On this episode, we are talking about newlyweds and money. I have ArtRainer.com contributor and Executive Pastor at Redeemer Church in North Carolina, Daniel Tripp, to walk us through what he has learned over the years. We also answer a few listeners’ money questions. It is a great episode for all married couples.
Here are the questions we answer:
Question 1: What do you tell a couple where one spouse is hostile to a budget and the other knows it would be helpful, but wants to keep the peace?
Question 2: My wife and I are hoping to purchase our first house in a year or two and we know that most people recommend a 20% down payment to avoid PMI. We’ve been married for 7 years and are currently debt-free. We want to get as close to 20% as possible, but we also don’t want to deplete our savings. Which should we prioritize – the down payment or savings?
Additional Notes:
3 questions to answer before you buy a home:
- Do you plan on living there for at least 5 years?
- Will your mortgage payments be less than 30% of your after-tax pay?
- Do you have at least 20% for a down payment?
Book: The Marriage Challenge: A Finance Guide for Married Couples
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