3 Ways to Be Financially Responsible In Your Marriage

So if you have not been trustworthy in handling worldly wealth, who will trust you with true riches? – Luke 16:11

Financially_Responsible
Photo by Derek Couts Photography

Before the vows are said and the rings are exchanged, many couples like to prepare for the transition from dating to married life by discussing a variety of topics.

Where do we want to live? How many kids do we want to have? What church will we attend? What lifelong goals do we want to achieve?

Financial goals and expectations are topics that need to be discussed as well! Money is a large component of marriage, whether we like it or not, that has the ability to help or harm it. I’m not saying that money is everything, but when we steward our finances with intentionality and consistency, we add a level of comfort and convenience to our marriages that makes them more fun and enjoyable for both you and your spouse!

Here are a few things to help you do just that:

1. Keep a budget
I’ve hit on this topic before in a previous post, but it’s so important and I think bringing it up again is worthwhile. Setting a budget and sticking to it is how you and your spouse are going to reach your financial goals later on down the road. It might not be very fun when you first get into it, but you will thank yourself later for paying off debts and not overspending.

Being financially responsible by keeping a budget is just a better way to live. You will be able to do more things, go more places, and when unexpected events come your way, like an emergency room visit, you won’t be sent into a panic wondering whether or not you can foot the bill.

2. Make financial decisions together
Daniel and I have only lived in our apartment for a few months and we are just starting out. There are a few things that we’d like to have for our home, but we know that it’s not in our best financial interest to purchase these things just yet. However, there are several big ticket items I’ve had my eye on for a while now that I just know would make our little abode more homey and inviting. How easy would it be for me to hop on Wayfair and buy all the fancy rugs I’ve been ogling for months or go to Home Goods and buy everything in the store? Super easy!! But I have a feeling that my husband wouldn’t be very pleased with me if he were to check our bank account at the end of the day and discover that I had spent hundreds of dollars without consulting him first. So, we make our financial decisions together, no matter how big or small they are.

It might seem a bit trivial, but even when I plan on buying something small for our apartment, like a lamp or a pillow, or go searching for a new work outfit, I always let Daniel know what I intend to buy and how much I expect it to cost so that it doesn’t come as a surprise to him when he checks our account.

Communicating your purchases to your spouse can prevent a lot of arguments and ensures that you are both aware of your current financial status.

3. Have a joint bank account
I know this can be a wishy washy subject for some couples, but hear me out on this. When we commit to spending the rest of our lives with someone, why would we exclude our finances from that commitment? That’s like saying, “I promise to spend the rest of my life with you, through sickness and in health, till death do us apart … buuuuut I’m gonna need to keep my bank account separate from yours, ok?” It doesn’t work that way!

Having separate bank accounts can potentially lead to bad spending habits and a point of contention between you and your spouse.

Having separate bank accounts can potentially lead to bad spending habits and a point of contention between you and your spouse.

Let me clear this up a bit: If you and your spouse share a bank account, your husband or wife has the ability to check the account whenever they wish. They can see every penny coming in and going out of the account. This holds each of you accountable. This is good!

On the flip side, if you and your spouse have separate accounts, you can spend as much money as you want without having to disclose that information to anyone other than yourself. So when you know you’ve spent more money than you should have and you don’t want your spouse to know, you might find yourself lying about how much you’ve actually spent. When lies and deceit begin to enter our marriages, no matter how small or insignificant they may seem at first, we are setting ourselves up for a long and bumpy road that can easily be avoided.

When lies and deceit begin to enter our marriages, no matter how small or insignificant they may seem at first, we are setting ourselves up for a long and bumpy road that can easily been avoided.

By keeping a budget, making financial decisions together and having a joint bank account, you and your spouse will set yourselves up for financial and marital success, and be able to fully enjoy the fruits of your labor “as long as you both shall live”!

Thanks for reading,

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3 thoughts on “3 Ways to Be Financially Responsible In Your Marriage

    • You’ve made my day with that comment! That just gave me so much confidence in my writing. I have seriously considered writing a book, so maybe it’s just a matter of time 🙂

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