Financial Planning for Couples Step 6: Make an Action Plan

Make sure to give yourselves some time to process all that you've learned in the first five steps. Go back through each step and try to extract the most important things you learned and the practices you and your spouse committed to. Separately, make a list of financial practices that you would like to hold to and goals that you would like to meet. This list might include things like:

1) We will avoid going into debt. We will not purchase items we do not have the money for, and we will pay our credit card balance to zero every month.

2) Each of us will have $50 a month in personal spending money. We will use this money for purchases like clothes, make-up, DVDs, music, and going out with friends. If one of us does not spend his or her allotted amount, it can rollover to the next month for a larger purchase. If either of us goes over the allotted amount, that person's personal spending money for next month will be zero.

3) We will not spend more than $100 a month on entertainment and eating out.

4) We both desire to save our money and purchase a new computer. Our goal is to save $50 a month until we reach the required amount.

5) Since we both like to do different things on vacation, we will take turns planning our holidays.

6) We will put 10% of our income into a savings account for our children's education.

When you each have your list, take some time to compare what you have written. You will certainly need to compromise here, but your final set of statements should reflect each individual's needs and preferences. Take some time to revise and rewrite your statements until you both agree to them.

Make it official by typing out and printing a copy that you can sign together. Don't be embarrassed to ask trusted friends and family members to keep you accountable. If you are the spouse who "breaks the rules" that you've agreed to, don't try to lighten your consequence or make excuses for your behavior. Having clear boundaries will help both of you grow and deepen your trust for each other. Try to avoid discussing financial matters in the heat of the moment or nagging to get your way. Set a time once a week to evaluate your finances in light of these goals.

If you are having trouble pinning down your financial statements and goals, ask a friend to moderate your conversation and help you reach a compromise. Working through this process will certainly be hard work, but if you and your spouse come into it with a genuine desire to serve and bless your mate, you will draw closer to each other and start eliminating unnecessary stress and anxiety in your marriage.

Bibliography:

Cloud, Henry & John Townsend. 1999. Boundaries in Marriage. Grand Rapids,

Michigan: Zondervan.

If you haven't read steps 1-5 in the Money & Marriage: Six Steps to Less Stress series, check out Heather Carreiro's content producer page.