Marriage Financial Planner

The pastor asked, “Miss Frugal do you take Mr. Extravagant to have and to hold” and “Do you Mr. Saver take Miss Big-spender for richer or poorer”, and you both emphatically said yes. Now what? These vows were not limited to the chapel. In a marriage, there is no “my money” and “your money” or “my debts” and “your debts.” When you become married you are becoming one flesh, one family, and one budget. Unwillingness to join assets and bank accounts after marriage is perhaps a danger signal that unresolved trust issues could still be lingering or developing in the relationship.

The first year of marriage will be a learning experience for all on every front. By all means use wisdom and have important conversations such as finance prior to the official union. Husband and wife may not agree on basic money management principles so it can certainly pose as an issue. A great way to alleviate a good deal of stress is to make budgeting decisions together, hold each other accountable for meeting their financial goals, and devise timeline for a regular ‘financial check-up’ of sorts. This check up should review your collective decreasing debt and your retirement savings. As a couple it would behoove you to come to an agreement on the amount of money that can be spent without first checking with each other. The specific amount will depend on the budget category and the couple’s particular circumstances. Many couples have decided to keep another account for such expenditures, however be certain that this is not a “stash” account. Financial infedelity is a sure way to wreak havoc on your relationship.

Creating a budget (and sticking to it) is a crucial component in becoming financially secure. When creating the budget please note that they are not devised to manipulate or control. Budgets are all about goal setting for your future! When creating a budget use wisdom and delegate the primary book-keeper. Even though one person primarily handles balancing the checkbook, both should be fully trained and able to do it. There is nothing wrong with the wife handling the finances in the family if she is the better administrator, but God still holds the husband accountable for the ultimate decisions. Both spouses should be involved in paying the monthly bills. Doing so will keep both fully aware of their financial status. “Two are better than one because they have a good return for their labor. For if either of them falls, the one will lift up his companion. But woe to the one who falls when there is not another to lift him up” (Ecclesiastes 4:9-10)

A bond of uncompromising devotion creates a healthy atmosphere for togetherness: praying, courting and even managing money. Just as it takes two to make a marriage successful, it takes two to establish a clear line of communication in financial planning. Share what is important to each of you. Whether you are saving for home ownership, retirement, or vacations. Budgeting can make these dreams a reality. Seek assistance from a financial planner if necessary. Your marriage is too precious and valuable to lose over money.

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