10 Financial Tips For Couples To Secure Their Future – Marriage And Finance
INTRODUCTION
Being financially sound in the future means being financially secure or stable and not being in debt in the years to come. When young couples make good financial decisions, it has a long-term positive impact on their union. This can be achieved by developing good habits and sticking to them. Therefore, I would advise Young couples who desire a sound financial future to :
1. Always pray together
2. Learn to budget
3. Live within their means
4. Practice self-control
5. Avoid unnecessary debts
6. Make investments
7. Make financial decisions together
8. Have a savings plan and build it up
9. Maintain a healthy dialogue
10. Seek professional advice
1. Always pray together
Young couples should always pray together for a sound financial future. They should put God first in their family issues. Proverbs 28:26 says “those who trust in themselves are fools, but those who walk in wisdom are kept safe”. No matter the strategies they use for their finances, there is always a place for God to fit in. God desires to get involved in our finances. Divine clarity, a sound mind, the ability to make good decisions, favor, and many other advantages are blessings in achieving anything with the Lord’s involvement.
2. Learn to budget
Young couples should understand that they are not single anymore and think like couples. They can have a sound financial future by creating a budget they can live with and stick to. As this will help avert future financial crises and prevent unnecessary worry and stress about money. Knowing their monthly spending habits and their monthly pay helps them to set their monthly budget.
3. Live within their means
Young couples should never let their monthly expenses exceed their monthly income and always keep their eyes on where their money goes. They should spend wisely. Hebrews 13: 5 warns us to be content with what we have. They should always manage whatever they have at any point in time and continue to trust God, for He will never leave nor forsake them, no matter the situation.
4. Practice self-control
Young couples should also exercise self-control with their finances. Avoid making hasty purchases. You don’t need to buy that latest smartphone when you know it is not necessary, having in the back of your mind that in months/years to come that smartphone will become obsolete. Desire without knowledge is not good; to be overhasty is to sin and miss the mark (Proverbs 19:2).
5. Avoid unnecessary debts
One of the fastest ways to have a sound financial future is to eliminate or reduce your debts. The Bible describes debt as a kind of slavery (Proverbs 22:7). Borrowing or being in debt can affect couples both physically, emotionally, and mentally. High levels of debt can lead to depression, anxiety, and other marital problems which will bring setbacks to the couples. So, I advise young couples to avoid unnecessary debts.
6. Make investments
Young Couples should see themselves as a financial asset. Your knowledge, experience, and skills are the highest assets you have, so young couples should continually upgrade themselves. Couples should also try to invest their money in legitimate businesses and not the get-rich-quick schemes that are not legitimate. They should also try to diversify their investments which helps to reduce risk.
7. Make financial decisions together
Even if it’s one partner that is taking lead on handling day-to-day bills or not, it is important that both partners have a broad understanding of the household and tackle big-money decisions together. This helps to build trust among couples and ensures that the other partner could take over if one is unable to continue.
8. Have a savings plan and build it up
Young couples should not wait until they have excess before they save. Couples should try setting aside at least 5% of their monthly income for savings. Even if they don’t have children yet, the time to start putting away money for their education is now. They can also create a separate account for them. Couples should not neglect to save for retirement too for a rainy day will soon come. Saving is encouraged in 1 Corinthians 16:2, and in Ecclesiastes 11:2.
9. Maintain healthy dialogue
One of the keys to developing a sound financial future for a young couple involves having an open conversation about what their future plans are. They should sit and carefully discuss various money-related matters. By carefully and effectively discussing and planning their finances, they lay a foundation for a brighter and stronger financial future for themselves (Luke 14: 28-30).
10. Seek professional advice
Young couples should always seek advice from trusted and experienced advisors who can help them invest their money wisely. Proverbs 15:22, says that without counsel plans fail, but with many advisers, they succeed. A financial advisor can help young couples put together financial plans, and budgets, choose investments that align with their goals, and plan for retirement.
CONCLUSION:
No matter your financial situation, the best time to start planning for your financial future is now because the financial plan you make today will be the foundation for the financial security you will enjoy tomorrow. Consider these 10 Financial Tips For Couples To Secure Their Future and make yours count.
