Episode 132: How to Manage Money as a Team in Your Marriage—with Matt Bell
Do you avoid talking about money with your spouse? Does the mention of a budget make you cringe? Do financial emergencies cause tension to grow in your household?
We know how it feels to be stressed about money. When we were first married, we lived on a tight budget with a rotating menu of mac n’ cheese and chili and beans. When it came to conversations about money, they always revolved around how we could earn a little bit more and how we could spend a little bit less every month.
As the years have passed, our income has changed, and so have our expenses. Like many couples, our financial life became more complex over time, and we learned that good money conversations don’t always happen naturally. Looking back, we wish we’d had someone like Matt Bell to guide us in those early years of marriage.
Matt is a biblical money management writer and speaker, as well as the author of an important new book for couples called Starting Strong: Discovering the Good That Money Can Do in Your Marriage.
In this episode, Matt shares:
- The factors that determine how we manage money
- Whether it’s wise for a couple to buy a house right away
- How to lay a strong financial foundation from the beginning of your marriage
- And more!
We hope you enjoy this conversation!
Links:
Our Takeaways:
1) Understand your approach to money management. Every person approaches money differently. Factors like the way you saw money handled in your family growing up, your personal values and goals, and your experience all play a role in how you approach managing finances today. Regardless of your approach, everyone has strengths and weaknesses. What’s important is identifying those strengths and weaknesses and understanding how they work together with your spouse’s.
2) Savings takes the stress off your marriage. Life is unpredictable, and when your car breaks down, you get sick, or your water heater needs to be replaced, an emergency fund can eliminate the stress of these unexpected expenses. Even if you can only put aside an extra $10 each month, this can go a long way towards building a solid financial foundation that keeps you less stressed and more prepared when emergencies inevitably happen. Early on in our marriage, we often relied on credit cards to pay for emergencies, but what we didn’t know was that with a little extra planning, we could have avoided so much worry (and interest).
3) One of the best things you can do to solidify your money management is to slow down. Many people want the new car, the house, and the finer things in life before they are financially ready to purchase them. One of the best pieces of advice is to slow down. You can set yourself up for even greater success in the future if you make do with what you have, pay off any debt you may have, and let your funds build up. Once you have done that, you’ll be far more prepared to buy a house or make the next big financial move without taking on more than you can handle.
Meet Our Guest
Matt Bell is an author, personal finance writer, speaker, and managing editor at Sound Mind Investing. He has authored five books on personal finance, including Starting Strong: Discovering the Good That Money Can Do in Your Marriage. Matt is passionate about helping people manage money more effectively and joyfully by teaching the practical application of biblical financial principles. Matt lives in the Louisville area with his wife, Jude, and their three children.
