How Can Married Couples Have Financially Successful Marriages?

            Families are stronger when the marriage is built on a strong financial foundation. This foundation should begin to be created during the dating period once an individual is ready to marry. Both males and females should consider the way that a potential mate handles money.

E. Jeffrey Hill and Bryan L. Sudweeks wrote a textbook titled Fundamentals of Family Finance – Living Joyfully within Your Means. They suggest that each individual should seek answers to important questions either through observation or direct questioning. Some suggested questions are: (1) Are you a saver or a spender? (2) What is your net worth? (3) What is your attitude about debt? (4) What is your credit score? (5) Do you currently have and live within a budget? If so, what are your living expenses each month? (6) How do you foresee sharing finances and assets with your spouse after marriage? (7) How many children do you desire in your family? (8) What is your expectation about who is going to earn the money in your family?

According to Hill and Sudweeks, couples should begin planning their finances together once they decide to marry. The first major financial decision for the new couple is the purchase of the engagement ring. Since married couples should make major financial decisions together, they should begin the process with the purchase of the engagement ring with both the bride and the groom having a say in the engagement ring. The ring should not be purchased with borrowed money. A couple can save and sacrifice to pay cash for the ring, or they can start with a smaller diamond and buy a larger one later in the marriage.

The authors also suggest that the engaged couple set a budget for the wedding and plan to avoid debt. A third principle is to have a less expensive honeymoon and go on a really nice trip for an anniversary.

Once the wedding is over and married life begins, the authors suggest some principles and practices to follow to have a financially successful marriage. The four suggested principles are: (1) Equal partnership is important in a marriage, and this includes equal participation in making financial decisions. (2) A healthy marriage requires spouses to trust each other which includes total transparency in finances. (3) Couples should have a plan to reduce and eventually eliminate debt. (4) Life will run smoother if couples counsel with the Lord in all their doings, including finances.

Living the principles for handling money in marriage will be easier if a couple develops good practices for handling money. The authors suggest the following six practices: (1) Create your budget together and review it together frequently. (2) Make major purchases together. (3) Agree to spending limits when approval of spouse is required before purchase. (4) Sleep or wait until the next day to finalize major purchases. (5) Avoid financial disagreements when either spouse is hungry, angry, lonely, or tired. (6) Be transparent in finances but allow a certain amount of money for each spouse to spend without the need to account for it to the spouse. The authors call this “Mad Money.”  

            By creating a strong financial foundation in their marriage, parents can strengthen their family and teach their children good money management. Financially strong families strengthen their communities and nations.