Adam and Connie’s combined income puts them solidly in the upper middle class. So we assume they’ll have no money issues. Not true. Although they make good money, they’ve never learned how to manage it effectively. Like many of us, they don’t keep track of where their money goes. In fact, they have individual accounts and enjoy not answering to each other for the money they spend. Unfortunately, they’re not answering to themselves either. Bills are usually paid on time, and when checking account balances disappear, they draw on their good credit. The amount of compounding interest on their credit card statements worries them a little, but they’ve never had a problem making the minimum payment after all. Two more paychecks are coming next week…at least they hope so.
Edward and Jean make a fraction of what Adam and Connie do, but they’re in better financial shape. They regularly do the math to see exactly where their money goes. And they’ve learned how to use a loose budget to guide their spending. Early in their marriage, they promised to discuss all money issues and set mutual goals for saving and giving. They use credit cards sparingly and postpone major purchases until they can pay cash or make a significant down payment. They enjoy an occasional financial fling without dreading the high credit card interest rates. These financial practices have empowered them to make family, not finance, focused choices.
Financial stress impacts a couple’s emotional bottom line as well. So what do you do?
1. Regularly review your finances together .
2. Agree on your spending priorities.
3. Agree on how you want to handle debt.
4. Identify your mutual savings and giving goals.
5. Establish a flexible and realistic budget.
6. Regularly tweak your budget to reflect your current situation.
7. Stay tuned in financially with your partner.
Remember, it’s God’s money, not ours. And our goal is to be a faithful steward of what He’s entrusted to us, to be liberal in our giving (Luke 6:33), focusing on eternal treasures (Matthew 6:19), and keeping money in its proper perspective,(I Timothy 6:10).