5 Ways a Budget Can Improve Your Marriage
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A marriage is a joining of two lives and most couples welcome the merging of their households, dreams and lives---except when it comes to finances. Shared finances can be a scary endeavor for many couples because it reveals a lot about who you are and can be an emotional subject. If you and your spouse are going to be able to build a life together though, you need to do what it takes to merge your finances so you can take care of your day-to-day needs and plan for your future together. One of the best ways to do this is with a shared budget.
A budget isn’t just a joint bank account ledger or worksheet. It provides a springboard for getting to know each other better, planning your future together and can actually improve your relationship. Here are 5 ways a budget can improve your marriage.
A Budget...
Is a communication tool to strengthen your marriage. A budget is more than just numbers – it allows each of you to understand why you have the habits, feelings, and thoughts you have about money and get a handle on it together. If you have different money goals or ideas of how to create a budget plan, keep talking about it. It will get easier to talk about and come to agreement on if you have open, honest, and frequent conversations about your finances.
Allows both of you to figure out what it takes to run your household and live within your means. A budget necessitates that you put down all of the expenditures you make-even the small ones that you are most likely to forget. Once you know what you are spending, it is easy to talk about what are essential expenditures that need to be made each month and what frivolous expenditures you can cut back on. This way there are no surprises and thus, fewer fights about money.
Gets those money skeletons out of the closet. It’s not easy to admit having student loan or credit card debt, or not having a savings account. However, these are just temporary circumstances. Opening your finances up as budget items to discuss provides an opportunity for you to collaborate together on a plan to deal with those skeletons. Two heads are better than one.
Frees up spare cash so you can spend it on things you really want. Once a budget has been established and you have been working the budget for a while, you should both be able to see an improvement in your financial health. More than likely you will see more cash that you can now delegate for things you both really want like that special vacation or a remodeling project etc.
Lets you focus on common saving and investment goals. Every couple needs to put away money for the their future together. What that future will look like depends a lot of your discussion and agreement about what you really want from life and how much it will take to get there. It takes years for a couple to save up monies for big purchases like a home or car, put away monies for children’s education and retirement. Budgeting can help build in regular amounts for savings and investments for your future.
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