How do we Obtain Financial Success in Our Marriage?
Before you get into the nitty gritty of finances with your spouse, there are a few things that you should discuss with them first. It’s important to talk about your history with money, your fears, your goals, and how you view it because you want to really understand each other before diving into a financial plan together. Trust me, this will help the process so much.
Here are some helpful questions to start with:
· How did your family spend/save money?
· Do you have any fears surrounding money?
· How do you view money?
· What are your financial goals as a couple?
· Who do you want to manage the money in the relationship?
There’s a scripture in the Bible in Proverbs 29:18 that says, “Where there is no vision, the people perish”. You and your spouse need to figure out then write down what your financial game plan is going to be. You both need to see the vision and be on board with it. As you make define what your vision is, begin to make a budget to help you get there. Below are three things (debt, savings, and investments) that you’ll want to think about and perhaps incorporate into your budget.
Let’s address something that most couples worry about: DEBT. Do you worry about debt? Do you hate worrying about how you’ll pay for things? Don’t let this be an unnecessary stressor in your marriage! Financial stressors are one of the number one causes of divorce, and that’s a path that we surely want to avoid. So, here’s the first secret. Are you ready? Don’t spend more than you earn. BOOM. It sounds so simple yet so many struggle with that. I’d even venture to say, don’t even spend close to what you earn. Most couples are in debt and they can’t save money just yet because they are paying off said debt. If you fall in that category, get out of debt first. Dave Ramsey has a good “snowball” solution to get you well on your way. Also, in the beginning of your financial journey, disagreements about finances are bound to occur and that’s normal. When that happens, I suggest going back to the communication spoke. Remember to use the “I feel…” statements when working through those tough decisions.
The second secret? Save some money. Hopefully you’ve heard that having an emergency savings fund is necessary, but if not, let me explain. An emergency savings fund is different than just a regular savings fund, and you want to have both. Financial experts have said that your emergency saving fund should include 3-6 months’ worth of money so that if you were to lose your job, you could survive off on that until you could replace your income. Once you pay off your debt, this should be your next focus. Below you will find some awesome tips and tricks on how to save your dinero!
After paying off your debt and building a solid emergency fund, you can now start to think about investment strategies such as 401ks, Roth IRAs, real estate investments, business endeavors, etc. It might also be worth your time to get a financial planner to help out with all of this if it isn’t your forte. Just remember to take things one step at a time. When you guys are in a place to pursue this step, it’s normal to be nervous but rest assured there are experts out there that can help you.
One more thing that is worth mentioning is to keep with the goals you guys have set for yourselves. Every now and again it’s important to ask if your habits align with the goals you have set. My husband and I will ask ourselves something like “Do we want to go out to eat tonight or do we want to put that money into our next house fund?” It’s not bad if we choose to go out to eat, it just all depends on what goals we set at that time. Do you have healthy spending habits? Do you have healthy saving habits? Going back to what I just shared, depending on the season you’re in, it might be necessary to spend money to make money. In another season, it might be necessary to save money to make money. Just evaluate together what habits you have and if they are taking you where you want to be.
Ideas for how to be financially successful:
Pay tithing! The Lord will bless you for this; He promised!
Keep a gratitude journal; this keeps you humble and not wanting more
Figure out how much you are spending and how much you are earning each month; stick to a budget!
DO NOT SPEND MORE THAN YOU MAKE. DO NOT SPEND CLOSE TO WHAT YOU MAKE.
Save for an emergency fund.
Save for a fun fund.
Wait for the deals! Shop for the deals! Buy things (in bulk) on sale!
Use coupons. Or money back apps like Fetch or iBotta.
Check out the Dollar Tree and see what you can buy there instead of somewhere else. (Birthday cards or gift bags for example!)
Thrifting is your friend.
Reduce, Reuse, Recycle
Save gifts you won’t use and re-gift them
Reuse gift bags
Give your furniture a DIY makeover
Update your house instead of buying a new one
Cook your own food/ Make your own things
Invest money into a retirement account
401K-take advantage of company matches
ROTH IRA-I like these better than IRAs because the money you put in has already been taxed and therefore does not need to be taxed at the time you are allowed to withdraw it
Stocks- be careful with this one but it can be a useful tool if used correctly
Have food storage: 3-6 months worth of food just like your emergency fund
Learn about budgeting, finances, etc. Check out a book from the library. Read articles online. Find trustworthy people to follow on SM accounts. Go to a workshop or seminar.