There is always a huge influx of unsolicited advice when you enter the new year (or a new relationship). Fifty-three percent of Americans making resolutions for 2019 are focusing on their personal finances. The first step to improving your finances is setting a budget and, believe it or not, it may have a positive benefit on your relationship as well.
How a Budget Can Save Your Marriage
Talking about your finances can have a huge impact on your relationship. In fact, for 100 percent of marriages money is a necessity every day. Reviewing your finances, learning how to create a budget, and making sure you have enough money, are all key to having a successful relationship.
Having both parties involved in your budget will increase accountability, and it will force you to work together on something. Budgeting can also be humbling and provides some sense of accomplishment, all while cutting down the number of surprises you encounter when it comes to money.
Any type of financial strain can (and will) put additional stress on your relationship. So, how do you start the discussion?
Budgeting for 2019
As you’re wrapping up 2018, you may be looking for ways to improve your marriage or relationship in the new year. Sitting down and talking about your finances is a great way to get started. An estimated 70 percent of couples fight about their finances. The talking points below may help you ease into the discussion and get a better grasp on the finances in your home.
- Start budgeting for regular expenses (i.e., taxes, bills, etc.). Go over what your budget is going to look like month-to-month. Doing this can give you both a good idea of how much you’ll be able to save as well as a good snapshot of where your money is going.
- Budget large one-time expenses. If you’re planning a vacation, a wedding, or some other big expense, plan for it before the new year starts. You’ll want to budget out your savings for the event.
- Find something you can trim from your budget. Sit down together and find something you can save money on together. This will make you both feel accomplished and it will make you both feel like you are contributing to your finances. Not only that but you can take the cash and put it into savings.
- Talk about debt. If you and your significant other hold any debt, you need to talk about it and establish a way to pay it down (or off completely). Paying off your debt will make all of your other finances fall into place so much easier.
- Discuss your long-term goals. What kind of vision do you have for your lives in the next 12 months? Where do you want to be this time next year? What about this time five years from now? Be sure every change you are making lines up with your financial goals.
Minimizing the amount you fight about finances in the new year will free up plenty of time to focus on what is most important: each other.
Readers, do you go over your budget with your significant other? How has it impacted your relationship?
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