Avoiding financial stress in the relationship

According to an Associated Press AOL health poll, money woes are spiraling out of control and leading to heart attacks, depression, and ulcers. The study estimates 10 to 16 million are "suffering terribly due to their debts, and their health is likely to be negatively impacted," says Paul J. Lavrakas, a research psychologist and AP consultant who analyzed survey results.

"Trying to keep up with the Joneses," is another reason for debt according to Patricia Drentea, associate professor of sociology at the University of Alabama at Birmingham, a debt researcher.

Middle-class families, women, couples with small children, and low-income working families are the most financially stressed, according to the study.

Financial stress also causes sleep deprivation. With rising gas and food costs, most of us can attest to this. Money mismanagement can be attributed to more divorces than infidelity.

Couples should have a game plan when handling debt. Debt can be psychological. Do you buy things you don’t need while under stress? Do you worry about how you are perceived by your peers? Are you a tech Junkie needing the latest laptop or Blackberry?

American couples have gone deep into because credit is so easily attainable. For example, look at the latest foreclosure statistics. Although finances can place undue stress on a relationship, all is not lost. Here are a few tips to relieve financial stress:

• Establish a household budget and record expenses. A budget allows you to see where your money is going. You must first know where your money goes before managing your debt.

• Cook at home and avoid expensive restaurants.

• Plan your trips in an effort to save gas. Try to consolidate three or four shopping trips into one or two.

• Seek financial counseling

• Pay cash for everything and leave the credit cards at home. We typically spend less when paying with cash.

• If you are unable to make payments to a creditor, call or email them and try to resolve the situation. Don’t ignore the problem; otherwise, it could damage your credit rating.

Couples should arrive at a consensus before purchasing expensive items like homes, cars, boats or making large financial investments. The main objective should be for couples to handle their debt as a team.