Financial stability is as important to your account statement as it is to the aura in your home. It has been discovered that money problems, more than anything else, is responsible for many failed and failing marriages today. There's no family that can possibly thrive without money. Money in marriage and the family is a strong unifying factor. When money is absent, not properly managed, or not evenly distributed, there's bound to be problems in the home.

Contrary to popular belief, low earning is not the primary reason why most families experience financial difficulties. It is more of a function of lack of discipline in handling family finances, and little or no knowledge on how to manage whatever income comes into the family. Here are some proven ways to resolve financial conflicts in the family:

Cut spending down to the basics
Though it may seem tough to shift from normal spending to frugality, especially if you're accustomed to middle-class or upper class lifestyle luxuries. But when facing a financial crisis, it's imperative to reduce spending as much as possible.

Avoid debt like a plague
Debt will put your family in an unstable situation that can hamper progress and family development. If the sum total of what you owe is more than your income or what you have, you are in debt. Debt is likened to bondage. it will only keep you in bondage to your creditors. Settle your debts if there's any and after settlement of all debts, plan to live within the confine of your income.

Brainstorm together on your finances
It's ideal for couples to discuss financial issues together. This is necessary because poor communication about financial matters can lead to frustration and heartache in the family. Try to consider these burning issues: (a) Discuss about your priorities for spending and saving.
(b) Pinpoint areas where you have spent foolishly and consider options for adjustment.
(c) Agree on basic rules you will both adopt for a better family budget.

Develop a workable family budget
Budgeting is very important for the immediate and future needs of your family. In budgeting, you need to keep in mind, the priority of the moment and the exigencies of tomorrow (this is called short-term and long-term budgeting/plan). Your budget must take cognizance of the following essential factors (i) The family income- total monthly take-home-pay (ii) Your fixed expenses - This includes house rent, feeding, tax, savings etc. (iii)Variable expenses - This is total monthly fixed expenditures minus your monthly take-home-pay. Consider this simple calculation: Variable expenses = Monthly fixed expenditures minus Monthly take-home-pay. (iv) How best can you wisely spend the money left for your variable expenses?

Educate yourself about Money management
You need some knowledge about the principles of money management. Ignorance of this can keep you perpetually in the chaos of financial conflicts in your family.

Don't touch retirement funds
When faced with financial peril, it's easy to look at the large sums sitting in your retirement accounts and think they'll provide the life preserver you need. Your retirement savings are there to provide for you when you're no longer able to provide for yourself. They're not emergency funds.

Be Industrious
Being industrious is a cardinal requirement for marriage. Nothing should be regarded as too mean or small to engage in.

It is also believed that paying your tithe, can be regarded as a proven basis for sound financial management and prosperity.
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