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I believe it is not good for couples not to know or have an
idea of how much each other earns. Even if you will not take permission to
spend your money in the name of joint account, at least your spouse should know
how much you earn.
I believe in financial nakedness among couples. (Gen 2:25) And they were both naked, the man and his
wife, and were not ashamed.
Let me share with you three forms of finance management that
you may practice in your home.
1.
Joint
Accounting: This is a situation where the husband and wife are both
signatories to all the accounts. In some instances, both or either parties
could be signatories. But every money spent by one is known to or is approved
by the other. Where there is love, trust and understanding, this form of
financial system is very good. Some people detest this style because, according
to them, they are not free to do what their heart so desires.
2.
Separate
Account System: This is a situation where husband and wife have separate
sources of income, separate accounts and each solely spends his/her money the
way he/she likes. There is nothing sinful or unholy about this nor does this
reduce unity in their marriage. It could just be one of the ways to ensure
peace and harmony in the home. Where we have separate account system, the
couple shares the responsibilities of the family.
One
may be responsible for the house rent/ mortgage; the other may pay the children’s
school fees. While one of them ensures the provision of food in the house, the
other takes care of other bills the family runs, etc.
3.
Pool Account
System: This is a situation whereby each person has separate income streams
and bank accounts. But they both have what I call a Pool Account. Every week or
month, depending on the inflow of their individual incomes, both of them pay a
certain agreed amount to this account. Each person is permitted to spend the
remaining money the way he/she so wishes. The pool account is meant to take
care of all family needs ranging from rent/mortgage, children’s school fees,
electricity, water bills, purchase of houses, cars, TV etc.
There is no right or wrong finance method;
each family should adopt what is best suited for them. Where we have faith in
God and trust in each other, money should not be a factor to engender discord, rancor
or separation in homes. Where each party has been able to successfully conquer
greed and the love for money they are able to trust themselves the more. One of
the ways to conquer this greed is to give the money out. Give to the needy all
around you. And also give to God and His work. Pay your tithe i.e. ten percent
of all your income. Anyone who cannot release one tenth of his/her income to
his creator is not yet free from the power of greed.
Managing
Your Finance
Here are some tips that can help you to manage
your finances as a couple.
1.
Communicate:
Communication is the key to resolving most disputes, money disputes
inclusive. Pride, inadequacy, resentment are issues that tend to come up if a
conversation on money is not well managed and this may result in feelings that
hurt.
2.
Plan your
budget together: Marriage is a complement. It is two people coming together
to achieve a common goal. Where one is weak, the other party may be strong.
I once knew a couple who had a unique style of managing their finances. At
the beginning of each year, they plan a budget. The man was a very analytical
person who knew how to plan to the last minute detail, but it all ended there.
The woman however was not a good planner but she knew how to implement every
detail her husband had planned. At times when her husband wanted to be
extravagant, which was often, the woman was always on hand to put him in check.
You can create common goals and complement each other’s style. One can be good
at organizing and tracking all the details, while the other can give input
about how much is needed in each category.
3.
Set money
aside for unexpected expenses: one of the things most newly married couples
aren’t prepared for when they get married and start a family is the unexpected.
One reality of life is this; bad things are bound to happen, just as well as
the good things. A couple should have enough money set aside to cover three to
six months of monthly spending. Having this savings available will cover any
major repairs, replace things such as appliances, or cover emergency expenses.
4.
Give
together: The blessings of giving along the way will unite you in a way
that is contrary to what makes sense in our scope of understanding. It might
not make sense in the natural, but it is wise to build a plan for giving into
your plan for living financially free. Besides, it is just plain fun to give to
your church or to a family in need.
5.
Reward
yourselves from time to time: Set reachable goals and build in some money
for relaxation and fun once those goals are met.
Pastor Tunde Mabinuori is the Minister-in-Charge, Rhema Chapel
International Church, Oluyole Estate, Ibadan
e-mail:
tundemabinuori@gmail.com
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