One of the biggest stressors in many marriages is money. Budgeting, bills, and finances in general can be a hard topic for many couples to deal with. In fact, it's a reason some couples wind up getting divorced. This is why it's very important for the two of you to handle money properly in your marriage. This will help prevent problems in your relationship, it will ensure your bills get paid on time, and it will help you figure out how to start saving money for your future. Every couple manages money a little differently, and there's no one right way to do it. Regardless, here are some things that can help you and your spouse properly manage your money.
Have a Budget Meeting
Having a budget meeting may sound boring and possibly stressful, but it's one of the best ways to ensure your money is being spent properly. You may have your meetings weekly, bimonthly, or once a month. You may find as you get a hold on your spending patterns, these meetings are something that don't have to happen as often. Sit down and figure out what your bills are for the month. Look at how much money you are going to make and decide how each bill is going to get paid. Some bills are set in stone, such as your mortgage, car payment, and homeowner's insurance. Other things, however, can vary from month to month. This may include things like:
- Food and other items
- Utilities
- Your cell phone bill
Just because these things can vary from month to month doesn't mean you shouldn't include them in your budget. Look at previous months to get a gauge of how much these items may cost you. As soon as you receive the bill, change it to reflect the proper amount. As far as food goes, set a realistic amount you would prefer to spend on each shopping trip. Look for deals and meal plans to help you reach your goals.
Make Goals
Speaking of goals, this is another important part of money management. Set realistic goals for yourselves that you would like to reach by a certain date. It's good to have big goals and smaller goals. For example, if you have a goal to purchase a larger house in five years, make smaller goals that will help you ultimately achieve your big goal. You may divide the amount of money you would like to save for a down payment on your future house to find out how much you should be putting aside annually. Don't be afraid to set small goals as well, such as saying you want to pay off $200 of debt in the next two months. Goal setting helps set your mind on the prize and may encourage you to spend your money more wisely.
Joint Bank Accounts
Some couples have individual accounts, and that works fine for them. In general, though, it's easier to have a joint bank account. That way, your money is all in one place and you know how much you have. It can prevent confusion when figuring out how you are going to pay for each bill. This also helps ensure trust and unity in the marriage. It gives you accountability when you are tempted to make a purchase that isn't the best financial decision.
Managing money may seem challenging at first, but things can often become clockwork after a while. You may be surprised at how much setting a budget helps improve your financial situation. Not only is it helpful for paying your bills, it also helps figure out future goals and what purchases you can afford. Give it a try and see how it works for you.
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