LOVE & MONEY How to handle finances together without killing each other.
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Transcript of LOVE & MONEY How to handle finances together without killing each other.
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LOVE & MONEYHow to handle finances together
without killing each other.
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And the 2 shall become 1
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Indulgences
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Indulgences
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Financial Feelings
Confident
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Financial Feelings
Anxious
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Investing
Knowledgeable
“In-to”
Aggressive
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Investing
Cautious
Successful
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Current Financial Situation
OverstateDebt
OverstateIncome
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Current Financial Situation
Spender Saver
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Financial Infidelity
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Avoid Financial Infidelity
36-50% of couples confess to lying about spending
20% don’t discuss how much they make
60% have no idea when their spouse plans on retiring
Many maintainseparate financial lives
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Make a Plan to Succeed(Spending Plan)
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Live Below Your Means (Spending Plan)
Create a Spending Plan that will allow you to make the most of what God has provided you – without going into debt
Plan where you want your money to go – rather than fight over where it went
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HOW TO : SPENDING PLAN
1. Start with your INCOME2. Add the things you can’t change:
1. FIXED Expenses (Rent/Mortgage, Auto Loan, etc.)
2. VARIABLE Expenses (Hydro, Heat, Insurance, etc.)
3. Include % for GIVING & SAVING3. Adjust LIFE Spending to Balance
(Food, Clothing, Entertainment, Misc.)
4. Compare Against % Guides
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HOW TO : SPENDING PLAN
Giving 10%
Saving 10%
Housing 35-40%
Transportation 15%
Life 25%
Debt 0%
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Keys to Success
1. All income/expenses tracked by central system
2. Each should have own budgeted category
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Give Some Away(Generosity)
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Make Generosity a Priority (Give)
Generosity breaks the hold that our money and possessions have on our hearts
God uses generosity to root out selfishness out of our hearts
Being less selfish will help you as a couple
When money and things are not important – people become a priority
> Is Generosity a Virtue or a Sacrifice?
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How To
1. Agree on a cause or causes you both care about
2. Give away 10% of your income
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Keys to Success
1. Make generosity your first financial priority
2. Base giving on percentage of income
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Put Some Away(Save)
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Plan for Unexpected & Important Stuff in Life (Save)
Life Happens (both good & bad)
Savings are needed in order to avoid turning to debt
Need to have a plan in place in order to have the important goals/plans actually happen
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How To:
1. Build/Maintain Emergency Fund
Debt? 1 month’s exp. No Debt? 3- 6 months’ exp.
2. Save for Irregular Bills & Expenses
3. Start Early on Long Term Investments
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Keys to Success1. Separate accounts:
> Checking
> Emergency Savings> Irregular Bills Savings
2. Joint Accounts3. Use the power of
Compound Interest on Long-Term Goals
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Avoid Debt(Sufficiency with Contentment)
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Avoid Fighting over Debt
Living with debt creates tremendous stress on relationships
Having Debt fuels a sense of financial unease among couples & increases the likelihood that they will fight over money matters
It also raises the likelihood that couples will fight over issues other than money
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Guard your Heart Practice Sufficiency
with Contentment(Do not covet) Avoid Malls/TV Choose to live Simply
Be Thankful for whatGod has given
Go on a Mission Trip
How To:
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Keys to Success1. Go no further into debt
• Remove cards from wallet• Tell someone (who?)
2. Use Credit Cards Wisely
• Pre-planned budgeted items only
• Record spending• Pay balance in full• Can’t do first three?
> Don’t use cards
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Spend Smart(Live Simply & Waste Not)
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Use Wisdom When Buying a House
Consider renting first Put at least 20% down
(don’t use up emergency fund)
Mortgage, taxes, insurance = 25% BUDGET (30-40% with utilities, maintenance & other housing costs)
Base it on one income Title correctly
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Avoid Delusions of DINKhood
Build lifestyle on one income
Accelerate debt payoff, savings & investing
Enjoy the margin
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Waste Not
Live Simply Practice Conservation Avoid wasting money on
unnecessary things Think before you buy
Do we “need” or “want” this? Pray first – “is this what
God wants us to do with His money?
Be willing to ‘let go’ and share un-used stuff with others
Practice a Spending Fast
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Fight Fair(Work Together)
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“Fighting – when it airs grievances and complaints – can be one of the healthiest things a couple can do for their relationship (indeed, how you fight is one of the most telling ways to diagnose the health of your marriage).”
- John Gottman“Why Marriages Succeed or Fail”
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How To Fight Fair1. Complain, Don’t Criticize
2. Avoid Contempt
3. Listen Well Focus Ask Clarifying Questions
4. Don’t Get Defensive
5. Stay with It Don’t check out mentally or physically
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Keys to Success
Remember, your relationship is more important than money or anything money can buy
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Living the Plan(Living the Plan)
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Monitor, Flex & Adjust(Living the Plan)
A budget on it’s own will not help Monitoring (Tracking)
tells you where your money actually went
Tracking lets you know when to Flex in yourcategories in order to stay balanced
Adjusting (managing) your budget as life happens keeps your budget current and working for you (alive)
It lets you tell your money where to go – rather than wondering where it went
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HOW TO:
Track all your Expenses(ask/keep receipts)
Take 5 minutes at end of each day to record
Review Monthly Together on how you are doing and what needs to adjust
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KEYS TO SUCCESS Accessible/Central System
Paper, Computer, Envelop, On-Line Find a way to record/store receipts Get Organized – Store in accessible
yet safe location
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Live for Eternity(Outlive the Plan)
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Maintain Perspective
IT’s NOT OUR STUFF We are stewards – not owners
We do not live for ourselves We live for GOD and OTHERS
We do not live for today – but ETERNITY
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HOW TO:
Love God with all you have and your neighbour (starting with your closest neighbour – your spouse) as yourself
Seek His Kingdom first (together) Be generous with each other and
anyone God brings into your life Use what He has entrusted to you for
His purpose
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The Question to Ask…
“ What are we going to do with everything God has given us?”
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Be on your guard against all kinds of greed (v 15) – Guard your hearts
Don’t store up things for yourselves (v 16-21) – Don’t be selfish
Be rich towards God (v 21) – Live for others
Don’t worry (v 22-26) – Trust in God
Don’t set your heart on what you will eat, drink or wear but seek His Kingdom first (v 31) – Maintain Perspective
Be on your guard against all kinds of greed (v 15) – Guard your hearts
Don’t store up things for yourselves (v 16-21) – Don’t be selfish
Be rich towards God (v 21) – Live for others
Don’t worry (v 22-26) – Trust in God
Don’t set your heart on what you will eat, drink or wear but seek His Kingdom first (v 31) – Maintain Perspective
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