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Wondering if what's yours is mine should include your bank account? You're not the only one. Hi, I'm Rob West. Marriage is about becoming one. But what does that mean for your money?
Should couples combine accounts or keep them separate? Today we'll explore what scripture says about financial unity in marriage and why shared finances reflect shared lives. And then it's on to your calls at 800-525-7000. That's 800-525-7000. This is Faith in Finance, biblical wisdom for your financial decisions.
In Mark 10, 7 and 8, Jesus gives us a powerful image of marriage. He says, Therefore a man shall leave his father and mother and hold fast to his wife, and the two shall become one flesh. That phrase, one flesh, describes a union that is physical, emotional, and spiritual. But does it also extend to the practical, such as how we handle our finances? The Bible doesn't speak directly to separate checking accounts, but it offers timeless wisdom about unity, trust, and stewardship within marriage.
You see, God designed marriage not just as a romantic partnership, but as a shared life that includes how we set goals, make decisions, and yes, how we steward his resources. Joint accounts aren't a biblical requirement.
However, they do offer a clear path toward transparency and mutual accountability, two things scripture commands us to pursue.
Now I want to be clear that separate accounts aren't inherently sinful. In fact, there may be practical reasons why some couples start with them, especially in second marriages or when dealing with past debt. But be cautious. Separate accounts can become symbolic of separate lives. I remember a story of a friend of mine.
He was a banker at the time. One day a woman came into the bank, visibly shaken. She had just discovered that her husband had a secret credit card. Not just that, but he had racked up thousands of dollars in gambling debt. The shock on her face wasn't just about the money, it was about the betrayal.
She thought they were building a life together, but now she realized that he had been hiding something major. Sadly, that marriage began to unravel right there in the bank lobby. My friend watched it happen. That's why financial infidelity, yes, that's a real term, is so devastating. It's not just about the dollars and cents, it's really about broken trust.
God calls us to something better. Ephesians 5:21 says, Submit to one another out of reverence for Christ. That includes how we manage money. Marriage is about mutual care, sacrificial love, and shared purpose. And your finances are one of the most tangible ways that plays out day to day.
So, what does financial oneness look like in real life?
Well, here are a few practical steps you can take. First, hold regular money dates. Set aside time each month to discuss your finances, your budget, giving, and both short and long-term goals. These don't have to be long or stressful. In fact, they can become a life-giving rhythm in your marriage.
You'll grow in communication and unity simply by showing up consistently. Second, build a shared emergency fund. Saving three to six months of expenses together is a powerful way to prepare for the unexpected and demonstrate mutual trust. You're saying, We're in this together, come what may. Third, use tools that foster unity.
The FaithFy app is a great place to start. It helps you build a budget, track your spending, and see your finances clearly all in one place. And because it's built on biblical principles, it's more than a tool. It's a discipleship resource. Julie and I use it in our financial lives every day, and you can download it from your app store.
Remember, financial unity isn't merely about having one account. It's about sharing a vision, building trust, and stewarding God's provision as one. At the end of the day, this conversation isn't just about bank accounts. It's about our hearts. When we pursue oneness in our finances, we're doing more than creating peace in our homes.
We're offering the world a glimpse of the gospel. Our unity as spouses becomes a testimony of Christ's unshakable bond with his body, a commitment marked by grace, mutual care, and faithful provision.
So, whether you have joint accounts or are just now starting the conversation, ask yourself: are we truly walking as one? Are our financial decisions marked by trust, transparency, and a shared vision for honoring God? As you make decisions about joint or separate accounts, keep your eyes on the bigger picture. Strive for oneness, not just in your finances, but in your hearts, your goals, and your walk with God. And when you do, your marriage will reflect the beauty of the one who gave himself up for all of us.
If you want to explore this topic further, I want to invite you to become a Faith By partner. For just $35 a month or $400 a year, you'll receive exclusive benefits, including our quarterly printed magazine, Faithful Steward. It's full of biblical wisdom and practical tools to help you grow as a Faithful Steward. Just go to faithfy.com/slash partner. Back with your questions after this.
Stick around. If you love what you hear on this program, there's even more waiting for you at FaithFi.com. Explore podcasts, videos, articles, Bible studies, and devotionals, all designed to help you see God as your ultimate treasure and money as a tool to advance his kingdom. Pursue wisdom, practice generosity, and steward God's resources in a community with others who share your faith. Visit FaithFi.com to take the next step in your faith and financial journey today.
That's faithfi.com. Faith in Finance is thankful for support from The Good Investor, a book by Robin John. In his book, Robin shares his journey from an immigrant child struggling in school to co-founder and CEO of Eventide Asset Management, a faith-based investment firm. This Faith and Work memoir seeks to inspire readers to view their work and investments as opportunities to honor God and bring blessing to the world. More information is available at goodinvestor.com.
That's goodinvestor.com. Great to have you with us today on Faith in Finance. I'm Rob West.
So glad you're along with us today. If you have questions today in your financial life, go ahead and call right now. We do have some lines open, although they won't be open for long.
So now's a great time to call 800-525-7000. Again, that number is 800-525-7000. We'd love to tackle whatever you're thinking about in your financial life today.
Now, before we dive into those questions in the news today, and I think this really goes back to biblical wisdom, but Schwab, as in Charles Schwab, has an interesting article about managing your finances in uncertain times. And I couldn't help but notice how much biblical wisdom is in their suggestions. You'll see what I mean as I go through this because, you know, they're all things we at Faith and Finance are always talking to you about on this program.
Now, there's no question that life has a way of surprising us and not always in good ways. I mean, it could be a job loss or a major medical expense, even a natural disaster can quickly throw your financial plans off track. And that's why it's so important to prepare in advance.
So when challenges come, you can respond with wisdom instead of panic.
Now, here were those suggestions from the Schwab article. First, build an emergency fund. You'll say this sounds familiar. Aim for three months, three to six months of expenses that are in a liquid, easily accessible account that will usually be in an online bank. That cushion will buy you time.
And reduce stress. Interestingly, I got a call from a listener, I believe it was late last year, and she said, Rob, almost to the month. That I completed my six months. And just to back up for a second, she did not have an emergency fund. She started listening to this program.
She said, you know what? That's something I need to do.
So she started saving and trimming her budget.
Well, almost to the month that she got to six months worth of expenses, she lost her job completely out of left field. And it wasn't just that she was able to weather that, she was. But here's what happened. She was able to stop for a moment and have a few months because of that cushion to say, God, are you redirecting me? What do you have for me?
And what does my future look like? What are you calling me to? And she really felt the Holy Spirit impressing upon her during that season of pause and listening that he was directing her overseas, that she was to go into full-time missions, which was not what she was doing prior to this job loss. And it's not that the Holy Spirit couldn't have impressed that upon her if she didn't have that emergency fund. But I think, you know, what she was saying was: because I had it, I was able to stop and listen and not be so focused on just paying the bills.
And, Rob, would you know that next month I'm leaving for full-time mission work? I'm going overseas, and I just want to tell you how much this program has impacted my life. That's amazing. And that's God's principles at work in our lives. And certainly we see that time and time again.
All right, back to this Schwab article. Second, review your insurance coverage: health, disability, homeowners, renters, and auto insurance. These protect you from devastating out-of-pocket costs.
So make sure your coverage still fits your situation. Then manage your debt wisely and form a plan to get rid of it as quickly as possible. High interest debt makes you more vulnerable in a crisis, so pay it down when times are stable and avoid adding new debt, especially now in times of uncertainty and certainly while these interest rates are high. It also helps to diversify your income sources. Perhaps a side job or freelance work or investment income can provide stability if your primary paycheck is disrupted.
And then finally, and this comes from the Schwab article: keep perspective. Unexpected events test not only your wallet, but also your mindset.
So, stay focused on long-term goals, avoid rash decisions, and lean on trusted advisors when you need them. And let me add, and this is most important: bring God into your finances. Pray for wisdom, like James 1:5 encourages us to do.
So, while you can't control every surprise life throws your way, you can prepare your finances to weather the storm. And a few intentional steps now may make all the difference later. I hope that helps and is a good reminder for you today. Let's go to Illinois. Hi, Terry.
How can I help you? Hi, Rob. I really appreciate your program. Thank you so much for doing what you do. I I have a question.
We did pay off our house. The title company still has our title for our home. I was wondering, do we leave it with them? As a safe spot, or do we take it out and put it, I don't know, in a safety deposit box or What do you do with your title once you pay off your home? Yeah, well, once the mortgage is paid off, the lender is required to provide what's called a deed of reconveyance.
Uh what regardless of when you pay it off. And basically, that just puts the deed back with you now that the lien has been satisfied. Generally, that happens through the mail.
So, what I'm afraid happened is perhaps they sent it and maybe you didn't realize what it was and it got tossed, or maybe they just made a mistake. But the fact that this has gone on so long, I mean, usually this takes 60 days.
So, something is definitely wrong that you haven't received that paperwork in two years. All states have deadlines for sending these papers back to homeowners, and there's penalties if they don't do it in a timely manner.
So, what I'd probably do is just call the mortgage company and say, Listen, I paid this off two years ago. I didn't get the deed of reconveyance. Can you check your files and tell me what the status is, whether it was sent? And if so, or if not, can you resend it? Or even if it was, I need a copy of that.
And then, you know, you would store that in a fireproof safe or a safe deposit box at your local bank typically because that's a really important document. Does that make sense? Yes. It's a deed of recon what is it? Yeah, reconveyance.
Deed of reconveyance is what you're looking for. And the lender is required to provide that once the mortgage is paid off in a timely fashion.
Okay. Thank you so much. I really appreciate this. Absolutely. Thank you for your call today.
Let's go to St. Louis. Hi, Joyce. How can I help? I have come into some funds that I'd like to be able to give some advice on in terms of a small amount.
You're talking about 20,000. And I'm trying to figure out the best way to invest it.
So if you could give me a few corners, it would be great. I'd be happy to, Joyce.
So you came into $20,000. And as you think about how you might use this in the future, what kind of time horizon would you attach to your use of this money? I've got something that I need right now, so I think it will be ongoing. I'm going to. be able to help to build my reserves use this money to do that.
Yeah. That'd be pretty safe, I guess. Sure. Yeah, you used the word reserves. I like that.
So, what we would typically call your emergency fund or your emergency reserves, we'd like for you to have three to six months' worth of expenses.
So, if you were to total up all your bills on a monthly basis and then multiply that by three or as much as six, that'd be a great starting point for your reserves. Do you have some emergency savings already set aside prior to receiving this $20,000 or would this really be it? Just a little, you know, is probably enough for one month more for one month.
Okay. Yeah. So if you're looking to kind of make this a part of your emergency reserves, I think a high yield savings account is a great option.
So you're talking about a bank, a savings account that's FDIC insured.
So there's very little risk about the lowest risk you could take because it's backed by the U.S. government, even though there's risk in everything. It's very small.
So what I would do, if you're open to it, is look for an online bank at bankrate.com. Go to bankrate.com, click on high yield savings. They'll rank as of today who has the very best rates. They'll offer a five-star rating system on the bank itself and tell you whether it's FDIC insured. I would use that, open that online savings and link it to your checking.
Be a great place to store this. We'll be right back. Stay with us. Wondering who Faith and Finance recommends as a banking partner that aligns with Christian values? It's Christian Community Credit Union.
When you open a high-yield checking, savings, or Visa cash back card, you'll help advance the gospel when making everyday transactions. Visit faithfy.com slash banking and use code FAITHFY when you sign up. That's faithfy.com slash banking with code FAITHFI. Membership eligibility required. Each account is insured up to $250,000.
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Learn more at chministries.org slash faithfi. Great to have you with us today on Faith and Finance. We're taking your calls and questions today. Lines are filling up, but we've still got room for a few more.
So if you have a financial question, you can call right now. 800-525-7000 is the number to call. Let's head back to the phones. We'll go to Indiana. Hi, Norma.
Thanks for your patience. Go ahead. Yes. Um, when I had my first baby, I uh had an attorney in a draft a will. And now I'm finding all of this about probate.
So my youngest is going to be eighteen. at the end of April. I am looking to see what I can do instead of having a Will. Because of probate court. Yeah.
So What I did is all of my accounts have beneficiaries. bank accounts are beneficiaries. Uh and I'm looking to get my house, um Title you know, transfer apple and death.
So, what would you advise for that? How can I get rid of that? Oh, that will, because it doesn't apply anymore. My kids are older and other people that I put there, they're not longer. A part of it.
Yeah, very good.
Well, you're doing some great things here, Norma. I love that you're being proactive here. Number one, number two, you've got those beneficiary designations on all your financial accounts, your investment accounts and bank accounts and so forth, life insurance policies. That's great. Those are going to pass outside of probate.
The TOD deed or, you know, in the state of Indiana is available. It's not available in every state. And so you can have the TOD designation on a piece of property. That would pass outside of probate. I would recommend you still keep the will.
I mean, you can dissolve it at any time. If it wasn't registered at the county probate office, you simply tear it up and draft a new one. If it was, you'll have to take the new one, you know, take it down to the probate office and go through the procedure for replacing the will. And I would recommend you have an attorney help you with that. You do want a will, though, just as a catch-all for anything that's not inside the trust.
Because if you were to put a trust in place, and we'll talk about that in a second, that would only apply to those things titled in the name of the trust. And undoubtedly, you're at the very least going to have some furniture and other things that you may want to designate where those go.
So I would still have the will, but all these other things you're doing-the potential of a trust and with property or assets in it-the beneficiary designations, the TOD-you know, that's all going to supersede the will. The will is just for whatever is left.
Now, if you did a trust and you may not need it because of the other things you're already doing, the trust would make sure that your assets inside the trust pass outside of probate. It can be kept private. It's not a part of the public record. It's an orderly way of managing your finances. If you're incapacitated, so if your health stops you from doing so, it could name a trustee that could step in and act on your behalf.
A will can't do that because it only applies after death.
So, those are the main benefits. And if you wanted to pass your assets on beyond your death at certain triggering events, an heir reaching a certain age or something like that, a trust can do that as well, according to your wishes. A will can't.
So, that would be the situation where you'd put a trust in place.
Now, you just want to make sure that it's necessary, given all the other things that you're doing, because it's going to cost you a couple of thousand dollars. Put that in place. And so I just want to make sure that you've thought through that. And probably the next step for you, Norma, is to visit with a godly estate attorney there in Indiana who can walk through all this with you, ask you a lot of questions, and then ultimately update whatever needs to be updated and take care of it for you. At the same time, you're probably going to want to look at a health care surrogate if you don't have one, somebody to act on your behalf with regard to healthcare decisions if you're unable, a power of attorney to make financial and legal decisions for you, and then ultimately a living will for those end-of-life decisions to be made in advance.
But give me your thoughts on all that. Yes, one of the reasons I'm asking the question is because I did go see a attorney and the price was really scary. Yeah. It was like $6,000.
So I thought, okay, how can I, you know, do something different? And that's the reason why I'm doing. And the important parts that I want to keep out of probate is like bank accounts and property. At this point, I don't have I'm not a wealthy person. I have acquired some property and like my at least my house.
But in the if we're talking about furniture and things like that, I don't. think that, that would be something that I would do a trust for.
Well, I think that so I think given what I'm hearing, it just may not be necessary.
Now, the trust attorney you spoke to, maybe you you'll call around and see if there's some other folks who could do it for less. That that sounds a bit rich. Just for your situation, it should be fairly simple. But I just think, given what I'm hearing, I'm not even sure you need that because you put all these other pieces in place.
So, if you really want it because of any of the reasons I mentioned, you know, I would probably check with a couple of additional attorneys before you make that call and see if you can get the cost down. Otherwise, just having that will with the TOD and the beneficiary designations on the other accounts may, in fact, solve all that you need.
So, we appreciate you being on the program today. Thanks for calling. All right, let's finish out today with a testimony. Guy is in Missouri, and I understand, Guy, you want to share about how God is at work in your life. Go ahead.
In my younger years, I made some very bad financial decisions. And I did it without the counsel of godly people. Yeah, so I would just throw that into the mix. That Is someone facing some financial decisions? They need to be seeking godly counsel.
Before they jump in. Even though their spouse may be on board, it's just always good. to have another person there list Oh boy, that is such good advice and such a great way to end today. Proverbs 11:14, where no counsel is, the people fall, but in the multitude of counselors, there is safety. And you are exactly right.
You see, guy, we can't hold ourselves accountable. And unless I have an advisor who can ask my wife the hard questions, a lot of times they won't get asked. And the opposite is true with me, you know, and her.
So that's really great advice. By the way, we have a solution for that. And Guy, thanks for calling today, sir. God bless you. Just go to faithfy.com and click find a professional, and we can connect you with a certified kingdom advisor or a certified Christian financial counselor to be that wise counsel to walk alongside you.
Faithfi.com, click find a professional.
Well, folks, that's going to do it for us. We covered a lot of ground today. I'm so thankful for the opportunity to come alongside you to talk about our role as stewards, to look to God's word, to encourage one another and realize that as we see God as our Our ultimate and true treasure.
Well, money changes its entire focus. It becomes a means to an end to accomplish God's purposes. And that's what we want to encourage you in as we gather together on this program each day. Hey, check out the Faith Phi app. You can download it today and set up your spending plan.
FaithFi.com. Just click app. On behalf of my team, Jim Henry, Devin Patrick, Robert Youngblood. I'm Rob West.
This has been Faith and Finance. Come back and join us tomorrow. We'll see you then. Bye-bye. Faith in Finance is provided by Faith Buy and listeners like you.
