Few things are as common or as stressful as money problems. When you have children and a family to feed, making ends meet is a constant concern, especially if you are like most people in America today. Being without financial concerns is, sadly, something that few of us nowadays can enjoy. While many financial problems are completely out of our control, there are plenty of ways you can take control of your financial life. Doing so will allow you to take better care of your family and make sure they don’t have to struggle through tough financial times. Below we will look at some of the most common financial problems facing families today and how to address them.

Too much debt

Americans are drowning in debt. The average student debt alone is currently in excess of $30,000, while credit card debt for the average household is $15,000. Americans, meanwhile, are carrying mortgages that are, on average, $150,000. That’s a lot of debt and it doesn’t even include other debts, such as medical expenses and car loans, that can make paying the bills feel all but impossible. Many people rely on getting an instant loan just to keep up with their payments. However, if you are struggling with debt then you are going to have to take more drastic measures to address the problem. Usually, dealing with debt comes down to changing what your priorities are. If you treat debt as your main financial priority, then you will begin to see it come down. Focus on your high-interest debt first or talk to a credit counselor about possible solutions for paying down debt faster.

Lack of communication

Finances are a big reason why so many Americans today divorce, largely because a lot of couples fail to communicate effectively about money. Everybody has different financial goals and expectations, but if your spouse doesn’t know what they are then problems are going to erupt. Furthermore, most people have different personalities when it comes to money, with some enjoying the security that comes with saving and others enjoying the thrill of spending and acquiring new things. Even if you are a saver, don’t count on your husband or wife being the same. While it can be a difficult topic of conversation, sitting down and going over the family budget is important. Set limits on what each of you can spend a month and agree on what your priorities are going to be as a family. That sort of communicative approach will not only help your wallet, it could even save your relationship.

Sudden loss of income

You could suffer from a sudden loss of income in a variety of ways. Most obviously, you could simply end up losing your job or have your hours cut. Or maybe you have a baby on the way and you need to stay at home while your spouse goes to work. Or maybe your income was already too low to begin with and it’s preventing you from saving enough to get by. Dealing with this problem can be difficult. First, make sure you have a plan in case you lose your job one day. This means getting your finances in order fast and building up enough savings so that you will have some time to look for another job if you lose your current one. Having savings in place will also allow you to develop skills that may be necessary for finding a new job. While you have your current job, maybe consider going to night school (if you can afford it) so that you will have some new skills you can fall back on if the worst happens.

If you simply don’t have enough income as it is, then it is time for you to start cutting your expenses. That means doing up a budget and figuring out where your money is going each month. Chances are there are more than a few items you can do without. For example, if you have a good internet connection and can watch most of your favorite shows online then do you still need a cable subscription? And instead of buying a gym membership just to use their treadmill, why not go for morning runs or bike rides around your neighborhood? While such savings may not seem like much, they usually add up to thousands of dollars each year.

Supporting a family is tough, especially when the economy seems so uncertain. If you are struggling with money, then take the steps necessary to keep on top of your financial priorities so that your family can live more comfortably.

Tom Hanson shares his tips on all things relating to personal finance. He has worked as a personal finance consultant for several years, and as a Dad with 3 kids to support he himself knows how tough it can be.