Budgeting with Your Spouse: Tips on How to Make a Working Budget as a Couple
Budgeting with your spouse is one of the things that you need to do when you tie the knot. Marriage entails a lot of adjustments and this is one of them. Changes like this can be challenging, but you can do something about it and you’ll get used to it in the long run. From minding your own finances, you now have to think about that of your partner too since this would now be part of your entire budget. Here are some tips on how to make a budget with your spouse.
Sit Down and Talk
It may feel uncomfortable at first talking about money matters, but as a married couple, you should take the first step to overcome this. It’s very important that you talk about finances so you’ll have it under control, as well as to avoid fighting over money in the future. This is not only a one-time thing. You should make it a point to spend at least one day per week on the first month to evaluate your budget and once you’re more settled, you can make it once a month.
Discuss The Things That Are Important to You
You may have different wants and needs. Write down the things that are important to both of you and discuss about them. See which you should give focus on your budget. This doesn’t mean that you have to forget about the other things that are not on your important list, but you really want. You also need to reward yourselves for your hard work. Budgeting would also help you make this happen. For instance, after setting aside the budget for your needs, you may set aside a budget for your rewards. If it’s something that would need more money like a vacation, you may have a separate savings for this, aside from your regular savings. This ways, you both have something to look forward to.
Place Your Budget in an Envelope
Once you have settled the important things that you need to focus on your budget like your foods, grocery items, transportation, utility bills, and extra expenses, place them on separate envelopes and label them. The first month would be more likely a trial period since this is when you will see if the budget that you created is realistic. Get the money that you will be spending from the designated envelope and as much as possible, stop when it’s already empty. As mentioned, you’re still in the process of working a realistic budget, something that you can stick on, so if you find that you’re really short in one area, take note and make some adjustments.
Continue Working on Your Budget
The first month of budgeting would more likely give you an idea to how much you really need to spend on various areas like foods and bills. Re-evaluate your budget and make necessary adjustments. Your needs may also change after some time, which is why it’s important that you make it a habit to have time to talk about your budget at least once a month to make necessary adjustments.
Are there other tips that you wish share about budgeting with spouse? Type your comments below.
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