As heard on MoneyLife :
Chuck welcomes Hal and Carla White to the program today to talk about money in marriage—specifically how to overcome different financial perspectives held by spouses.
Hal is Crown's Vice President in charge of the North American Field Staff. Hal was first introduced to Crown Financial Ministries in 1992 when he and Carla took the Small Group Bible Study. Now, after an 11 year effort, Hal and Carla are completely debt free.
Chuck begins the discussion by pointing out that marriages start out filled with excitement and optimism, but one of the first challenges facing spouses is that they have widely divergent views about money.
Hal and Carla White were such a couple--with different ideas about money before their wedding. Hal’s father had saved diligently for retirement, but died of Alzheimer’s Disease at 55. This deeply affected Hal's attitude about money. He decided to spend in order to “live now.”
Carla came from a comfortable middle class family. Her father was a saver, too. However, while she caught the saving bug from her dad, Carla says she was fearful she wouldn’t have enough, so she saved money as a security blanket.
Hal says these different perspectives about money occasionally led to conflict. Carla wanted to save and invest for retirement, something that held no interest for him.
Before their marriage, Carla never paid full price for anything, while Hal didn’t want to buy sale items that “nobody wanted."
Realizing they needed to reconcile these differences, the two decided to take Crown's Biblical Financial Study shortly before the wedding.
Hal says his heart was transformed by the study and he began to grow in Carla’s direction.
On the day of their wedding, Hal and Carla were $30,000 in debt. The good news was that the Crown small group study had prepared them for the challenge that lay ahead.
Carla says that although she was always a saver, she never considered student loans and car loans as "debt," since they had always had these in her family. As a result of taking the Crown study, the couple developed a plan to pay off their student loans, car loans, and consumer debt.
Incredibly, Hal and Carla paid off their $30,000 debt in 1 year! It wasn't easy, though. They made major lifestyle changes, forgoing entertainment and sticking to their budget, they threw all of their surplus money at paying off their consumer debt.
But they didn't stop there. Hal and Carla say their next big goal ws paying off their home mortgage as quickly as possible, which they achieved just a few weeks ago. They are now completely debt free!
Hal and Carla say they now live by a simple three word motto: Give, Save, Live, in that order. They give as much as possible to God's Kingdom. They save everything they can as good stewards of God's resources. Whatever is left, says the couple, they live on.
Chuck says he received help, hope and insight from Hal and Carla’s story. Conflict over money is one of the top reasons for divorce. It’s vital for couples to get on the same page. Chuck says here's how you can do it:
- Start small
- Be honest about debts
- Ask forgiveness from spouse, be willing to meet in the middle, whether you’re the saver or the spender
- The Lord wants two to become one, so having common goals will help couples agree on major financial decisions
Tomorrow, Crown Co-Founder Howard Dayton joins Chuck to give practical advice for resolving money issues in marriage. Don't miss it!
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