Christian family budget planning – Should couples merge all their money?

Christian family budget planning

Christian family budget planning, financial conflicts can cause major problems in a marriage. Most often the argument staffs over the lack of enough money or the contention that one spouse or the other spends more than their share. Even the Bible makes us understand this in 1 Timothy 6: 10 “For the love of money is the root of all evil, which while some coveted after: they have erred from the faith, and pierced themselves through many sorrows”.  Money issues today is one of the greatest reason why many marriages end in divorce. But when you have discussed the issue before marriage and on the same page about money, then you are on your way to having a happy home.

Money issues today is one of the greatest reason why many marriages end in divorce

The traditional method used to be that when you got married, you simply merged your finances. This simply means couple putting their pay checks, bonuses and other income in a joint family fund. But that isn’t the case in today’s world. Lots of people bring debt, student loans, and child support into their relationships and this has caused many to opt for a separate account in other not to be affected by their partner financial problems. But as a Christian and not a secular couple should there still be something that should separate you after joining as one? Combining money after marriage can do a lot of good things for the relationship. Since money touches almost everything in marriage, a fight over money can affect other areas such as intimacy, trust, and parenting.

The method of merging joint incomes after marriage and  Christian family budget planning together can make a lot of difference on how financial issues are managed. While some couples prefer to keep all of their money separate for different reasons such as not trusting their spouse, but many believe it is natural to keep a personal bank account, while for some it’s difficult due to bad marriage experience. Nevertheless, that isn’t necessarily the best approach. Instead, you should put all of your resources into a joint family budget fund that can be referred to as “ours” instead of “his” or “hers”.

Christian family budget planning

Why do we still see a couple with separate bank accounts after a number of years in a committed relationship? If you can’t trust each other with money, how can you possibly trust each other with your feelings, hopes: and dreams? How can you truly be intimate? What are other things in your marriage that are separate besides the bank accounts? It is however advisable for a couple to operate a joint family fund account in order to experience a healthy relationship.

 Reasons Why Couple Should Have a Joint Christian Family Budget planning

The book of Genesis 2:24 says ” Therefore a man shall leave his father and his mother and hold fast to his wife, and they shall become one flesh ” As a Christians when a man and a woman marry, they have automatically become one, that is “Oneness in everything” as written in the passage which includes their finances as well.

Build Trust in Relationship

Having a merged account as couple creates an environment of trust. Trust is very important in any marriage to flourish. It creates a sense of security and transparency.  Many couples complain on lack of trust as reason for a separate account. If only they could realize that trusting each other with money might be a starting point to earn trust in other areas of lives. Merging of account could help build the lost trust and make each partner be accountable to each other, while they try to live to expectation.

It Brings Transparency

As David Brooks writes in the New York Times: “separate accounts can easily turn into secret accounts”.  Couples with same joint account hardly keep secrets for each other in as much there is a good communication and strong bond between them. Discussion about money and making money decision together helps to stay closer financially and emotionally. Joint account will keep a couple on the same page and prevent secrets. If you can be open to each other about your finances, then there won’t be any need of keeping other secrets in your marriage.

Controls Lavish Spending

When all expenses come from the joint account, including miscellaneous spending such as clothes shopping, home expenses, groceries, there won’t be a need for other separate account making it much easier to track expenses. Both partners can look at the account online at any time to find out where the money’s going. Reckless spending by one partner can be addressed quickly before It causes a financial breakdown.

Christian Family Budget Planning Helps to Stay as One Team

All couples should be on the same page about money. This is very crucial to a healthy marriage. If you are living separate financial lives, then you are heading down a dangerous line. Have a joint bank account with your spouse, it’s the easiest and most sensible way to manage day-to-day spending and have good savings. It will also save you trouble in case anyone dies.  As one team, you can set a unified budget to achieve joint goals.

Christian Family budget planning. Having Exceptions to Joint Account

Having another account apart from joint accounts, such as business account, allowance or personal account is never a bad idea.  Most couples believe joint accounts work best when paired with separate accounts such as business and personal savings.  The business account is used to manage any of their business while profits from the business are moved into their joint account. The personal account is for taking care of personal needs, such as things the other partner does not value as much i.e. books, gadgets, clothing, getting gifts for a friend or helping a family member in need. While other times, you might want to buy your partner gift for birthday or wedding anniversary. The gift supposed be a surprise for your spouse and shouldn’t be ruined by a review of the joint account.

As a couple, the joint Christian family budget fund account helps you to be honest, bridge communication gap, achieve set goals and keep you accountable in your spending priorities.

Read our other articles on this topic: Family Budgeting Mіѕtаkеѕ: Hоw Tо Avoid Thеm?How to set priorities order in Christian family?