How to avoid money problems (Couples)

The Bible is not a financial handbook. But it does contain practical wisdom that can help a couple to avoid money problems. Why not consider its advice and try the suggestions listed below?

1. Learn to talk calmly about money.

“With those consulting together there is wisdom.” (Proverbs 13:10) Depending on your background, you may feel awkward when consulting others, especially your mate, about money matters. Even so, wisdom dictates that you learn to discuss this important subject. For example, why not describe to your spouse how you think you might have been affected by your parents’ attitude toward money? Also, try to understand how your mate’s background has influenced his or her attitude.

You do not have to wait until a problem arises before you talk about money. One Bible writer asked: “Will two walk together unless they have met by appointment?” (Amos 3:3) How does this principle apply? If you set a specific time to talk about financial issues, you lessen the likelihood of conflict resulting from misunderstandings.

TRY THIS: Pick a regular time to talk about family finances. You could have the conversation on the first day of each month or each week on a set day. Keep the discussion brief, possibly lasting about 15 minutes or less. Choose a time when you are both likely to be relaxed. Agree not to talk about money at certain times, such as at the meal table or when relaxing with the children.

2. Agree on how income will be viewed.

“In showing honour to one another take the lead.” (Romans 12:10) If you are the only one who earns a wage, you can honour your spouse by viewing your income, not as your personal money, but as family money.—1 Timothy 5:8.

If you and your spouse both earn money, you can honour each other by disclosing your income and major expenditures to each other. If you hide either from your mate, you may well undermine trust and cause damage to your relationship. You do not necessarily have to consult your mate before spending every cent. But if you discuss larger purchases, you prove that you value your mate’s opinion.

TRY THIS: Agree on an amount that each of you can spend without having to consult the other, be it $20, $200, or some other figure. Always consult your mate if you want to spend more than that amount.

3. Put your plans on paper.

“If you plan and work hard, you will have plenty.” (Proverbs 21:5, Contemporary English Version) One way to plan for the future and avoid wasting your hard work is to create a family budget. Nina, who has been married for five years, says: “Seeing your income and expenses on paper is a real eye-opener. It’s difficult to argue with the facts.”

Your method of budgeting does not need to be complicated. Darren, married for 26 years and father of two boys, says: “At first, we used an envelope system. We placed the money for the week into different envelopes. For example, we had food, entertainment, and even haircut envelopes. If we ran short in one area, we borrowed from another but always made sure that we paid the money back into that envelope as soon as we could.” If you rarely pay your bills with cash, using  either electronic banking or a credit card, it is especially important that you have a plan and keep track of your expenses.

TRY THIS: Write down all your fixed expenses. Agree on what percentage of your income should be saved. Then list your variable expenses, such as for food, power, and phone bills. Next keep track of your actual expenses for several months. If needed, adjust your lifestyle so that you do not sink into debt.

4. Agree on who will do what.

“Two people are better than one, because they get more done by working together.” (Ecclesiastes 4:9, 10, New Century Version) In some families, the husband cares for the finances. In others, the wife capably cares for this responsibility. (Proverbs 31:10-28) Many couples, though, choose to share the load. “My wife looks after the bills and smaller expenses,” says Mario, who has been married for 21 years. “I care for the taxes, contracts, and rent. We keep each other informed and work as partners.” Whatever your method, the key is to work together as a team.

TRY THIS: Taking into consideration each other’s strengths and weaknesses, discuss who will care for what responsibility. Review the arrangement after a couple of months. Be willing to make adjustments. To help you appreciate the work that your spouse does, such as paying bills or shopping, you might want to swap roles occasionally.