Best Practices for Budgeting as a Couple
You might be a budgeting guru with a penchant for cutting expenses, hitting goals, and staying the course. Maybe you’re the guy who never impulses buys. However, if your spouse is not on board, your financial planning won’t count for much.
Many studies have shown that money is the number one topic couples fight about. Disagreement and tension over money are one of the leading causes of divorce.
Money is a testing point for couples.
Money can create extreme levels of stress, tension, and miscommunication. Frequently, one person is better at saving while the other is, perhaps, still a kid at heart.
The importance of learning how to work as a team financially can’t be overstated. If you can’t stay on the same page about money, it often happens that you can’t stay on the same page about much else.
How can you manage money issues, create a budget, and get ahead financially without being at each other’s throats? Here are some tips just in time for Valentine’s Day.
Budgeting as a Couple:
Communicate Openly
For some people, the topic of money can be scary or threatening. We all grew up in a different financial climates. How your parents handled money or habits you may have learned at a young age can trigger unfavorable emotions or memories.
It is important to provide a safe and encouraging environment in which each of you can talk freely to each other without feeling pressured or condemned.
If you can’t come to a place of honesty regarding finances, it might be worth seeking outside counseling or possibly attending a class on money management together.
Work as A Team
Being married means that you have thrown in your lot with another person. It can be tempting to think as an individual when it comes to finances, especially if that’s what you are accustomed to. Learning how to think as a team is essential. Before you decide on a big purchase, remember that every choice you make affects another person.
Fight to stay on the same page. Make budgetary decisions in advance. If you are a spender, consider how your spending might affect your spouse. If, on the other hand, you’re often frustrated by your spouse’s spending, remember to have grace and kindness. Everyone is strong and weak in different areas.
Use Banking Tools
There are a lot of online resources that can help you and your spouse stay on top of your budget. Online banking with Portage makes budgeting easier than ever and helps you both stay on the same page about your finances.
If you know that you will spend the money so long as it’s available, you might want to protect your funds by investing in a Money Market Account. We have competitive rates to help you stay ahead.
We can help you with wise budgeting practices. At Portage Bank, we care about our clients, we care about your financial success, and we want to see you get ahead. Call or contact us today to find out how we can help get you and your spouse on the right track.