The 10 Essential Financial Matters For Couples Before And During Marriage

The 10 Essential Financial Matters For Couples Before And During Marriage




The 10 Essential Financial Matters For Couples Before And During Marriage

The 10 Essential Financial Matters For Couples Before And During MarriageManaging finances is an important aspect of any relationship. Money is the root of many marital problems. Financial issues in marriage have been reported to be the reason behind most divorces worldwide second only to cheating.  It doesn’t matter the stage you are in your relationship. Young couples who desire a sound financial future need to apply the following advice to avoid financial problems in their relationships. Here are the 10 Essential Financial Matters For Couples Before And During Marriage.

1. Set a budget:

Just like a building plan or sketch shows how a house will look even before the foundation is laid, so also is setting a financial budget for a home. Budgeting is simply planning how both partners’ income is to be spent over a set period of time, and what it will be used for. Ensure to categorize your budget into short-term, medium-term, and long-term goals. In that order, you are sure to achieve a sound financial future with few issues.

2. Save together:

The 10 Essential Financial Matters For Couples Before And During MarriageOur culture here made it solely the responsibility of the man to provide for the family with the woman only expected to support him. But times have changed. And coupled with very harsh economic situations all over the place, this culture isn’t sustainable anymore. Especially if the man earns less to meet the needs of the family. A couple that strives for a sound financial future should both pool resources together to increase their income. This is so to avoid financial issues that often plague most homes as a result of the fact that only one partner is making efforts. Moreover, this encourages transparency.

You may also like the 10 Indispensable Money Talks For Young Couples

3. Cut excessive spending:

A couple who desires a sound financial future needs to cut spending extravagantly, especially if they are on an income that doesn’t support such an expensive lifestyle or taste. This will be a big problem if one of you doesn’t compromise on your expensive taste. You need to live a lifestyle that’s in line with your income. You might want to live a perfect life but don’t let yourself fall into financial doom.

4. Plan together:

Planning your finances together is very important because when one partner is left in the dark about a financial decision, it causes strife in the relationship. Though one spouse may be more skilled in financial matters, that isn’t an excuse not to get the other involved in the financial situation of the family. After all, you both are a team.

5. Understand salary differences:

It may never happen for the both of you to be earning the exact same amount of salary (though possible but in rare cases). But whatever the differences in the amount both of you earn, this can become a problem if one partner feels he or she has leverage over the other because of the extra cash they bring to the table. There shouldn’t be any feeling of entitlement whatsoever. Marriage is a team. Please don’t forget that. There is no “mine” or “yours” involved in it but “ours”. So, stop acting that way for the good of the relationship.

6. Set limits:

This has to do with the kids. Children have insatiable urges or demands for things ranging from toys, and video games to pesky things. This can become a serious cause of monetary argument if one partner keeps yielding to their endless demands especially if the provision of these items isn’t in the budget. You both will need to come together and have a plan and decide on a budget for the things the kids’ need.

7. Save for rainy days:

This is very important because you never know what tomorrow brings with its several uncertainties. It is advisable to set a certain percentage of your income for future or unplanned spending. Saving for the future will help you be ready to meet the financial emergency of the family without the need to borrow. Borrowing may not always be a wise thing to do. Moreover, it will allow you to be someone who can fund the important needs of others like relatives, friends, or church members.

8. Pray for wisdom:

Many a couple rarely involve God in their financial decisions forgetting marriage is a union between God, husband, and wife. Managing finances effectively requires wisdom to achieve, that is why we should ask God for guidance on how we should spend the money we earn. So that it can be spent on what is right and not the opposite. If we pray for wisdom, God in His infinite wisdom will direct us accordingly (James 1:5).

9. Keep out of debts:

Borrowing isn’t actually wrong. There are times a couple will have no other options than to borrow to meet some immediate financial needs in the family. The problem arises when they keep borrowing beyond their ability to pay back. And take on financial obligations they can’t keep. Don’t be the slave to your lender (Prov 22:7).

Resist the urge to borrow money for frivolities rather than for what the family really needs. Instead of buying that car just because a friend drives one, why not invest in a profitable business that is sure to yield good returns in a few years? You might finally buy that car without having to pay crazy on the loan for a car you didn’t actually need in the first place.

10. Contentment:

This simply is to be content with whatever you have as a couple. It is a lack of contentment that makes many couples go into borrowing just to get the latest items. Whereas the ones at home are still in good working conditions. If you can’t be content with what you have, take on a second job to increase your income so you can afford whatever you desire (Prov 28:19).

Applying these 10 Essential Financial Matters For Couples Before And During Marriage should be a constant practice in the union. Nurturing a solid marriage foundation takes work and time. All you need do is to know where you are currently at. And learn about those money mistakes that can set your family up for failure to avoid them as much as possible.

Check out these 10 Ways The Youths Can Keep Themselves Holy Before Marriage





About the author

Verra is a journalist, a gospel singer, a relationship expert and the site editor.
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