Too often the dreaded “B” word as in Budget can turn a conversation sour quickly. It doesn’t have to be this way; it can actually be a very rewarding experience emotionally, financially and within your personal relationship. Couples who budget together have seen their marriage flourish in areas you would not expect such as communication, sensitivity and closeness beyond their wildest dreams.
Budgeting isn’t a restriction on what you can spend as much as it is directing and planning how you will spend your hard earned income. It is also something that must be done monthly as priorities and certain expenses change. It should be freeing not restricting.
- Agree on a time that you both can participate when you are without distractions. Having an agreed on dedicated time you both are free to discuss and plan for the upcoming month will make the budgeting process less stressful.
- First step is to list all monthly income, then make a list of your primary expenses such as food, housing, utilities and transportation on paper or electronically; it must be written. Once these have been done then address other monthly expenses in priority. Your monthly budget should consist of 3 main areas; Giving, Spending and Saving.
- Once you have established your budgeting priorities, make sure you both agree; then start following it. Don’t worry it won’t be prefect and it will take about 3 months to get a pretty solid budget in place. Remember, the budget isn’t a fixed tool, it must be adjusted prior to the beginning of each month. You have fixed expenses such as housing, groceries and car, you also have variable expenses like utilities and then the occasional expenses (things that don’t occur every month) license renewals, vehicle inspections etc.
- Review your past month’s budget to evaluate what items were within budget, over budget and under budget. This will help as you plan the next month’s budget. Remember, each month your budgeting will get easier.
- Celebrate your victories, make course corrections if you stray away from the budgeting plan. Don’t beat yourself up, just make the correction and move on. You will get better.
Remember budgeting is a monthly requirement for you both. Soon you will be on your way to making better financial decisions and watching your relationship grow. Make budgeting a positive experience.