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October 16, 2008
Howard Dayton offers financial advice for newlyweds
Howard Dayton, the co-founder of Crown Financial Ministires, offers some solid financial advice for newlyweds.
Some of his suggestions he admits seem simplistic. But good financial habits are simplistic. The hard part is in the "doing" not the "knowing."
Three pieces of advice that made me shake my head in agreement were:
1. The "more-money-in-more-money-out" syndrome. This is right on. It's so hard to avoid "lifestyle-inflation." It's easy to live lean when you're not making much. The temptation to expand your giving as your income expands is great. With discipline, though, this habit will allow for long term financial peace and the ability to be generous with those in need.
2. Balance the checkbook every month. This is one of those habits that feeds my compulsive nature. I've learned that every time I get paid, I need to set down and record all my known expenses between paychecks. This gives me a realistic perspective on how much money is actually available. Then, at the end of each month I make sure my version of the register matches the bank's. Operating out of an "open-to-buy" method helps us be informed decision makers and spenders.
3. Don't get discouraged. Ignorance is bliss, but the effects of poor financial decision making can linger for a long time. Get in the middle of your spending habits. Know where every dollar is going. And when you notice your expenses are more than your income, don't be discouraged. Use that information as a call to action to re-evaluate your spending habits. This will keep you on track even when life throws you a curve.
If I could add one piece of advice, it would be this: Talk about financial matters together. Talk about finances honestly, openly and often. Money can become divisive when we give it more power in our lives (and marriages) than it deserves.
Good financial habits take a lifetime to cultivate. The earlier you start, the longer you'll experience the benefits. God has blessed us with much, and it's our responsibility to manage all our assets to advance the Kingdom.
Posted by bstroup at October 16, 2008 1:44 AM
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Comments
bstroup,
Thanks for the link to Crown! Definitely some great advice here. Too bad this isn't mandatory in churches, huh? :)
Lee @ Crown
Posted by: Lee Holcomb at October 20, 2008 7:44 AM