Developing a Household Budget

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.