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Five Ways Financial Problems Impact Relationships

6793829413_369c06f927If you are experiencing financial difficulties, you probably know that these struggles are impacting your relationships with loved ones. There are many sources of financial worries, including overspending, debt, financial losses, loss of a job, or unexpected expenses.

These financial pressures can erode relationships, causing additional stress. This post will discuss five ways that financial pressures impact relationships, and how bankruptcy might be able to help.

Financial problems can lead to secrets.

When financial pressures mount, some people choose to keep secrets about their money troubles from loved ones. When there is a lack of honesty in a relationship, serious trust issues can emerge. Though it may be difficult, it’s best to be honest about your financial problems. Hopefully, your loved ones will be understanding about your financial concerns. Plus, you can avoid the stress of keeping secrets from the people who are most important to you.

Financial problems can emphasize income disparity.

During difficult financial times, disparities in incomes can become glaringly apparent. For example, a rough financial patch may draw attention to the fact that one spouse earns significantly more money than the other. In a marriage, income disparity can lead to disagreement about who should have more control over the finances.

You should never discuss the subject of financial control during a heated argument. Try to schedule a time when tempers won’t be flaring to discuss the issue. A third party (such as a lawyer or counselor) may be able to help you and your partner come to a resolution.

Financial problems can cause fatigue.

If you are struggling to make ends meet, you probably feel exhausted. Perhaps you’ve taken on another job or are working overtime. In your spare time, you have to deal with bill collectors and other financial woes. You may stay up at night, worried about your finances. Your relationships with loved ones may have taken a back seat.

It is important to carve out time for yourself that doesn’t involve your money troubles. Set aside an hour or two to catch up with friends and loved ones. Try scheduling a low-cost activity, like a hike or a visit to a museum on a free day. Try to remember that your loved ones can be sources of support during these difficult times.

Financial problems can cause plans to change.

Perhaps you were planning to take a vacation, or buy a new home. When financial problems strike, plans may have to change. This can lead to disappointment and frustration, which test the strength of relationships.

If your financial setbacks have forced you to put off something you and your loved ones were looking forward to, try to make a plan to get back on track. If you’re not sure when you’ll be able to take that highly-anticipated vacation or move into a new home, create a savings plan and start contributing toward it.

Financial problems can limit options.

Financial problems can limit your options. If you are struggling to make ends meet, you may have to take the first job that comes your way (even if it doesn’t pay well). You may not be able to afford to live in a great school district. You may have no choice but to sell your home. When options are limited, relationships are tested.

Strive to exercise patience in your relationships. When your financial difficulties are behind you, you will have more options (and hopefully less stress).

Can bankruptcy help?

Many people consider bankruptcy to be a fresh start, and feel a great sense of relief when their debts are discharged. Bankruptcy can give you a chance to regroup and take control of your finances.

If your financial stresses are negatively impacting your relationships, an experienced bankruptcy attorney can help you understand your options. For a free and confidential consultation with a California bankruptcy attorney, call Spaulding Law Group at (714) 731-7595.

About the Author
Christian Spaulding is the founder and principal attorney at Spaulding Law Group. Mr. Spaulding has lived in Southern California his entire life and his family has been in Southern California since the late 1800’s. Mr. Spaulding received his undergraduate degree from Chapman University in Orange with a Bachelor of Science in Accounting. While completing his undergraduate studies, Mr. Spaulding was the recipient of the prestigious Wall Street Journal Student Business Award. Mr. Spaulding graduated at the top of his accounting program at Chapman University and attended law school at Chapman University School of Law where he was a Merit Scholarship recipient. Mr. Spaulding has focused his firm’s practice solely on consumer protection and bankruptcy since 2009.

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