Notes “Money Fights”
Before the Wedding:
- It is important to know and understand how each of you values money and what the deeper value of money is for you
- Each person values money differently. For some money and the ability to spend it are a sign of self worth. For others, the ability to regulate how money is spent is a marker of self-discipline and being in control of your life
- Before committing yourself to a relationship, ask yourself: are you a spender or saver? How do you feel about sharing money with your future spouse?
- Before the wedding takes place, couples should have a game plan. How will we spend our money? Who will pay for what? Will you have a common account? Should we keep separate accounts?
Communication and Planning are Essential:
- One of the biggest problems in marriage is fighting over money
- When there is no financial plan for the family, money problems begin
- Talk about financial goals, what does a financial well being mean to you? What does a good financial outcome look like?
- There is no “your way” or “my way.” You should focus on jointly establishing “our way”
- Set designated time during the week or month where bills are played and one person takes a leadership role and the other person should be informed how finances are being managed
Materialism and Debt:
- Understand your financial limits. Don’t try to “buy” happiness
- Having a loving home needs to take priority over a house full of stuff
- Debt is a sure means to misery. Avoid debt to the best of your ability
- Some ways to avoid debt are to think about what you really need versus what you want.
- Don’t just look at your priorities from a materialistic perspective
- Will having a certain item or thing really make you happy or can you live without it?
- Plan to be proactive parents that are committed to building a strong spiritual foundation for yourselves, your children and family
The High Price of Materialism
How to Develop a Family Budget
18 Tips to Simplify Our Spending