By God’s design, love reigns supreme in marriage, yet finding common values with finances can bring strength to every year of matrimony. To help build a foundation before you tie the knot, it's crucial to embark on open discussions about money to lay the groundwork for shared commitment and responsibility.

As a Christian financial institution deeply committed to the well-being of our members, we understand the significance of these shared values, particularly as couples expand their families. Here are our insights and guidance for couples about to embark on a lifelong journey together.

Building Financial Trust and Understanding

Before delving into the intricacies of financial planning, couples must first focus on building a foundation of trust and understanding. This begins with getting to know each other's values, beliefs, and attitudes towards money. Open and honest communication lays the groundwork for a strong and resilient relationship, enabling couples to navigate financial challenges with grace and unity.

"Above all, keep loving one another earnestly, since love covers a multitude of sins." - 1 Peter 4:8 (ESV)

During your dating and engagement period, engage in meaningful conversations about money management, financial goals, and spending habits to gain insight into each other's financial mindset and values. Everyone has a different history with financial ups and downs, so there’s much to learn from one another. Being completely honest with your future spouse, as in all things, will build a stronger future together.

Building a Solid Foundation: Financial Education

It might not sound romantic, but this is integral to the dreams you’re building: embark on a journey of financial education together. Discussions about money should be initiated early in the engagement period, allowing couples to align their goals and expectations before tying the knot. This involves openly discussing individual financial situations, including income, debt, assets, and spending habits.

"Without counsel plans fail, but with many advisers they succeed." - Proverbs 15:22 (ESV)

Seeking guidance from trusted financial advisors, mentors, or premarital counselors provides valuable insights and perspectives as couples navigate these conversations. It's essential to approach these discussions with openness, honesty, and a willingness to compromise.

According to a recent study, 78% of couples who talk about money at least once a week report being happy in their marriage, highlighting the importance of ongoing financial communication.

"The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty." - Proverbs 21:5 (ESV)

Merging Finances: Joint Accounts and Budgeting

Once married, most couples opt to completely merge their finances, transitioning from individual financial entities to a unified household budget. Joint bank accounts, shared credit cards, and combined investments are common practices. However, these decisions should not be taken lightly. It's crucial to establish a budget that reflects shared financial goals, while also considering individual needs and preferences.

"One gives freely, yet grows all the richer; another withholds what he should give, and only suffers want." - Proverbs 11:24 (ESV)

Budgeting is a cornerstone of financial management within marriage. Couples should allocate funds for essential expenses, such as housing, utilities, and groceries, as well as discretionary spending and savings goals. According to a recent study, 40% of couples argue about money at least once a month. Establishing a budget and sharing and planning together for major purchases can mitigate financial disagreements and promote harmony.

Navigating Debt and Financial Challenges

For many couples, debt is a reality that cannot be ignored. Whether it's student loans, credit card debt, or mortgages, addressing debt becomes a joint responsibility after marriage. AdelFi’s Financial Stewardship Center offers free resources and courses to help tackle debt strategically, emphasizing the importance of accountability and support within the marriage covenant.

"Owe no one anything, except to love each other, for the one who loves another has fulfilled the law." - Romans 13:8 (ESV)

Debt repayment strategies may vary depending on the type and amount of debt owed. According to a recent survey, 21% of Americans believe their debt will never be fully paid off. Open communication about financial goals and challenges is essential to work together towards debt freedom while maintaining trust and unity.

In times of financial hardship or unexpected challenges, such as job loss or medical emergencies, couples should lean on each other for support, relying on faith and resilience to navigate turbulent waters together. Seeking guidance from financial advisors can provide additional perspective during difficult times.

Planning for the Future: Saving and Investing

Marriage is not just about the present but also about building a future together. From buying a home to planning for retirement, couples must strategize and make prudent financial decisions.

According to a survey by Bankrate, only 44% of Americans have enough savings to cover a $1,000 emergency expense. Establishing emergency funds, contributing to retirement accounts, and exploring investment opportunities are all part of this process. Long-term thinking becomes particularly important when supporting the needs of your children or aging parents.

"But if anyone does not provide for his relatives, and especially for members of his household, he has denied the faith and is worse than an unbeliever." - 1 Timothy 5:8 (ESV)

We advocate for long-term financial planning rooted in faith and wisdom. By aligning financial goals with biblical principles, couples can cultivate financial security and abundance for generations to come. Saving for major milestones, such as homeownership, education, or starting a family, requires discipline and commitment.

Investing wisely is another crucial aspect of planning for the future. Couples should diversify their investment portfolio, considering options such as stocks, bonds, mutual funds, and real estate. Seeking guidance from wealth managers can help couples make informed investment decisions that align with their risk tolerance and long-term objectives.

Put Your Money Where Your Hearts Are

Marriage is a sacred union that extends beyond the spiritual realm into the practicalities of everyday life, including finances. At AdelFi, we believe in empowering couples to navigate these financial implications with wisdom, unity, and faith. By prioritizing communication, transparency, and shared goals, Christian couples can build a firm foundation before deeper problems take root.

One of the first things you should do as newlyweds is open a joint checking account. AdelFi has accounts that fulfill your unique needs while supporting Christian causes with each transaction. You’ll get access to digital banking and financial tools that help you stay on the same page financially. Plus, you’ll get access to free financial stewardship courses that will strengthen your marital bonds for richer and poorer!