Yahoo Finance 6 Signs of Financial Stress in Your Family and What You Can Do About It
Financial stress is no joke. If you’ve ever felt the pressure of trying to save money amidst mounting debt and accumulating expenses — it can feel like trying to hold your breath while underwater.
Unknowingly, these effects often trickle down to the entire family.
“When it comes to identifying signs of financial strain impacting familial well-being, my experience has shown me that it’s often more than just numbers on a balance sheet — it’s about observing the subtle yet profound shifts in behavior and dynamics within the household,” said Jonathan Rosenfeld, founder and managing attorney at Rosenfeld Injury Lawyers.
Below are some signs that financial stress has made its way into your home and how you can dig yourself out.
Explore Next: A $150K Income Is ‘Lower Middle Class’ In These High-Cost Cities
See More: 7 Unusual Ways To Make Extra Money (That Actually Work)
Sponsored: Credit card debt keeping you up at night? Find out if you can reduce your debt with these 3 steps
There’s a Rise in Tension and Arguments
“Firstly, one of the most evident signs is increased tension and arguments revolving around money matters,” Rosenfeld said.
When financial stress takes hold, he says it tends to manifest in heightened emotions during discussions about bills, expenses or budgeting decisions.
“As a legal advocate, I’ve seen how these disagreements can escalate, impacting not only the adults but also children who might witness or internalize the stress,” Rosenfeld said.
Michelle English, LCSW, co-founder and executive clinical manager of Healthy Life Recovery, similarly agrees that financial problems can lead to increased stress and tension within the family — resulting in more frequent arguments and conflicts.
“Particularly concerning financial decisions, budgeting and spending priorities,” she said. “This strain can affect the quality of family relationships and interactions.”
For You: How Far a $100,000 Salary Goes in America’s 50 Largest Cities
There’s a Drastic Change in Lifestyle and Habits
Another indicator of financial stress, according to Rosenfeld, is a noticeable change in lifestyle or habits.
“Families experiencing financial strain might start cutting back on essentials or indulgences they once enjoyed,” he said. “This could mean skipping meals, downsizing living arrangements or sacrificing extracurricular activities for children.”
“These shifts often reflect the harsh realities of trying to make ends meet, and as a lawyer committed to social justice, I recognize the importance of addressing these issues sensitively and effectively,” Rosenfeld said.
English agrees: “A noticeable change in behavior or routine can indicate financial distress.
She says this might involve cutting back on leisure activities or social outings due to financial constraints. “Similarly, children might withdraw from extracurricular activities they previously enjoyed.”
There’s an Impact on Mental and Physical Health
“Additionally, I’ve observed that financial stress can also take a toll on mental and physical health,” Rosenfeld said.
“Anxiety, depression and even physical ailments can arise or worsen when the burden of financial insecurity weighs heavily on individuals within the family unit.”
He says these health issues further compound the challenges they face and can hinder their ability to seek help or access resources.
Feelings of Isolation or Shame Emerge
Another key sign of financial stress impacting family well-being is the feeling of isolation or shame.
According to Rosenfeld, many families may hesitate to seek support or disclose their struggles due to fear of judgment or stigma.
“This reluctance to reach out for assistance can perpetuate the cycle of stress and exacerbate the situation.”
He continued: “In my practice, I strive not only to provide legal representation but also to be a source of support and guidance for families facing financial challenges.”
“By recognizing these signs and addressing them proactively, we can work towards alleviating the burden of financial stress and promoting the well-being of all members of the family,” he said.
Kids Start Showing Behavioral Signs
“Within the family, financial distress can give rise to a variety of mental health issues such as tension, worry, lack of self-confidence and low self-esteem even among children,” said Dr. Michelle Dees, board-certified Psychiatrist at Luxury Psychiatry Medical Spa.
“These challenges in mental health are evident through behavioral issues and poor academic performance thus underpinning the need for measures that address it holistically and help families grow.”
Overall Negative Family Environment
Another predictor of family members’ mental health, according to Dees, is a negative family environment characterized by disagreements between parents, coldness and lack of affection.
“When considering ways to improve mental health problems caused by economic difficulties within families, it is necessary to address family dynamics and establish a supportive environment.”
“The family must also have open communication about finances too,” she said.
“A secure arena where members can express their anxieties about money matters should be provided for them so that they can remain resilient and united in facing monetary problems.”
“Again, with the family’s involvement in activities like regular exercise, meditation or yoga plus maintaining social links which are healthy coping skills — this can help manage stress levels while boosting positive moods hence creating wellness in general.”
More From GOBankingRates
Rare Bicentennial Quarter Has Nearly $20K Value -- Plus 7 More Worth Big Money
This is One of the Best Ways to Boost Your Retirement Savings in 2024
6 Things You Should Never Do With Your Tax Refund (Do This Instead)
This article originally appeared on GOBankingRates.com: 6 Signs of Financial Stress in Your Family and What You Can Do About It
