Five Ways to Achieve Full Financial Honesty with Your Spouse

When two people who have been raised in two different environments come together in marriage, I can guarantee you there will be challenges in that relationship. The three biggest challenges are finances, sex, and communication.

Honesty with your spouse will create a level of trust that will be hard to shake. Too often in marriage there are secrets, hidden activities, and untold mysteries when it comes to finances. Many people are afraid to tell the truth to their spouse about what they are doing with their money. Some people have been taught by their parents to put a little on the side in case the marriage does not work out. With that mentality, you are preparing for failure.

I have heard many stories of people who allowed their spouses to solely handle their finances. Unfortunately, when that spouse died, the person was grieved even more to find out not only that they were broke but maybe also left with debt. This should not happen in a Christian marriage. So, if full disclosure about finances is to be achieved, how should it be done?

1. Set up a system for recording family income and expenses. Review it on a systematic basis. Which areas hit the mark?
   Which areas need improvement? Remember, you are a team working together for a common goal: financial freedom.
   
2. All income, including income from side jobs and unexpected income in addition to your regular paycheck, must be accounted for.
   
3. All income goes into one bank account. All disbursements, including tithes, living expenses, bill payments, deposits to savings accounts, allowances for children and spouses, and deposits to investment accounts must be made from this account.
   
4. Neither spouse should be allowed to spend over an agreed upon amount from the account without getting an okay from the other spouse. That being said, each spouse could have a personal “allowance” to spend at their discretion.
   
5. Encourage your children to observe this process so they will learn early on how to handle money wisely.

Everyone in the household will know what their family’s financial goals are as well as their current financial situation. Then, hopefully, family members will prayerfully temper their requests accordingly.

About the Author

Frank Collins Jr. is the lead pastor of Breath of Life Christian Church in Harper Woods, Michigan. Born and raised in Detroit, Michigan, he is a retired skilled trades teacher and journeyman plumber. A certified human behavior counselor, Frank holds a B.A. degree in Biblical Science and is currently a graduate student at Moody Theological Seminary in Plymouth, Michigan, pursuing a Master of Divinity Degree. 

Frank genuinely loves God and people. It is his heart’s desire to help others become growing disciples for Christ so that they can enlarge His Kingdom on earth and subsequently take their place in heaven. He has been happily married to Renita since 1998. They have five beautiful children: Andrew, Kimberly (deceased), David, Frank III, and Raina.