Is your family struggling financially? In these economic times, the number of families in financial difficulty – if not crisis – is growing. Why discuss it with your immediate family?

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It is so important for your family to know the extent and nature of your finances. Although you may prefer to keep such matters private, your family will struggle in the event of your death or illness when your assets will need to be managed by someone besides you. And frank discussions about money are how children learn about financial management. For a family to function harmoniously and efficiently, and for kids to learn how to manage their own personal finances, everyone needs to be in the know. Here are some reasons to talk about your finances with those closest to you.

1. Break the Silence, Ease the Burden

Open discussion about the family’s finances eases some of the stress on the main financial provider in the family. And your spouse and children may have ideas and resources you might not have known about or considered. The family may get together and decide to have a yard sale, or the children may be willing to take on neighborhood jobs to help out. Maybe your spouse has an idea for a home-based business or other form of extra income. You don’t have to carry the family’s entire economic situation by yourself. Soliciting the support of your loved ones can take some of the pressure off.

2. Honesty Is Still the Best Policy

Your family will respect your willingness to be honest with them and trust them with financial information. Family members appreciate being included and involved in decisions that affect them, and usually have much to contribute.

3. Bridge the Generation Gap

Do you sometimes wonder what your dad is thinking when he says no to some expenditures? Do you get frustrated with your teen’s inability to understand the importance of saving and avoiding debt? Airing these frustrations and misunderstandings in frank family discussions is an excellent way to bridge the financial gap that exists between generations.

4. Make a Family Budget

Including the whole family in formulating a budget is a good way to get everyone involved and knowledgeable about the family’s financial state. On a practical note, it is essential to get a handle on the actual numbers involved in your family’s finances.

Making a budget forces everyone to work within a limited number of dollars, and can actually ignite creativity. If you can’t just buy it, why not learn to make it? Or come up with an alternative? An example of this is an entertainment budget. If your family is used to spending $100 a week on eating out and entertainment and you have to cut back to $50, let your kids come up with interesting alternatives such as a family board game night or cooking meals together.

Your children will remember what they learn when they come alongside their parents to help with the finances. After all, how your family manages its money affects every family member.

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Financial experts recommend having a minimum of three months’ salary saved for emergencies. Unfortunately, many people choose to spend everything they have rather than saving for a rainy day.

No one likes to feel their life is out of control. This is especially true in regard to finances. If you find yourself in an uncomfortable position, you may want to take this advice on how to gain financial self-control and get your life back on track.

How do you decide whether to splurge on something or to save for something you know you’ll need in the future? No one can tell you what the best choice is for you, but they can guide you to look at each situation, decide if the item is something you want or something you need, and then decide if you can wait to make the purchase.

Learning how to save money is as important as knowing how to meet monthly financial obligations. Gaining financial self-control comes down to making decisions. But how do you learn that if you’ve never been successful at showing financial self-control in the past?

Advertisements tell you if you want something you deserve to have it “now.” They play into your desire for immediate gratification. In the end, this may lead someone to make poor financial choices.

Here are some ways to gain financial self-control:

* Live below your means. You don’t have to have the best items available. Choose lower-priced items that will be just as good as the higher-priced items, but for less money.

* Pay yourself first. This is common advice, but it’s true. Begin saving for your future. Set aside a minimum amount from each pay period and leave it except for true emergencies.

* Create self-imposed spending limits. One method to help with this is to use envelopes with money in them. If you have $45 remaining after paying monthly bills for groceries, rather than taking your credit card with you, take only the envelope with that money in it. You won’t be able to spend more than the amount you have with you.

* Allow for a cooling-off period. This is especially important for larger purchases. Can you wait until you have saved for it? Ask yourself if the purchase is 1) necessary, 2) practical, and 3) emotional. If your television has stopped working it may be necessary and practical, but it’s most likely emotional if you want to buy the largest one in stock.

* Learn to tell yourself and your family “no.” This may not be easy, but if you want to gain financial self-control it’s something you’ll have to learn to say and then stick to it. Don’t be afraid to tell them a purchase they want to make isn’t in the budget.

* Cut up your credit cards so you don’t add anything else to the balance. If that seems too drastic, put them in a plastic bag, fill it with water, and then pop it into the freezer. Is the purchase worth the time and effort of defrosting the card?

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Financial stress has many causes. For some, job loss or illness has made it difficult to make ends meet. For others, rising prices or unexpected expenses cause money worries. But whatever the reason may be, financial stress can take a serious toll on one’s health.

Financial stress is a frequent trigger of mental health issues such as depression. Worrying about how you’re going to pay the bills and put food on the table can take over your thoughts, and it becomes difficult to enjoy the good things in life. Another common issue is anxiety, which may be accompanied by scary panic attacks.

Depression and anxiety can lead to physical health problems. These may include stomach ulcers, high blood pressure and insomnia. Left untreated, stomach ulcers can cause dangerous internal bleeding, and high blood pressure and insomnia increase one’s risk for a heart attack and other serious problems.

As you can see, financial stress can be the precursor to a nasty chain reaction. Here are five ways you can fight financial stress and avoid these grave health concerns.

1. Be proactive. It’s easy to fall into the trap of feeling sorry for yourself when it comes to money woes. While that may be warranted at first, the only way you’re going to get through it is to work at it. Sit down and think about ways to cut expenses and/or increase your income, then act on them. Even if you just make a small amount of progress, you’ll feel some relief and an increase in confidence.

2. Take time to enjoy the good things in life. When you can’t see past your financial troubles, you may forget those things that once put a smile on your face. Force yourself to forget about your troubles and do something that makes you happy, such as reading a good book, playing with your children or participating in your favorite sport or hobby.

3. Find a shoulder to cry on. Being upbeat is best, but sometimes a dire financial situation is going to get you down. When this happens, talk to a trusted friend or family member. She may be able to give you some good advice. Even if you don’t want advice, having someone to use as a sounding board will take some of the weight off of your shoulders.

4. Use stress relief techniques. A simple bubble bath can work wonders for your state of mind. If you want to try something more sophisticated, meditation has been proven effective against stress. Other things you might try include aromatherapy and massage.

5. Think about the things you’re thankful for. When you’re obsessing over your finances, take a break and think about the things that you do have. Better yet, write them down. This will help you see that financial security is only a small part of the big picture.

Stress is normal when we experience financial issues. But if you let it take over your life, your health will suffer. Fighting back will make you feel better, both mentally and physically.