HANDLING Finances In Marriage: How To Make It Work
Couples often find themselves struggling financially after getting married. Financial issues in marriage is one of the leading causes of divorce in many countries.
While it may seem like a daunting task, learning how to make finances work in marriage is definitely doable.
Here are a few tips to help get you started.
Setting mutual financial goals in marriage is essential for a happy and healthy financial future together. Without financial goals, both partners are more likely to spend excessively, accumulate debt, and eventually experience financial problems.
Financial goals give both partners a sense of financial responsibility and can help prevent financial arguments from occurring.
When setting financial goals, it is important to be realistic and consider both short-term and long-term financial needs.
Short-term financial needs might include saving for a down payment on a house or car, while long-term financial needs could include saving for retirement.
Financial goals should be reviewed periodically to ensure that they are still achievable and relevant.
By setting financial goals, couples can ensure that they are on the same page when it comes to their finances and can avoid potential financial problems down the road.
One of the most important things to do when you're married is to figure out how to make your finances work. Here are a few tips:
1. Talk about your goals and create a budget. It's important to be on the same page financially with your spouse. Talk about your short-term and long-term goals and create a budget that will help you reach those goals.
2. Invest in at least one joint account. Apart from your personal accounts, having a joint account towards a common goal can help you keep track of your finances and make it easier to pay bills and save money. For example, you may have a joint account for giving, extended family commitments, vacation, schooling, savings towards a home.
Don’t tell me where your priorities are. Show me where you spend your money and I’ll tell you what they are.” - James W. Frick
3. Have regular financial check-ins. Schedule regular times to check in with each other about your finances. This can help you stay on track and catch any problems early on.
4. Have a budget and stick to it. When it comes to sticking to a budget, I realized this was my husband’s strength. I leaned on him for many years to hold me accountable until I mastered the discipline of not just swiping my card at every “SALES” ad thinking it was a good buy.
“Beware of little expenses; a small leak will sink a great ship” - Benjamin Franklin
5. Be honest about your spending habits. Don't keep secrets about money - be honest and transparent with each other. Be able to talk about money problems calmly and openly
6. Seek professional help. Invest in a professional financial advisor or tax accountant for advice. Feel free to take financial courses that can help you understand money matters. Not knowing where your money goes is not an excuse.
7. Celebrate each other's successes when it comes to money, no matter how small they may seem.
“Therefore if you have not been faithful in the use of earthly wealth, who will entrust the true riches to you?” - Lk 16:11
PURPOSE TALK:
How do you manage financial matters in your home? Share a few tips below. Got a question? Feel free to ask.
Also, if you haven’t done so already, be sure to sign-up for our free newsletter to receive new articles like this in your inbox each week.
