Serious relationships are all about discovery. It takes a long time to really get to know someone –– to understand their habits, predilections, and what makes them tick. Unfortunately, this means that new couples may experience some trouble when it comes to forming a household budget. Indeed, making a sensible budget for one person is difficult enough; creating a budget that’s acceptable for two people and that doesn’t have a negative impact on the relationship is almost impossible. Fortunately, the operative word here is “almost.” With that in mind, today we’re going to share five budgeting tips for new couples. Check them out here:
Review Finances Together
In some relationships, one person becomes the designated “financial expert.” This partner may then be expected to pay bills, make financial goals, and set budgets all on their own. This is not a smart way to go about things, though. This setup may make certain partners feel undue pressure and responsibility, and make other partners feel excluded from the budgeting process entirely. The first step to creating a working budget for you and your partner is to sit down and review your finances together. Determine how much you spend and how much you income you receive on a monthly basis and go from there.
Create Priority Lists
Budgeting is tough –– in large part because it requires people to make sacrifices from time to time. In order to ensure that both you and your partner can still afford to make important purchases, consider making lists of expenses based on priority. This way, if your spouse really wants to buy VenomRex wheels one month, you can budget accordingly so they can.
Empathize & Compromise
What may seem like an essential purchase to you, might seem totally frivolous to your partner. And vice versa. Rather than dismissing what your partner has to say, though, always make it a point to empathize with them and understand why a certain expense matters to them. Doing so will help you reach fair compromises, which are essential to a dual-budgeting plan.
Stick to Your Plan
It’s one thing to create a functioning budget on paper; it’s quite another to stick to that budget in real life. Though it may be challenging, it’s key to give your budget a fair shot and to stick to it once you’ve decided upon it. Deciding to stray from the plan and buy something on your own is a recipe for trouble.
Talk it Out
As time passes, most people encounter a good reason to break from their budget. In such a situation, simply find the time to speak with your partner before you make a big purchase decision. Discussing the merits of important financial choices guarantees that you and your partner will be able to stay on the same page and avoid unnecessary conflict.