Helping Couples Survive Financially – Part 3
Once you have mastered the Do’s and Don’ts of finance for couples, I would suggest practicing the art of delayed gratification. We live in a fast-food world. A world where keeping up with everybody else seems to be in fashion. The reality is most people are living in debt. I call debt a counterfeit for true wealth and prosperity. I don’t want a counterfeit. I want the real deal so that I am able to be financially free and able to give for any good purpose. The Apostle Paul said in 2 Corinthians 9:7-8 (CEV) “Each of you must make up your own mind about how much to give. But don’t feel sorry that you must give and don’t feel that you are forced to give. God loves people who love to give. 8 God can bless you with everything you need, and you will always have more than enough to do all kinds of good things for others.”
Save For A Rainy Day…And More
Starting a family or retiring from your job might seem like a long way off, but it pays to start planning early. Saving and investing is an essential part of your financial game plan — and it means more than just putting a few dollars in a savings account. Your savings game plan should include:
1. Emergencies: Americans who haven’t set aside emergency funds to cover expenses in case of sickness, job loss or economic downturn lack a necessary buffer against unexpected financial surprises. Experts suggest having at least three to six months’ worth of your living expenses set away in a rainy day fund to cover emergency expenses. Shockingly, almost three in 10 U.S. adults have no emergency savings at all, with only one in four admitting to having a rainy day fund, but not enough money in it to cover three months’ worth of living expenses.
2. Short Term Goals: Maybe you’re dreaming of a summer vacation, new appliances for your home or another big-ticket purchase. Save up for things like travel — it’s better to pay cash than get locked into high interest credit card debt. This account is for money that you set aside for expenses you want to purchase within a short-term time frame. Maybe you’re dreaming of a summer vacation, new appliances for your home or another big-ticket purchase. Save up for things like travel — it’s better to pay cash than get locked into high interest credit card debt.
3. Long Term Goals: This is where your retirement savings, college fund and other long-range savings will go. Because these savings have more of a long-term time horizon, you can use investment vehicles with potential for a higher rate of return, such as equity mutual funds.
It might seem overwhelming at first to think about establishing these accounts, however, not establishing them will result in even greater stress and anxiety. As a psychologist and pastor for over 40 years, I have watched money issues destroy the lives of many individuals and marriages. Let us turn to Biblical principles of finance and submit our plans to God allowing Him to direct our path