Budgeting on your own can be difficult, however in a partnership, managing finances comes with a new set of challenges. Here are six budgeting tips for couples that can ease financial pressure, and make more time for the things that matter most.
1. Communicate with your partner about finances openly
When in a relationship, your finances become merged to an extent depending on your circumstances. Communicating openly with your partner about your money management and encouraging them to do the same can help you both avoid unexpected expenses.
2. List and monitor joint outgoings regularly
Knowing what joint expenses allows you to manage your money better as a couple, but also allows you to budget better as an individual. Your income sources should be the main focus of your budgeting, and your expenses should never exceed this figure.
3. Make significant decisions as a couple
Decisions that involve joint finances should be made as a couple. Budgeting can be extremely complex if your partner may be overspending in some areas or making large purchases without your knowledge. Again, it comes to communication.
4. Learn eachothers spending habits
Whilst your partner may like to eat out often, you might like to splash out on self-care instead. Getting to know your partners spending habits allows you to budget more effectively. You’ll know where you need to cut back and where you can be more flexible with your finances.
5. Categorise your budget plan
Breaking down your budget plan into different categories makes it easier to manage your money as a couple as well as individually.
Examples of categories could be:
6. Plan out your shared goals
By planning together, you are building together. Having a set of shared goals can help with budgeting as a couple. For example, reducing your spending when it comes to eating out because you’re both saving towards that dream holiday can get you on a plane sooner rather than later.
Managing finances as a couple can play a significant role in how happy you both are in your relationship. Once you both find the best routine for keeping track of your money you will have a clearer vision of where you are now, and where you want to go financially.
T K Williams-Nelson