Money and Millenials
Marriage requires balance in so many ways. Nowhere is that more true than finances. A balanced budget is a firm foundation for all couples but especially new couples just getting started. The biggest problem to be solved in financial management is DEBT. Getting out of debt is the #1 goal for most people. It would seem that in the case of millenials, student debt in particular is a giant to be conquered. Debt will not simply go away with a “magic wand”. A couple must intentionally plan to work together to get out of debt or it can be a serious threat to their marriage. Just consider a recent Lending Tree report revealing that the typical millenial living in the city has $23,064 in debt. Unresolved student debt according to another report has caused divorce in 1 out of 8 young marriages.
So what do you do specifically to turn things around?
1. Both of you must pull together on this so you need to get in agreement with God and one another. The process will likely test your resolve and involve some sacrifices.
Pray and ask God for the unity and strength to make this happen for the sake of your marriage and your family if you have children.
2. Agree to spend less than you make before you even begin putting the plan together. You need to make this a 100% commitment. Whatever it takes you need to figure out how to live within your means. The difference between what you make and what you spend is the margin you will need to create to pay off the debt.
3. Assign responsibility to one of you to be the bookkeeper. You need to monitor the spending so you don’t go further into debt. You need to apply brakes.
4. Develop a realistic plan that you both understand and support. You might want to consider the help of Dave Ramsey’s Financial Peace University course for only $129. You can go through it at home or with a group. Invest in your marriage and the returns will be very rewarding in more ways than one.
As you go through this together, God will make you stronger through the changes as become a team. Also, a wonderful model for any children observing how Mom and Dad are such good stewards of God’s money!