More Than Money Episode 10 | 5 Money Tips For Newlyweds | Guest: Daniel Tripp
Sep 30, 2020
29:47
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.
Listener questions answered:
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?
Other notes:
3 questions to answer before you buy a home:
1. Do you plan on living there for at least 5 years?
2. Will your mortgage payments be less than 30% of your after-tax pay?
3. Do you have at least 20% for a down payment?
Book: The Marriage Challenge: A Finance Guide for Married Couples | Buy it here: https://amzn.to/346J81Q
Episode Sponsor:
Most churches struggle to get people to give. SecureGive has created a system that helps churches increase giving so their ministry is funded to reach their community. SecureGive helps churches increase giving in 3 ways: software that makes giving easy, a custom growth strategy, and ongoing stewardship resources. They stand out by offering a real ministry partnership, the most cost-effective solution with the lowest processing rates, and the most comprehensive giving platform available. Learn more here: https://www.securegive.com/
Listener questions answered:
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?
Other notes:
3 questions to answer before you buy a home:
1. Do you plan on living there for at least 5 years?
2. Will your mortgage payments be less than 30% of your after-tax pay?
3. Do you have at least 20% for a down payment?
Book: The Marriage Challenge: A Finance Guide for Married Couples | Buy it here: https://amzn.to/346J81Q
Episode Sponsor:
Most churches struggle to get people to give. SecureGive has created a system that helps churches increase giving so their ministry is funded to reach their community. SecureGive helps churches increase giving in 3 ways: software that makes giving easy, a custom growth strategy, and ongoing stewardship resources. They stand out by offering a real ministry partnership, the most cost-effective solution with the lowest processing rates, and the most comprehensive giving platform available. Learn more here: https://www.securegive.com/