- Open a current or savings account. Most people
will open the accounts in both names, but this can lead to problems
later. If you are managing the finances and your spouse decides he needs
more funds than he has, you could end up getting overdrawn, because you
both are trying to use the same money.
2.
Set up a budget.
Figure the amount of money you have coming in each month and the amount
that is going out. This will give you the amount that you have to spend
each month. In your budget the followings are inclusive:
i. God first (first and best fruits
(Tithes), offerings)
ii. Buying food in bulk saves money and reduces financial stress.
iii.
Allow money for your immediate needs. Make sure you provide spending
money for you and your spouse. You will need lunch money and other
miscellaneous expenses that you have every day.
iv.Save to spend
money. If you are planning on buying a house or having a family, you
will want to put money aside for these things. The best way is to put an
amount into your monthly budget to plan for the things you want.
v.
Figure out what money you have after you have completed the above
steps. From this, you can decide what your priorities are. Speak with
your spouse--he should have input on this so he doesn't feel as if he
has lost all control of the family finances--this can avoid fights
later.
vi.
Divide your categories. Some spending is absolutely necessary such as rent and utilities. (
Called non-discretionary spending) and others are things that we buy but don't absolutely have to do so (
Discretionary spending).
Make two columns on a piece of paper and write down your costs dividing
them into the 2 types of spending. You could call these Necessities and
Wants.
vii.
Pay Yourself.Whether you are
doing well or struggling financially, find a way to save on a regular
basis. Add a small amount of savings to your Necessities costs and never
touch it unless you are on the verge of being thrown out onto the
street! We all need a cushion for unexpected emergencies, not to mention
wanting to go on well-earned vacations. Don't go into debt, save for
what you want!
viii. A Change in Thinking and Lifestyle
This
article is really about changing the way you approach money both in
your thinking and actions. Don't fall in love with money or the things
it can buy you. They can't buy you happiness. Eliminating debt and
having money are tools to give you one of the most important things in
life: Freedom!
3. Attitude to money in home.
A. Discuss money openly. Aim at transparency/openness in everything, especially in money matters.
B. Avoid selfishness
C. Note that you (both0 are only stewards of God’s money
D. Spend it according to God’s wishes
E. You are accountable to him
4. Understanding financial Headship
Headship
in the home extents to finances as well. Therefore, no matter who earns
more, the man must rule the finances of the home with wisdom and
fairness. He must have a clear vision or foresight for the home to
better the lot of the family, for instance, a Plan to own a house
someday.
1. As a financial head, he must avoid stinginess, meanness, and irresponsibility.
2.
Avoid lack of Money
Lack of money should not be a permanent situation in the family. Problems associated with lack of money are:
tension, quarrels, misunderstanding, mistrust, suspiciousness infidelity,
etc.
Husband
should try as much as possible to ensure that money does not lack at
home.subsequently, where the husband has tried his possible best to put
food on the table, and he couldn’t because of some circumstances, his
wife should not fold her hands and allow hunger destroy her family.
5. Know the Dangers of Covetousness.
Covetousness arises when husband/wife compare their property or children with those of others. It leads to:
- Dissatisfaction in the wife/husband
- Unreasonable demands being made
- Murmuring
- Misspending
- .Borrowing to maintain a certain lifestyle