By Megan Bingham

When Maija and Helaman Haynie married nearly two years ago, they had no idea what the future held. Behind the bright dreams lay a stark financial reality.

Maija had just graduated from Southern Utah University with a degree in accounting and Helaman was finishing up an associate’s degree at Snow College when the news came. Maija was pregnant and the ultrasound showed that the baby suffered from a cleft lip and palate — a condition that would take costly surgeries to remedy.

“His medical costs alone would be more than all the money we would make in an entire year,” Maija Haynie said. “It was totally unexpected.”

While the family qualified for medical assistance, the financial road ahead was still difficult. When the baby was born, Maija gave up full-time employment to take care of the child.
The family moved to Provo where Helaman, a construction management major, began his junior year at BYU and worked part time to support the family.

With another child due in December, the Haynie’s story isn’t that different from many married students’ experiences: trying to make it through the semester and to the next paycheck. But learning to manage finances is an essential part of successful living, especially when money is tight.

“It is important to remember that living well is better measured by how well we earn and utilize our resources, than by how much we earn and spend,” said Craig L. Israelsen, a professor of family studies at BYU.

According to Israelsen, living well is the result of managing one’s finances in a responsible way.
For the Haynies, living well meant setting spending limits and making sacrifices. They shop case lot sales and use their food storage, bringing their perishable food budget to just $60 a month.

They believe working together is the key to mastering money.
“It makes a huge difference when you both know where you are financially,” Helaman said.
Laughing, Maija quickly added, “If I say we can only spend $100 dollars this month and he goes and spends $85 of it and I’m left with just $15, I’m going to be pretty upset.”

Working together is actually nothing to laugh at — it’s sound advice for married couples.
At personalfinance.byu.edu, a Web site created by BYU finance professor Bryon Sudweeks, couples are encouraged to delegate tasks and share the responsibility of knowing about their financial situation.

“Before you get married is the best time to start communicating about finances,” counsels Miriam Caldwell, a BYU graduate and financial expert. “It is important to be honest with each other about the debt or the savings that you are each bringing into the marriage.”

John Livingstone, BYU professor of religion and licensed psychologist, urged students to start saving now.

 “The sooner students begin to consider their financial futures, the better,” he said. “Savers seem to never be out of money while spenders often come up short.”
After beefing up savings accounts, students can look to future goals.

“You may want to split the amount you save … and put some aside in a savings account for a down payment on your first home,” Caldwell advised. “After that you should begin investing the money you save.”

The Haynies are already planning to begin investing when they get the chance. But until they are prepared for that step, the growing family will continue to make the financial decisions each day.

For more information about personal finances, visit personalfinance.byu.edu or mymoney.gov.