The Money Pit

This week, I would like to give some tips on handling finances better as a couple, since this is one of the hot-button topics for many couples (Note: This list is not exhaustive):

1.      United we stand, divided we fall – It is important to work together and work hard at coming to agreements when it comes to spending, saving, giving, and managing our accounts.

2.      Different bank accounts may sound wise, but it often causes division – Arguments often arise about ‘paying your fair share,’ mystery or concern about how the other is using their money, lack of transparency which can lead to being suspicious of one another.

3.      Tithing is vital and is relationship strengthening when you decide on it and implement it together – You can’t outgive God.

4.      Understand each other’s philosophy and expectations when it comes to money and why that is important to them – Understand but don’t ridicule it. There are deep reasons people have fears, concerns, and struggles when it comes to money.

5.      Live within your means – Hopefully this is self-explanatory.

6.      Budgeting with accounting for each other’s different needs is extremely important – We have to know what is coming in and going out if we are to survive financially. We need to have a plan to save and enjoy our money and not always be burdened with an out-of-control financial ‘windfall.’

7.      Both individuals need to have a role in dealing with finances – No one person should have total control or there will again be frustration and suspicion that will arise. Both should have a role, and both should be able to see what money is coming in and going out. (Different roles include paying bills, balancing checkbook, online payment management, monitoring checking account, etc.).

8.      Couples need to set boundaries and honor them when it comes to letting each other know when they spend over an agreed upon amount of money ($20, $50, $100 or whatever is comfortable to you based off your income, budgetary, and personal needs).

Again, this isn’t everything there is to be working together on your finances, but these are some key ones that I have had to address with couples over the years.

ACTION STEP: This week, consider working on a budget together or updating the budget you already have. Don’t let money divide you but seek to work to respect each other’s financial needs.