Before marriage we manage our own money and finances. We decide what is risky and what is not, what we will spend, save or give. After marriage, our money gets married. What? Never heard of that before? It's true. If you are one with your spouse, everything that you have is now married too. Let's chat about what that means.
Your debt gets married when you do. You now owe more if your spouse has debt. Your credit score is now averaged and their debt burden is yours to share. Make a plan as a couple to get out of debt completely. It is very possible.
One thing that you have to agree on is to not make new debt! Married debt, when out of controls, reproduces new baby debt. The babies are never cute. They suck the life out of you and your spouse and keep you up at night.
See a debt counselor and consolidate into reasonable payments for your budget. Live simply to accomplish this. You don't need what you think you need!
In marriage, there is a spender and a saver. Which are you? Which is your spouse? Understand how you both feel about money. The spender needs freedom to spend, but retain self-control. The saver needs to save and have a cushion no matter what.
Learning to compromise with money is a marriage lesson. You may not be able to manage your money the way another couple does. Comparison kills. Just don't do it. Also, do not let your accounts dip below certain amounts. Map out what you really need and always pay your bills on time.
There is nothing like having a little something extra in the bank, but trust us, you will NEED it! Plan for unforeseen expenses like hospital bills, car maintenance and trips out of town. It's a blessing to be able to pay for these types of things in cash instead of reaching for a credit card.
Savings are also beneficial for helping others in their time of need. You have to agree with your spouse that you will both give to a certain person, ministry or cause. It is much more rewarding to mutually give.
Married Money Goals
Your married money works for you, not vice versa. Tell it what to do, where to grow, how to mature and multiply. Do it together.
There is no feeling like meeting a financial goal that you have set with your spouse. Set some goals - buy a car, pay off some debt, save for a house or future children, start a business, give extra to your church. Money is just a tool. Ask the Lord for what you need....and what you want.
Your money goes further when you let it serve you and serve God with it!