While there are those who are stubborn and insistent about not budgeting, I’ve found that most people are willing to make a change to improve their family’s finances. Getting them started though can be a huge challenge if this is something that they have little experience with or worse, they’ve had a bad time (such growing up where every penny was counted to the point of causing a ton of stress and guilt).
If you’re having trouble getting your spouse on board with a family budget, here are some tips on to get started and how to keep the peace as you find the best way as a couple.
It may seem like a small change, but there is a significant mind shift when using spending plan versus budget. People associate have a budget with having restrictions and for some who have failed at keeping a budget, it can be a huge mental barrier.
Using the word budget can be just as appealing as saying the word diet for someone who has no interest in the idea. Instead you can re-frame it so you’re highlighting what the budget does – telling your money how to work for you.
The nest step with making a sustainable spending plan is deciding what is important and what you need it to accomplish. Need some ideas? Here are a few of my favorites:
You don’t need an extensive list, just a few guidelines to keep both of you on track. If you have children, make sure they know the rules.
If you need a starting place for your budget, I’d suggest using the 50/20/30 budget. How does it work?
For some this framework is the perfect way for them to see their finances. Having a big enough chunk of their money dedicated to the things that make them happy while still taking care of their current and future needs will curb their spending behavior.
Of course you two have to make the decision about what is sustainable for your family.
There are plenty of free and low cost tools that the two of you can use to create and maintain your budget. The two of you have to decide which fits your situation best. Here a some of my top picks to get you started:
Another advantage of using the above mentioned tools is that it can be incredibly easy to keep one another in the loop when it comes to your money. Even if one of you takes charge of the day to day finances, it’s important that you both know how much is coming in and where it is going. Money and communication go hand in hand with a successful partnership.
One last tip, I’d like to point out is to give yourself time to make mistakes and improve. Even if the two of you are on the same page, it can take time to get it right. We ourselves have worked to make sure that our family’s budget works for both of us. It’s well worth the effort and we’re less stressed about money and more focused on each other and our goals.
What about you? How do you create a family budget? What has worked really well for you? What helped you two to work it out?
Photo Credits: 401K and giumaiolini