Building a Budget Together: Tips for Couples
1. Start with Honest Conversations
Budgeting isn't just about math—it's about your relationship with money.
- Talk about how you each grew up with money—whether it was a stressor or something you didn’t worry about.
- Identify where you both land on the Saver vs. Spender spectrum and how that impacts your approach to finances.
- Be open about any debt, including credit cards, student loans, or family loans.
2. Define Shared Goals
Discuss your vision for the future—then find common ground:
- What careers do you each want?
- Where do you want to live?
- Will you have children?
- When would you like to retire?
- Use these conversations to create a shared financial vision
3. Track Income and Expenses
Before making a budget, understand your cash flow:
- Track your income and spending for at least one month. Use a free budgeting app or spreadsheet.
- Average your income if it fluctuates month to month.
- Include irregular expenses (gifts, taxes, insurance) by calculating monthly averages.
4. Pay Yourself First
Build savings into your budget before spending:
- Contribute to your 401(k) or IRA
- Set up an emergency fund and separate savings accounts for goals like travel or a new car.
- Automate transfers to make saving effortless.
5. Manage and Prioritize Debt
Debt repayment should be part of your budget:
- Prioritize high-interest debt while staying current on all obligations.
- Learn about the avalanche vs. snowball methods.
- Make debt payoff part of your long-term goal setting.
6. Review and Adjust Regularly
Set regular check-ins—weekly or monthly—to talk about:
- How much you’ve saved or spent
- What worked and what didn’t
- Whether your spending still aligns with your values
- Give each person a bit of money to spend freely - this helps both Spenders and Savers feel seen and respected.