Four things to agree on before marriage – Part 3
SO far, we have been looking at the need for intending couples to agree on certain important issues before they marry, so that there will be less friction in the home.
The third important agreement to make about money is the agreement to SAVE part of your income on a monthly basis.
Do not say what you are earning is not enough to meet your needs, because it will never be enough even if you earn millions monthly. IF YOU DO NOT HAVE A SAVING CULTURE, THEN YOU HAVE NO FUTURE.
Earlier on as a married man, I used to find it difficult to pay my child’s school fees in nursery school, because I would wait until beginning of the term to look for money. But after attending a seminar in Singapore, I never had problems paying my children’s school fees because from the beginning of the year, I started saving towards school fees. Do not wait until your rent is about to expire before looking for money. Save monthly towards the rent and save yourself from any embarrassment.
Ideally, I recommend that couples save 20% of their income, but if that is too much, then save 10% or 5% but make it a habit to save monthly. I know people who have acquired valuable assets because when the opportunity came for them to buy them at a giveaway price, they had cash in their savings account.
Also, the purpose of saving is not just to be able to meet needs, but to enable you build enough reserve for investments. This is because keeping your money in your savings account over time will not be able to match the rate of inflation, so it is advisable that when you have enough saving, you invest such money in ventures like stocks, Federal Government Bonds, Treasury Bills and Real Estate.
The Fourth area to agree on is to run a MONTHLY BUDGET. This helps to prevent impulsive buying. Having a monthly budget helps to allocate resources into areas of need, based on priority.
A typical family budget should make allowance for Food, Clothing, Toiletries, Laundry, Fuel/Transportation, Utilities (Electricity/water), Tithe, Offerings, Entertainment, Pocket money for you and your spouse, family support (dependents like parents and siblings), newspapers, books, periodical and savings.
Once monthly budget is in place, you must agree that both of you will be disciplined enough to implement it. If you need to adjust the budget in view of unforeseen expenditure, then sit down again and look at it together.
Stop buying things on credit or things you cannot afford in order to impress people. You don’t have to buy the most expensive things because you want to be trendy like others. Only buy those things you can afford and which have been budgeted for.
More in my Book “4 Things Intending Couples Must Agree on Before Marriage”
For enquiries contact: Elshaddai Covenant Church, 7, Social Club Road, Off Charity Road, Abule-Egba. Tel: 08080929292; 08182281184 (WhatsApp messages only).
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