Financial Stressors in Relationships

**Collaborative post**

Financial issues might be the number one cause of marital difficulties in the United States. It’s hard to say for sure because most of what happens in a marriage stays behind closed doors – except for the disputes that make their way onto Twitter – but there is enough documentation to know that money problems cause stress.

In 2020, unemployment due to COVID-19 shutdowns and the inability to travel or enjoy recreational activities put a serious strain on relationships. Dealing with these additional stressors was not easy, but there are many strong couples who weathered the storm.

Low-income families, particularly those with dependent children, have been under the most strain during the pandemic. Despite federal and state assistance, many of them are facing dire circumstances this year. The following areas seem to be the most pressing:

Credit card debt and dealing with collection agencies

One of the most common financial stressors in relationships is credit card debt. Spouses often don’t tell each other when they’re putting purchases on their cards, so arguments are likely to arise. This happens most often with joint credit card accounts when the monthly bill comes in.

One of the best ways to eliminate credit card debt is to use the debt snowball method for paying it down. You start with the smallest balance, pay that off, then move on to the next smallest in line. This quickly lowers the number of monthly payments you need to make.

Loss of a job or secondary income

It might seem like enhanced unemployment checks offset the financial issues caused by job losses in 2020, but that wasn’t the story for everyone. Workers who relied on overtime to make a living wage fell short. Higher-income individuals also lost out.

Those with secondary incomes – like part-time jobs or home businesses – took a hit, too. It was a time when budgets needed to be reassessed and sacrifices had to be made. That’s a stressor on relationships, one that is only solved by communication and compromise.

Eviction or foreclosure

It’s tough to stay positive when you’re faced with losing your home. Thankfully, there was a federal moratorium on evictions and foreclosures throughout the pandemic, but that is set to expire on June 30th. It’s already been extended several times.

According to the U.S. Census Bureau, more than 8 million Americans are behind on rent payments. The eviction moratorium has taken some of the stress out of that, but a lot of people are facing court actions in July. Forward-thinking couples should be looking at that now.

Power getting turned off

In extreme situations, couples often have to choose between keeping the lights on or buying food. Sadly, 33 million people in the U.S. live under the poverty line. Many go days or weeks without power as they try to make ends meet.

There are two ways for couples to deal with this. Blame each other and increase stress levels (not our recommendation) OR work together to try to get more income into the house (yeah, that’s the one). As America continues to reopen after the pandemic, there are more and more job opportunities available, so hopefully, those struggling can back on their feet and relationships won’t continue to suffer because of financial stress.