Money and Marraige

Money management can often be a source of conflict within a marriage. Many couples fight and even divorce over money issues. Bernard Podskua taught in his book “Till Debut do Us Part” that there are several life cycles stages and with these comes a set of financial responsibilities. Elder Marvin J Aston said, “How important are money management and finances in marriage and family affairs? Tremendously. The American Bar Association recently indicated that 89 percent of all divorces could be traced to quarrels and accusations over money.  Others have estimated that 75 percent of all divorces result from clashes over finances. Some professional counselors indicated that four out of five families are strapped with serious money problems.”

Stage 1: Single with no children. This stage usually means you have recently graduate high school and are out on your own for the first time making major decisions and purchase for yourself. Often times this leads to excessive spending and major credit card debt.

Stage 2: Married or Single with our without young children. This stage is most known as the beginning family stage. With marriage and the start of having children come new finical responsibilities in this stage.

Stage 3: Married or Single with older teens. During this stage parents start to teach their children about spending money and budgeting. This helps the children learn how to save and buy for things themselves.

Stage 4: Married or Single Launching children. This is the stage where children are now grown and start to leave the home. While parents no longer have to care for they children as much they sometimes develop new finical responsibilities with taking care of aging parents.

Stage 5: Married or Single children launched. This is considered the empty nest phase of life. This is the time where couples can now divide the money between them and start doing some of their dreams like travel.

Stage 6: Married or Single Retirement. Once couples retire they are now on a fixed income whether that be with a large cushion or a small on. Some find that they did not plan accordingly and will struggle during retirement. Alost hi is the time when health starts to decline and there’s an increase in medical expenses.

                                                                                                       

Elder Ashton also stated, “In the home, money management between husband and wife should be on a partnership basis, with both parties having a voice in decision and policy making. When children come along and reach the age of accountability, they, too, should be involved in money concerns on a limited-partnership basis. Peace, contentment, love, and security in the home are not possible when financial anxieties and bickerings prevail. Whether we are anticipating marriage or are well into it, today is the time for all of us to review and repent as necessary to improve our money-management skills and live within our means.”