are facing serious financial issues, according to a survey released by NPR. As a result, families across the country are not only facing impossible financial decisions, but are finding themselves under extraordinary stress which has spiraled into affected their mental wellbeing and even family life. According to experts and industry organizations, it is not uncommon for families in financial hardships to experience anxiety, depression, heightened stress levels, and an increasing disconnect between partners. While you cannot protect your family from all financial hardship, there is help available to help you overcome it. The key lies in adapting your family's approach to the situation. Whether it is seeking financial management help or findings ways to explain to your children that finances are stretched, check out these simple tips for facing financial difficulties as a family. 

Capitalize On The Time To Revamp Your Family's Financial IQ

Getting everyone on the same page financially makes the process of overcoming financial hurdles much easier. One of those key financial lessons is learning the art of effective budgeting. According to Debt.com, 33 percent of people no longer maintain a budget. The poll also revealed that 70 percent of them had family budgets. A good way to do this is by having weekly/monthly family money meetings, where lessons on budgeting, savings and updates can be shared. If you have young children, you may have to adapt the concepts to be a bit simpler to understand. It is also a great time to check in with your partner and formulate a financial plan together. 

Explore Potential Solutions With A Finance Professional 

Getting the advice of a financial planner helps you see the issue objectively - and the options available to your family. Many are trained in specific areas such as debt repayments and consolidations, retirement planning, and family budgeting. They are also very knowledgeable about financial aid or loan options available in your state. For instance, if you find yourself struggling to meet your mortgage payments, a financial advisor may suggest that you refinance a mortgage to avoid foreclosure and reduce interest rates. However, keep in mind that financial advisors can only give you the relevant information on the options out there. They cannot make the financial choice for you. It is up to you and your family to do your research and make a decision. Many family therapists are also well versed in helping families with money matters, so it is worth booking a session with them if you can. 

Look For Teachable Moments To Include And Reassure Your Children

During times of financial hardship, there may be rapid changes as you try to keep your family afloat. It is understandable that many parents will first think of cutting back their household spending, or may rush to pick up extra shifts at work. However, children notice every little change, and such rushed changes without explanation can leave them feeling anxious or unsettled.

Instead, look for child-friendly ways to teach financial lessons to your children, such as the importance of saving for a rainy day, or why you are trying to reduce your grocery bill. It is also important that you encourage their curiosity and allow them to ask questions. While your children may not be old enough to be told every detail of your financial issues, you can find simple non-worrying financial lessons to get them involved in. More importantly, explain the reasons behind the changes.

Money issues can seem even more stressful when you have a young family in tow. While it may seem overwhelming, remember to stop and take note of the positives in the situation. Take time to connect with your family, and focus on what matters. Prioritize self-care - for yourself, your kids, and your partner. Whether you head out for a run together or opt for some solo exercise time, it is important to acknowledge the mental strain that financial issues can cause for everyone in the family. Encourage open and continuous conversations, particularly from your children, and finally, remember that these tough times will not last forever.