Major challenges families face today are broadly divided into two categories: external and internal. External problems are those coming from outside the family and affect all members of the family equally. These include poverty, violence, discrimination, unemployment, or lack of access to health care. Internal problems come from within the family and affect different members in different ways including addiction, mental illness, or abuse.

Families are in duress due to the current economy. Busy work and school schedules deny families quality time. Parents are constantly working to catch up with bills and stay afloat. Children are giving their best at school with the promise of employment tentative to successful school completion.

We live in a materialistic society characterized by high rates of divorce, gambling addiction, and bankruptcy. These problems are not always the fault of the individual with money issues. Notably, many different types of families face these problems and it is not just limited to nuclear family units. 

Inadequate funds continue to threaten families’ ability to provide for other family members. This leads to a lot of financial issues for families. Consequently, mental health issues for parents, children, and spouses may develop. 

Money problems are not just financial issues. They also cause marital issues, parenting issues, and other related problems. When money is tight, people make difficult decisions about where to spend their money.

It may be necessary for one spouse or parent to decide they need to cut back on some of the things they buy for themselves in order to provide more for their family. This can create feelings of resentment and guilt which may ultimately lead to an argument or worse yet a divorce. 

Solutions to money challenges

The problem with not having enough money is its ability to affect every part of your life. Family member’s and friends’ relationships are not spared either. What can families do to stand strong despite financial shortages? How can they maintain healthy relationships with money and themselves?

First is to acknowledge that money makes a difference in the way they feel and behave. They need to identify what triggers their financial concerns and then work on them. Next, they need to have an honest conversation with each other about the family finances. This will help them find ways to improve their financial situation together and figure out what they need to do to fix any possible problems.

Families need to become more financially literate and take steps to manage their finances better. Families should also come together and create a plan to help them get through such difficult times. Most importantly, money is a tool, and should never take precedence over any familial relationships.

Financial hardship can be a barrier to people forming and maintaining relationships. Families should look at their values and priorities, and then make decisions to aid them to live in accordance with those values. They should also try to find joy in the little things, like spending time together as a family or sharing favorite hobbies, instead of focusing on the negative aspects of their situation.