According to a study by SunTrust, financial stress is a common source of tension in many marriages, but it can be more prevalent in South Asian marriages because of unique cultural and family expectations.
The pressure to meet financial responsibilities, support extended families, and maintain a certain social status can cause conflicts and misunderstandings. Addressing these financial issues is important for promoting a healthy relationship.
This blog post will explore expert tips for managing financial stress in South Asian marriages and how marriage counseling can help couples resolve financial misunderstandings and strengthen their relationship.
At We Rise Therapy and Wellness, we take pride in being among the best South Asian therapists in New Jersey. We specialize in helping couples overcome these challenges. Our therapists have a deep understanding of cultural nuances and extensive experience in marital therapy. We offer practical advice for couples looking to improve their financial communication and planning.
5 Expert Tips on How to Manage Financial Stress in South Asian Marriages
If you’re having financial stress as a couple, there are various steps you can take to manage your stress and create strategies to get back on track. Here are money and marriage expert tips to help you effectively manage your marriage’s financial strain.
1. Establish open communication
To have a happy marriage, you need open communication–that’s a no-brainer. But talking about money in a relationship can be awkward, especially if it’s the first time (or if you have and it went wrong).
If one partner worries about money while the other doesn’t, it’s easy for a relationship to go south, especially if neither is ready to admit their worries.
One of the easiest ways to start a conversation about money is to focus on future goals rather than past spending habits. Start with a question like, “How do we want our finances to look in five years?” This open-ended question avoids finger-pointing and offers a neutral ground for discussing how you value finances.
Transparency is key—share all relevant financial information, including debts, income, and expenses. This openness helps build trust and allows for better financial planning.
By having regular and healthy conversations about money, you and your partner can plan for financial independence, share milestones, and resolve your financial fears.
2. Set a budget–plan together
After establishing open communication around money, the next step is to plan together. Budgeting and regular expense reviews can help couples maintain their financial stability. Planning together can also create a sense of shared responsibility and accountability.
Combine both partners’ income and expenses and allow both to contribute to the budget’s creation. Start by listing all sources of income, including salaries, bonuses, freelance work, and any additional revenue streams.
Divide your expenses into categories, such as housing, utilities, groceries, transportation, healthcare, savings, and other spending. Include specific categories like support for extended family, gifts, donations, and contributions to family events. Put aside savings and debt repayment.
Review your budget regularly to ensure it aligns with your financial goals and commitments. Adjust as needed to accommodate changes in income or expenses.
3. Set financial goals together
Set goals together, along with the budget. Life changes, so people’s priorities and financial expectations may shift over time. The key is to regularly check in with each other to ensure you are still aligned.
According to a poll, only 32% of couples set budgets together. While creating a budget can be tedious, it has many benefits, one of which is reducing the conflict that can occur in a marriage when one or both partners don’t know where their money is going.
Sit down as a couple at least once a year, regardless of your current financial situation, and discuss your goals. These goals can be short-term and long-term, including things like paying off debt, saving for a home, planning for retirement, or traveling.
By working towards these shared goals, couples can stay motivated and maintain a sense of direction and purpose in their financial journey.
4. Deal with extended family expectations
Extended family expectations can strain a relationship. His parents need to offset the debt, and her brother can’t pay the rent. One spouse sends support to their family, and the other wonders why that money wasn’t used to address their household needs or fund a vacation for “us.” Balancing these expectations requires careful planning and open communication.
When it comes to extended family, you need to discuss and establish guidelines for handling requests for financial help from extended family members. Decide together how much support you can afford to give and under what circumstances. This agreement ensures that both partners are on the same page and prevents resentment from building up over time.
It’s also important to explain your financial situation and priorities to your family members, emphasizing your willingness to help within your means. This will protect your relationship and foster a sense of responsibility and transparency within the extended family.
5. Stop keeping secrets
Unfaithfulness is not about infidelity only. It can also occur when you open a side bank account or hide cash to cheat on a joint financial goal. Sadly, it’s common for people to keep secrets, especially regarding money.
According to a Bankrate survey, 42% of U.S. adults have hidden bank accounts from their spouses, partners, or significant others they live together. These accounts could include checking or savings accounts and credit cards.
It’s important to be honest and open about any additional credit cards, savings accounts, or side accounts you may have. It’s time to face the truth and make things right. Then, strive to rebuild financial trust. Remember why you’re doing this and recommit to your mutual financial goals. You’re a team!
Resolving Financial Stress in Marriage: How Counseling Can Help Strengthen Your Relationship
Financial issues are a frequent source of stress in many marriages, and they can cause disagreements, separation, and even divorce. When couples cannot agree on their finances and the problems around money become overwhelming, it may be time to think about financial therapy or counseling.
A licensed and qualified therapist can help couples resolve these issues calmly by providing support and guidance to improve their financial communication and decision-making.
For South Asian couples, financial stress can be exacerbated by family dynamics and cultural expectations. Working with a South Asian therapist who understands these subtle cultural differences can be beneficial.
Such a therapist can offer valuable perspectives on the unique financial strains experienced by South Asian families, including the importance of committing to extended family members and the social importance of investing and saving.
By addressing these cultural factors, a therapist can assist couples in discovering more efficient ways to handle their finances while upholding their cultural beliefs.
How We Rise Therapy and Wellness Can Help Couples in New Jersey Overcome Financial Stress
We Rise Therapy and Wellness is a virtual mental health therapy practice in New Jersey. We specialize in helping couples overcome financial stress and strengthen their relationships. Our experienced therapists understand the unique cultural challenges faced by South Asian couples.
We offer personalized counseling services that address the specific needs of South Asian couples. We help couples develop effective communication strategies, set realistic financial goals, and create budgets that put every partner in the light.
Our virtual therapy sessions offer convenience and accessibility. You can attend sessions as a couple from the comfort of your homes, eliminating the need for travel and making it easier to fit therapy into your busy schedules. Our virtual therapy also provides a safe and private space for couples to discuss their financial concerns openly.
Don’t let fights about money destroy your relationship. It doesn’t have to be this way. Schedule an online consultation with us to take the first step towards resolving financial fights in your marriage. You can also call 973-370-2290 to learn more about our services and how we can help you and your partner achieve financial harmony.
