The document emphasizes the importance of managing family finances to avoid financial struggles, which can lead to stress and divorce. It covers topics like budgeting, sharing money in relationships, teaching children about finances, setting financial goals, and distinguishing between needs and wants. Overall, it advocates for a proactive approach to financial management through planning, collaboration, and education.

1. Managing Family Finance
Lowenfield and Terry‐Ann Alleyne

2. What We Will Cover
Importance of Managing Finance
The “B” Word
Whose Money?
Children & Money
Financial Goal Setting

3. Introduction
Luke 16:11 (KJV)
If therefore ye have not been faithful in the unrighteous mammon, who
will commit to your trust the true riches?
unrighteous mammon = worldly wealth
How we handle money reveals our depth of
commitment to Christ

4. ACTIVITY # 1
Worksheet 1: Your Thoughts on Money
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5. Importance of Managing Finance
Financial struggles are one of the main causes of divorce in first
marriages
Most people are overwhelmed by finances
It turns out finances are 80% behavior, 20% knowledge

6. Importance of Managing Finance
• Control our Lifestyle
• Live on less than we make
• Have a plan
• Make money behave
• Have goals
• … and FOLLOWING THROUGH
Managing finance provides freedom
and not restrictions

7. The “B” Word
Luke 14:28 (KJV)
For which of you, intending to build a tower, sitteth not down
first, and counteth the cost, whether he have sufficient to
finish it?
Develop a budget TOGETHER
Spend every dime on paper before
the month begins

8. The “B” Word
Track actual spending to compare against budget
As far as is possible spend within the budget
In reality a budget is very liberating
• Gives a sense of direction
• Gives hope
• Makes your money behave!
• Instant Raise!

9. Whose Money?
Proverbs 31:10‐11 (KJV)
Who can find a virtuous woman? for her price is far above rubies.
The heart of her husband doth safely trust in her, so that he shall
have no need of spoil.

10. Whose Money?
75% of married adults say they share all their money
28% of women maintain separate accounts
20% of men maintain separate accounts
Restoring Our Attitudes on Finances, Dwayne Wilson,
Florida School of Preaching

11. Children & Money
Do you inform your children of the family’s financial condition?
Do you teach your children money management?
Do you allow your children to earn their money?

12. Children & Money
• Children who are informed about the family’s financial
condition experience less financial stress and make more
reasonable requests/demands.
• Children generally manage money that was earned more
carefully than money that was given to them.

13. Children & Money
Adult children given more money accumulate less while those
who are given less money accumulate more.
Proverbs 22:6(KJV)
Train up a child in the way he should go: and when he is old,
he will not depart from it.

14. Financial Goal Setting
Specific. Set goals you can clearly name.
Measurable. Determine the amount of time and money it will take to
reach them.
Attainable and Achievable. Given your financial situation, the amount
to set aside needs to fit within your overall budget.
Realistic. You may need to be more practical about the goal
you have set.
Time bound. Set a specific
target date.

15. ACTIVITY
Worksheet 2: Goal Setting
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16. Goal Setting Example
Goal #1: Emergency Fund (a sample)
Target Date Total Cost Amount Already Saved Amount to Save Each Month
(25 months
from today)
March 5, 2015
$150,000.00
3 months’ expenses
(up to 6 months’
expenses desirable)
$10,000.00 $150,000 – $10,000 = $140,000
$140,000 ÷ 25 months = $5,600per
month
Obstacles to overcome:
• other demands for current expenses
• other goals and priorities
• current spending habits
• limited amount of money coming in each month
• an emergency fund has not been a priority before
• defining what is an emergency
Step 1: Save all loose change for the emergency fund.
Step 2: Buy items on sale and put savings into emergency fund.
Step 3: Pack lunch at least twice each week and put savings in fund.
Step 4: Direct deposit $3,000/month into savings account.

17. Needs, Wants, and Cupcakes
Icing and decorations represent wants, the
extra items that make our lives interesting
and enjoyable.
The cake part of a cupcake represents our
needs. They must be present and
addressed before considering any icing or
decorations (wants).
When making spending decisions, consider if your needs are met before spending
on any of your wants. What you determine to be a need versus a want will
depend on your personal values, just like your preference for different types of
cupcakes.

18. Conclusion
Separate wants from needs (cup cake illustration)
Have a plan
Partner in money management
Make money behave
Teach children the value of money
Practice SMART goal setting
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