HOPE FOR THE HOME: Financial freedom is difficult but important in marriage

Husband and Wife: We are trying to get free of our debts so that we can begin to save for future needs and unexpected emergencies. What advice do you and Becky have for a recently married couple?

Jerry: It appears that you two have only been married for a short period of time. This indicates that either you both brought debt into your marriage, or you have spent too much too soon. The lifestyles of married couples often consume their entire income plus more. Your attitude toward money reveals your feelings concerning stewardship. What are your priorities? What are your goals? How do you plan to accomplish those objectives? As Christians, we need to understand that God owns everything and we are merely stewards of the things He has entrusted to us.

Becky: First, avoid debt as a lifestyle. Getting into debt is easy. Getting out and staying out of debt requires self-discipline. Excessive debt is usually the result of indulging our wants rather than our needs. It is so easy to fall victim to the slick commercials in the media which appeal to our emotions. Purchasing on impulse leads to paying on installments. Our friend, Paul Priddy, who has been a financial advisor to hundreds of couples throughout the years states, “Attack your debt by listing each debt from smallest balance to largest. Pay minimum amounts on all but the smallest debt where you pay the minimum plus any extra cash you can find to retire the small debt quickly. Once the smallest debt is paid, add that minimum payment to the minimum payment to the next smallest debt until it is paid off and so on until all debt is paid off. You can do this by committing to living on less than you make.”

Jerry: Second, establish the habit of tithing. You might say, “But I cannot afford to tithe.” My response is always, “You cannot afford not to tithe.” Proverbs 3:9, instructs all believers to, “Honor the Lord from your wealth and from the first of all your produce.” The word “tithe” means “tenth”. It is not what is given after all the bills have been paid. It is to be taken out first. This is one of the great mysteries of the Bible. If you are faithful to God in your finances, He will more than meet your needs. I cannot explain it, but Becky and I have experienced it throughout our lives. I began practicing tithing when I received my first income—mowing yards as a ninth grader. That early commitment helped shape my understanding of stewardship and the importance of honoring God first in my finances. God’s miraculous plan of economy is that if we honor Him, He will, “Open the windows of heaven and pour out for you such blessing that there will not be room enough to receive it.” (Malachi 3:10)

Becky: Third, avoid indulgence. Extravagance is the first cousin of greed. Buying things, you do not need to impress people you do not like is certainly a sign that your spending and your values need reconsideration. The average American household carries $105,056 of debt. I imagine that much of this debt can be traced to indulgence.

Jerry: Fourth, develop and maintain a family financial budget. To quote Paul Priddy, “Start with listing your take home pay and subtracting your fixed expenses beginning with your tithe. From there make a list of the minimum payments for credit cards and other debts. Once all expenses have been subtracted from your take home pay, use any extra money to retire debt or save for a planned future purchase. There is no quick fix to managing your financial position. It is a process that requires diligence, self-discipline, and a will to succeed.”

Hopefully, these words of encouragement are helpful. If you need the assistance of a qualified Christian financial planner, feel free to contact us found in the information below.                                    

Jerry and his wife Becky are on American Family Radio weekdays at 4:20 PM (CT) and on Sundays at 5:35 PM (CT). You can subscribe to their podcast at Apple Podcast, Spotify, or directly at HopoefortheHome.org/podcast. Check out their resources for the family at HopefortheHome.org. Becky’s latest book, “The Bright Side of Blue” and Dr. Drace’s, “44 Ways to Strengthen Your Marriage” offer biblical principles and timely advice for dealing with the challenges and trials of life. You may order these and other resources by contacting them at: hopeforthehome@juno.com.