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

Resources:

The High Price of Materialism

How to Develop a Family Budget

18 Tips to Simplify Our Spending