Personally, I love budgeting. I love it so much that I have a paper version, an app on my phone, and a google sheet that all tell me the same thing: where is my money going? (Compulsive much? Yes!) I know I have an obsession but here are my reasons why you and your partner should create a budget and see if it helps you refrain from arguing about money:
1 | Visual access to your spending
You actually get to see where your money is going. I know everyone has their bank statements and some things vary from month to month (like PG&E or dining expenses) but for the most part, what you spend has some degree of consistency. This can aid in the reduction of fighting because you won’t be like my friend and look at your bank account one day and realize you and your boyfriend have $40 to last you the rest of the month. (YIKES!) The budget is an assistant in communication.
2 | Freedom to tailor your budget to you
Now that you know what you spend, you can create a budget that matches it. Or reduces it if that’s your goal too. I use Mint, a free app that allows you to carry your budget in your pocket wherever you go. (Disclaimer: you do have to allow access to your bank/credit card accounts but it’s totally legit and user-friendly.) Unlike my mother, who thinks my budget is the end-all be-all of money spending (I like to cap my monthly outings at around $50 a month and we have differing views. Let’s leave it at that); it is totally up to you and your partner how much you want to spend or save. I know people who budget for $1,000 every month for entertainment and that’s completely fine if it’s within your means. You know where your money is going. That’s great!
3 | You can address the ‘Who is paying for what?’ question
It’s date night — who picks up the tab? Reference your money spending tool. Did both you and your spouse factor outings into the budget? If so, then it’s still within the collective budget regardless of who pays this time. Hopefully next time it’ll be the other person’s treat. One of my most cherished ideals is being fair. Everyone says “Life isn’t fair” but my rebuttal is “but you can try to be fair to everyone in life.” For example, I know a couple who don’t make the same amount of money; one person pays more for rent than the other. But they came to the agreement that each would pay 35% of their income. So even though it’s not splitting rent 50/50 it’s still equal in terms of what each person can afford. The budget can aid in deciding how much one person pays for things you both use.
It’s easy to swipe your card and not think twice about what that swipe represents. With the budget, you can see what is going where. Everyone works hard to earn their money; a budget shows you what’s going on and will give your partner some insight to spending and saving habits. The beauty of the budget is you can do it for yourself (if you and your partner don’t share money) or you can do it as a couple (if you do share money and would like to know just how the heck you only have $40 left for the rest of the month!) and it will be beneficial regardless! Maybe creating a budget won’t eliminate all fights about money but I sincerely believe it could help. Remember the budget is not meant to be one size fits all. Talk it over with your partner and figure out where each of you stands.
Now, I’d love to hear your feedback. Did you try the budget? If so, what were your results? Do you have another way to diminish your fights about money? Please share in the comments below. Good luck in your spending ventures. Thank you for reading!
about the author
Hi! I'm Trina. I graduated from U.C. Santa Cruz with a B.A. in Psychology (cum laude, but no one is keeping score, right?) I enjoy re-reading Harry Potter and extensively Googling new words. My aim in writing for this blog is to help couples overcome hurdles in their relationships.