8 Important Money Decisions for Every Couple by Russ Crosson

Author:Russ Crosson
Language: eng
Format: epub
ISBN: 9780736946230
Publisher: Harvest House Publishers, Inc.

Involving the wife in handling the finances has the benefit of also encouraging her skills in handling money if something happens to the husband. In my business, it’s not uncommon to run across widows whose husbands handled all the financial issues with no involvement on her part. In these cases, the recent widows didn’t have a clue about how to pay the bills, what bills there were to pay, and when to pay them. They also didn’t know where the wills were, what insurance policies were in force, and even how many bank accounts they had or where they were.

Husbands, part of our responsibility is to involve our wives in the budgeting process so they will be aware of what’s going on financially in case something happens to us. It’s also important to establish good relationships with people you trust so your wife can turn to them for advice in case of your death. I’ve found that this is one of the reasons many of our clients have established a working relationship with our firm. By already having a relationship established with us, the husband gives the wife a place to turn for trusted financial and estate counsel if something happens to him.

Although I balance our family checkbook, I periodically ask Julie to do it so she knows what’s going on. It helps her know what bills we have, how much they are, and when they’re due. We also go over our wills, insurance, and investments once a year to make sure we’re on the same page.

The wife should have a checkbook, debit card, credit card, and cash, just as the husband does. She shouldn’t be relegated to “being on the dole” for cash. She should have the same cash-flow resources as the husband. If discord arises, both husband and wife should ask themselves hard questions. As head of the household, the husband should lead in this. He should first examine his motives. Why does he want to handle the finances this way? Is he being over-controlling? Why does he want to have so much control? Has lack of communication contributed to unhealthy practices, such as excessive control, deception, or hoarding cash? The wife should examine her motives to see if she’s doing all she can to respect and honor her husband and work with him to steward their finances in a God-honoring way. A godly couple should strive to make Psalm 34:3 a verse for their relationship: “O magnify the LORD with me, and let us exalt His name together.”

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