Here are a few general questions and thoughts concerning the handling of finances in marriage.
The first is a question. Who should handle the finances in a family? The answer is, He or she who is most qualified with numbers and financial management. If it is the wife, she should manage the financed and keep her husband informed of what’s coming and going. If it is the husband, he should do the same. The point is, do not leave other uninformed or uninvolved. As in a business, the manager needs to provide regular reports to the owner.
Questions and disputes about what to do with finances should be settled by discussion between the two. If no agreement achieved, the husband must decide and the wife will be honored by the Lord for her submission.
Should the wife/mother work? Consider this verse concerning wives. She is…
Titus 2:5 To be discreet, chaste, keepers at home, good, obedient to their own husbands, that the word of God be not blasphemed.
The phrase, “keeper at home” comes from the Greek word, oikourgos, a combined word which means to be a guard of or worker in the home. If possible, the wife who is a mother of small children should not work outside of the home. It is usually best for the family, but it is not against the scripture for a wife to work as Proverbs 31 speaks of the virtuous woman who worked diligently outside of the home.
Should we have separate finances or put them together? It may be better to have a single checking accounts and budgets rather than keeping finances separate. However, if separate accounts are maintained, the couple should still pool the money and pay all expenses from a joint budget to avoid competitive notions such as “my money” and “your money.” It is “our money”.
Debt and financial troubles are the primary sources of tension in a marriage. Avoid impulsive buying and do not charge more that can be paid off in one month. Avoid the urge to buy just for the sake of buying. Saving 25% on something you really don’t need is not a savings but a loss.
Always tithe (Malachi 3:3-11) to the church. This puts the couple on God’s financial plan and will yield unforeseen blessings. A good plan is to give 10%, save 10% and spend the rest with thanksgiving.
By saving and having an emergency fund set aside, you can eliminate borrowing or using credit cards in most cases. If you borrow from lending institution, you pay them back with interest. If you have been saving, you have accumulated the interest and will have that to spend also.
Develop a budget and lifestyle that allows you to live on less than you make. Some decide they do not make enough money to save. However, when they solve the “not enough money” problem by borrowing or using credit, they end up taking money out of the budget later to make those payments. If instead of having to make payments to someone else after the borrowing/spending, make payments beforehand into your savings account. It costs less and causes less stress.
Develop a plan to pay off debts and decide to stay out of debt.