Takeaways: Budgeting as a Couple
- Budgeting as a couple can boost relationships and financial satisfaction.
- The budgeting process may take a little longer as a couple than on your own as you and your partner discuss how to merge finances.
- Planning together can help you reach shared financial goals, including paying for a wedding or a trip.
Budgeting and managing money as a couple can benefit your bank account and your relationship.
Couples who combine finances and are on the same page about spending and saving decisions tend to feel more satisfied with their finances and their relationships, according to research.
Despite the benefits of budgeting as a couple, many people would just rather not talk about it. Maybe you're among the 44% of Americans who fear a disagreement, or maybe you think budgeting with your partner is unnecessary because you're already on solid financial ground.
In either case, the budgeting process can help you prepare for future uncertainty and tackle challenging times together.
Follow these 10 steps for budgeting as a couple to help enhance your relationship, decrease arguments, help you both manage money and accomplish shared goals.
1. Discuss Your Financial Values
Diving into a discussion with your partner about spreadsheets, budgets and paying debts can be a recipe for stress.
Instead, start with a broader conversation about your financial hopes and interests. What type of lifestyle do you want? Do you want to buy a house?
Commit to being open and honest with each other so your plans are realistic. Building a foundation of trust will help you in the long run, especially when times are tough. A recent Bankrate survey found couples often lie about spending more than their partner would be comfortable with. Others keep secret debt, credit cards, savings accounts or checking accounts.
Understanding your individual and shared values can help you set goals and a budget both of you can buy-in to.
From your conversations, you may find that you have different money styles. For example, one of you might be a spender, while the other might be a saver.
In situations like this, consider setting individual goals in addition to your shared goals or setting up separate spending accounts for each person to use as they'd like.