A major cause of strife in marriage is disagreement on how to manage the family finances. Money is a crucial part of maintaining a home and must be handled wisely in order to get the most out of it and enjoy your home. A few tips:
- Discuss your goals. Agreement is key! Handling family finances is not a topic any couple should ‘agree to disagree’ on. If it is not discussed thoroughly and no agreement is reached, that means anything goes.
- Have a detailed plan. Don’t just talk about it; write it out clearly. So each time you sit down to review, you have a clear picture of your vision. This eliminates you guessing what you said, and it keeps you organized.
- Plan scheduled reviews. It may be monthly, quarterly, etc. Do what works for you but it should be often to ensure you are on track to achieving your goals. Be respectful, open and honest when you discuss. Offer solutions and promote peace always!
- Be accountable & transparent. Hide and seek games have caused the greatest damages to homes. To have a robust financial future, there should be no secrets! Be it separate accounts or joint accounts, the keywords are TRANSPARENCY & ACCOUNTABILITY!
- Have a BUDGET! Don’t cringe or roll your eyes🤪 No matter how wealthy you are, don’t be wasteful.
Differentiate between a need and a want. Don’t be under pressure to buy what you didn’t plan for if it is not an urgent unforeseen need. Be disciplined!
- Don’t forget the future! You want to have children, you want them to attend college/university, you want to have a financially secure future, stop squandering funds. Remember that money (just like wisdom) is a defense – Ecc. 7:12. It should defend you in the future when you need it & save you from embarrassment.
- Speak to a financial expert if necessary. Seek knowledge on this subject. Their advice can be of the greatest help.
- Place it in God’s hands/seek His wisdom. No matter the goals we have, and no matter how much money we have, until we place it all in God’s hands, it’ll get us nowhere! Wishing you God’s best! Cheers…