Tips for Creating a Budget With Your Spouse

You love your spouse, and that means you'll do everything you can to keep your married life happy and healthy. Though many people immediately assume they're supposed to focus on the romantic aspect of their relationship, it's not the only aspect that needs your attention. In fact, your finances can cause just as much stress and strain on your relationship as being inattentive to your partner. You need to establish a budget early on in your marriage to maintain that marital bliss you have right now. Here are a few tips to help you do just that.

Set Your Goals

The key to any successful budget lies in creating clear and achievable goals for the immediate future and beyond. Think about what you want to accomplish in the next month, year, five years, and so on. Write those goals down and start brainstorming with your spouse about the things you'll need to do to reach those goals. Think about both small, easily achievable goals and those bigger goals you want to work toward to stay motivated on your budgeting journey.

Add Your Income and Subtract Expenses

Look at the amount of money you and your spouse bring in each month. Add up the income earned from each job, side gig, and investment you have. Any income stream counts here. Once you have that number calculated, look at your expenses. Add up every fixed and mandatory expense you have each month and subtract those from your income. The number you have left is what you can use to build savings or spend as you see fit.

Choose an Amount You Can Spend on Fun

Splurging on the occasional date night or a fun item is beneficial. It makes sticking to your budget easier throughout the month. But that doesn't mean you should spend as much as you want whenever you want. Set a firm amount that you can use toward fun purchases every week, month, or quarter and stick to it. If you have a big purchase in mind, you can always save your fun money for a few months to make that purchase.

Keep Checking In

Communication is important in your marriage, and it's vital to any successful budget. Get in the habit of checking in with your spouse and your finances every week or so. If you notice things that need to change, make those changes immediately. The more closely you keep an eye on your spending and your budget, the easier it will be to avoid going into debt.

Creating a budget is a simple and effective way to keep your finances—and your marriage—in good shape. Follow these tips for yourself, and you'll see just how easy it can be to create a functional budget that works for months on end.