Money and Finance – The Cause of Anxieties for Most Families

Martha was having a restless night. The other day she got a billing statement from her credit card company that told her she was behind schedule on her monthly payment. She also felt harassed every time a debt collector would call her at the office and at home, sometimes even in odd hours of the night. They were also having troubles paying the mortgage and the monthly installments on the new car. Their financial woes are partly due to her husband Ben, who himself admits being a big spender. Ben is an avid car enthusiast who spends a lot of money to “spice up” their Japanese car and make it look like one of those street racers in the movie, “Too Fast, Too Furious.”

The money problems have become so big that both Ben and Martha now experience enormous stress and anxiety every single day. Due to their financial difficulties, they now quarrel a lot and exchange the blame for falling into the debt trap. It is no wonder that money is now one of the leading causes of divorce.

Money, or more appropriately, the lack of money is one of the main reasons for stress and anxiety in marriage. In the United States, the average household has at least $9,200 in credit card debt. The Bens and Marthas hardly know about the strategies and techniques to gain financial success. The common mistake among hard-pressed couples is spending more than they make. Lack of discipline in the use of credit cards also leave many people enslaved to making payments to settle both the principal loan and interest fees.

We all face different challenges and pressures about money. It can be really overwhelming to face these financial problems if nothing is done about them early on. Because of the constant demands to meet our day-to-day living expenses, it also becomes the leading cause of stress and anxiety that can eventually ruin your emotional and physical well-being.

But money should really help us improve our lot and not make our lives miserable. In order to lessen the pressure brought about by financial problems, it may be helpful to read and consider the following financial management advice:

First, develop a realistic budget. This is the very first step you need to take to regain control over your finances . Make a list of all the money you owe or bills to pay — then decide to pay them one by one based on your fixed paying capacity. Also, it is good to make a list of all other sources of income. The next step is to write down all your “fixed” expenses like mortgage, rent, car payments, electricity, credit cards, and insurance premiums. After that, determine just how much money you have left to know exactly how much you have left to spend on other things. It is important to stick to your payment schedule and not create other payables before you finish paying for the priority accounts. It is highly recommended to keep a small notebook that you can use to list down all your expenses. With the small notebook, you can track where your money goes. In addition, using a computer budgeting program can be a helpful tool for balancing your checkbook.