Family Finances PART SET Dr MargiAnne Isaia, MD MPH PCC-T DrAnneenthusiasticLife 7

FAMILY HEALTH – FINANCIAL MATTERS The issue of money has the ability to make or break the relationship bond Money - a means to survival: Making money is something we all have to do whether we're in a relationship or not. When money is valued for what it is--a means to survival--a couple can use it to build a future, or provide for the things that are most important to them. If money is lacking, survival becomes more of a challenge, but the value of the relationship stays the same.

MONEY A MEANS TOWARD POWER, CONTROL, ADORATION OR SEDUCTIONS Each partner brings his own rendition of money values to the table. When money is valued as power or control by one, or both partners, one of the partners will tend to place blame on the other partner when money problems arise. It's at this point that the effects of money on a relationship are felt. Marriage statistics show money issues as a leading cause of divorce. Analysts predict that the rise in bankruptcies and foreclosures will see a substantial increase in divorce rates within the coming years. Money problems are a symptom of deeper problems that haven't been addressed in the relationship.

MONEY MANAGEMENT – A BUSINESS PERSPECTIVE Establish financial habits in your relationship: - If you are planning to get married; - If you are already married and money is an issue. Identify each other’s attitude when it comes to finances: If you are aware of your differences, it will be easier to deal with conflict when it arises. Be able to ask questions and make sure that your partner isn't making financial mistakes: If you are willing to deal with whatever your partner says and don’t get angry, you are encouraging your partner to be honest with you and explain how or why they've been spending

MONEY MANAGEMENT – A BUSINESS PERSPECTIVE Talk about how to handle your finances together: Keeping a joint account lets you both see your finances and account for what each other spends. Overcome overspending: If you or your spouse constantly goes shopping or shows off new things, she/he may be spending too much money. Decide on spending money amounts: It will help you decide how much to put into savings or retirement plans each month.

MONEY HARMONY STEPS FORM A HABIT. Schedule a financial discussion for once a month. Don't wait until one of you has run up a huge bill--the key is to have a calm conversation when there's no money crisis. RESEARCH FAMILY HISTORY. Each of you should talk about how your parents handled money. This will give you insight into her money issues. PRIORITIZE. Rank your financial goals together. You want to know what you're saving or investing for. Money Harmony “it’s all about finding common ground. Couples have to harmonize their goals.“ Olivia Mellan

FINANCIAL MATTERS CLASSICAL AUTHOR “Parents are to bring up and educate and train their children in habits of self- control and self-denial. They are to educate their children that there is a need of living in accordance with simple habits in their daily life, and to avoid expensive dress, expensive diet, expensive houses, and expensive furniture.” EGW AH 386.1

FINANCIAL MATTERS CLASSICAL AUTHOR “When very young, children should be educated to read, to write, to understand figures, to keep their own accounts. They may go forward, advancing step by step in this knowledge. But before everything else, they should be taught that the fear of the Lord is the beginning of wisdom.” EGW AH “Money is to be regarded as a gift entrusted to us of God to do His work, to build up His kingdom, and the youth should learn to restrict their desires.” EGW AH 386.3

FINANCIAL MATTERS CLASSICAL AUTHOR “The very best legacy which parents can leave their children is knowledge of useful labor and the example of a life characterized by disinterested benevolence. By such a life they show the true value of money, that it is only to be appreciated for the good that it will accomplish in relieving their own wants and the necessities of others, and in advancing the cause of God.”EGW AH 390.1

FAMILY REFLECTION Do you like to save money while your spouse likes to spend every dime? Is one of you very open about finances while the other thinks it should be a secret? How did you handle your finances when you were single? How much of your income do you plan to save? What is the lowest amount you are comfortable having in a savings account? Do you ever spend money when you shouldn’t? How disciplined are you when it comes to buying things you want?

REFERENCES Mellan, O., Money Harmony, 1982 White, E. G., Adventist Home, 1952