5 Practical Tips for a Financially Healthy Marriage
Disagreements over finances are nothing new, and one of the primary reasons a marriage ends in a divorce. According to a survey, it’s the third leading cause of divorce. So, how do you have a financially healthy marriage? Here are five tips to follow.
1. Define your financial roles.
Your relationship has a romantic side to tend to, but it also has a business side to it. George Kruer (co-founder of BIGG Success who helps people create personal, professional, and financial success) states:
“This creates angst for many couples, but trouble awaits if you ignore it,” says Krueger. “It’s essential that you agree to the roles each of you will fill – from little things to major purchases. Who will take out the garbage? Who will pay the bills? How will you decide on major purchases? Lay the ground rules for the business side of your relationship.”
You have several options on how to structure your financial roles in marriage. Whatever you choose (together), be clear as to why you both decide to set it up that way.
2. Know what’s important to each other and set priorities together.
Ideally, you will have shared values about finances, but many couples do not. Discuss what is important for each of you. What are your goals? Is buying a house important to you? What about retirement? Seek the help of a financial planner to help you set priorities and “play money.”
3. Create and embrace a budget.
Track your spending. Keeping tabs on where the money goes is not a means to point fingers or to have someone looking over your shoulder every time you purchase something. Tracking your money is all about being financially secure. Unless you know where your money is going, you can’t set financial goals you’re both comfortable with.
4. Talk about your finances often.
Communicating about money isn’t’ easy for some couples, but ti’s important for you to know where eachother stands and have common financial goals. Over time, goals may shift. Keep the lines of communication open about how and where you spend and decide together if you need to make any adjustments.
Also, regular discussions help make it more comfortable when the subject comes up and eliminate fear.
5. Don’t keep financial secrets.
Secrets can destroy a marriage. Keeping financial secrets and debts is often seen as financial infidelity for many people. Whether your an engaged couple or already married, be transparent and honest about large purchases, credit cards, and debt. After everything is on the table, talk about where you both want to go from there.
Save 10% of your income.
Decide to save at least ten percent of your income. Couples living month-to-month often argue that they don’t have enough money to put back into a savings account. However, the earlier you start saving, the easier it will be for retirement and emergencies. After building an emergency fund, invest in a retirement account.
You can have a financially healthy marriage.
Money doesn’t have to be a source of arguments or anxiety in your marriage. With planning, guidance, and communication, you can have a financially healthy marriage.
What money and marriage tips do you use? We’d love to hear from you.
Eagle Family Ministries can help you move from where you are to where you want to be in your marriage and life. We host several fun marriage retreats, design Christian marriage conferences held at your location, offer relationship coaching, and more. Let’s chat about investing in your marriage or the marriages in your community. (479) 464-4442