Christian Financial Planning, Budgeting & Investing

Financial planning decisions

  • Larry Burkett Co-CEO of Crown Financial Ministries
  • 2002 7 Sep
Financial planning decisions
Wives must take an active role in the responsibility of financial planning. That will happen only if a couple spends an appropriate amount of time to plan.

If a married couple would spend one full day every year to decide how their income should be allocated, that would be an investment of time that would pay off handsomely.
  • Yearly budget- Husband and wife need to work together to establish a budget for everything they spend. Every budget item should be discussed thoroughly and prayerfully in order to develop a fair and reasonable budget.

  • Windfall plan - The budget organizes and controls normal income. However, in addition, a couple should agree beforehand on a reasonable and equitable plan to spend any additional income, from such things as bonuses or overtime pay. How extra income is spent can be frustrating if wants are ignored. Marriage is a true partnership and partners must share in all decisions.

  • No-win plan - A chief source of conflict is a "his money, her money" attitude. Whether income is earned or comes from a windfall, such as an inheritance, if a husband or wife attempts to segregate finances, a clear message is communicated: "I don't trust you." In the event of remarriage after being widowed or divorced, when assets from a previous marriage or inheritance are held back, this frequently allows a wedge to be driven between two people who are supposed to be one.

  • Long-range plan - Generally, women live longer than men do. Yet, few women are involved in long-range financial planning. Many don't want to discuss things like business goals, wills and trusts, or investments. As a result, such plans lack the essential feminine viewpoint, the proper balance that God built into the marriage partnership.

  • Delaying long-range planning is not an option - If you wait long enough, those long-range plans will become short-range plans, and then there will be no alternatives available.
"Which one of you, when he wants to build a tower, does not first sit down and calculate the cost to see if he has enough to complete it?" (Luke 14:28).

Click here to read other stewardship articles by Larry Burkett.