Budgeting on your own is one thing, but budgeting with another person can often feel overwhelming. After all, you’ve likely gotten used to managing your finances on your own, so how could you even begin planning for two people?! Well, that’s where this financial advice for couples on a budget comes in.
Financial planning as a couple means more people to plan for, more food to buy, and more resources used. But the beautiful thing is you don’t actually have to change anything. Sound crazy? Watch this:
Financial advice for couples on a budget:
Talk about it.
Many couples simply don’t ever sit down to start planning together. Ignorance isn’t bliss when it comes to your finances, people. So as awkward as it may be initially, just sit down and talk about it!
Plan your meals ahead of time.
Meal prep is a beautiful thing. If you and your significant other have busy schedules during the week, that’s no excuse to eat out and spend unnecessary money on fast food and fancy restaurants.
Don’t be afraid of change.
Your budget should change as your circumstances change. Be open to change it in order to accommodate and stick to a budget, no matter what happens in life (bonus: celebrate those changes together!).
Create goals as a team. One of the biggest pieces of financial advice for couples on a budget is to work together, not against each other. Make sure there’s buy-in from both sides, and communicate as much as you can in order to keep this going smoothly.
Set up financial planning meetings - and stick to them.
This may sound odd - “why would I need to set up a meeting to talk with my spouse?” But the truth is, these things aren’t likely to get talked about unless you set a time. And stick to it! You want this to become a habit, not just something you do occasionally.
Make room for the fun stuff!
We get it - you need some time to focus on your relationship, and sometimes those things cost money and don’t always line up with your budget. But we believe in experiential savings: saving for those more “fun” things that you find important. So budget for that vacation or the expensive date night once a month. You deserve it!
Your Daily Spend Limit can help keep your budget in check and make this transition easier for you both. Open up the Wela app and get started today!