Marriage – the facts you need to know - 32
· You need to know to not budget for the best of times, but the worst of times. Then during the best of times you can save. And during the worst of times you can survive.
· You need to know money comes and goes. Couples in stable marriages handle it.
· You need to know that if you live below your means, money will not be an issue.
· You need to know to budget for the unexpected. The computer breaking, the doctor's bill being double what you thought, the brakes wearing out—they could all happen in the same week.
· You need to know there's a difference between a regular savings account (the future) and an emergency savings account (a broken water pipe in your attic).
· You need to know you need six months of expenses tucked away in an emergency savings account.
· You need to know you don't need a lot of money to start saving. Just a lot of agreement. And willpower.
· You need to know it's important to regularly discuss your financial situation.
· You need to know to do estate planning along with your wedding planning.
· You need to know to pray for wisdom about money.
· You need to know that when things get tough financially, God has not departed the scene.
· You need to know to establish upper limits on spending—and to stick to them. Like the upper limit on children's Christmas gifts. The upper limit for birthday parties.
· You need to know if one person spends like there's no tomorrow, the other person will be scared to death.
· You need to know poverty can be a marriage killer.
· You need to know the spending habits he has when he's twenty-five will not be substantially different when he's fifty-five.
· You need to know the IRS takes a dim view of unreported income and tends to blame both people.
· You need to know financial crises are gut-wrenching, agonizing, and most importantly—survivable.
· You need to know it's childish to try to outspend each other in the name of fairness. ("You spent Rs. 10,000 on a refrigerator, so I'm buying Rs. 10,000 golf clubs.")
· You need to know that money, used wisely, can pay for a nice house, food on the table, college for the kids, and make other people's lives better.
· You need to know you don't need a lot of money to furnish a home or apartment.