If you are married and looking for budgeting tips, you’ve come to the right place. It’s a fact that the distribution of money in the family often appears to be the cause of lots of misunderstandings.

For example, a husband might think of buying a new car as something reasonable and useful, while a wife might not like the idea of spending so much money in the situations when they need a new TV set. These tiny issues that are able to put a huge strain in your relationships, however, are very easily overcome. 

Before you start planning a family budget, you need to clearly understand that taking care of your finances has nothing to do with stinginess and giving up all the pleasures of life. Very often you can see a situation where everything in the family is set for a purpose (to buy a new car, a house outside the city, etc.) and all family members are oppressed and deprived of their usual pleasures. As a result, the achieved goal will no longer bring the expected satisfaction. That is why in this review we are going to outline tips for efficient family budgeting. 

Here are 7 Budgeting Tips for Married Couples

1. Create a Budget

Generally, there are three types of family budgeting: the first one presupposes that the couple share all the money they earn and even sometimes have one bank account; married couples that pay family expenses from common money while leave the rest to themselves belong to the second type; A wife and a husband have separate budgets. It is difficult to say which of the options is the most rational. When you just start dating, having separate budgets is the most common way to organize your finances.

Discuss your views on maintaining a family budget: who, how and how much should earn; on what, when and how much to spend; what to do in unforeseen situations. One thing is certain is that no matter which way of family budgeting a married couple chooses, the main thing is that it suits the couple and does not cause additional misunderstandings. So that, sit down and discuss which style suits you better and which pitfalls you are going to face with each of them.

2. Distribute Budget Money Equally

In the family budget, the most important thing is not the level of income, but the ability to distribute it properly. And this should be done so that the discussion does not turn into a quarrel. Think of each other’s needs that have to be fulfilled weekly, monthly and yearly, then make a brief list of approximate expenses and discuss them patiently.

Listen to your significant other and learn what is important for them and which non-efficient expenses may be cut down. Share your wishes, express your vision and listen to your partner. Try to find a compromise on controversial issues. Care about your partner’s needs and interests. Don’t insist on your partner giving up on their favorite activities, be reasonable not authoritative, whether you are the main breadwinner in the family or not.

3. Set Up Financial Goals

Set up your financial goal and start saving money for your perfect vacation or a new car. Just a hundred dollars put into your family ‘treasury’ monthly will enable your family to raise money for your own relaxation and entertainment. While setting some long-term goals, don’t forget about the short-term ones. By accumulating sufficient money each month you will be able to pay bills and cover some unexpected financial situation.

There is life and you should always be ready that someone in the family may get ill or your car may suddenly break down, or you can suddenly lose your job and so on. It is reasonable to divide your family budget into: mandatory expenses, food expenses, everyday expenses, unforeseeable expenses and leisure expenses. Don’t put your family in an uncomfortable situation by living from salary to salary and think beforehand.  

4. Pay Your Bills

Don’t postpone covering your community services bills, as it can only lead to debts and higher expenses, so-called temporary financial crisis, loans from friends and relatives, and even to bank loans. Don’t make purchases on credit if the month payments don’t fit into your budget.

If you are already in debts, try to review your monthly expenses and get rid of impulsive or unnecessary ones. Believe me, there are a lot of them in every family. Periodically review your family budget: you’re sure to find items that can be reduced. This will not mean that your needs have decreased, but that you have already learned to save.

This will enable you to accumulate money and put it into the right direction.

5. Avoid Rash Purchases 

This is definitely one of the most important budgeting tips. For many people, these on-the-spot purchases (“could not resist and bought”) is the main expense of the family budget. For example, a young family received a substantial increase in wages and “go ahead with all the heavy expenses” – food, clothing, loans to relatives, or some costly purchase that you really wanted to make before, etc. Don’t be thoughtless with the money and always think of tomorrow. After all, respect your and your partner’s money, think over costly buyings and always discuss them with your significant other.

6. Record Income and Expenses

The family budget disappears imperceptibly when there is no accounting of cash flows, especially expenses. That is why it is always a great idea to write down your financial operations. To begin with, it is advisable to analyze the ratio of income and expenses for a period of 2-3 months. Analysis and planning will help you find “weaknesses” in the budget, avoid mistakes and with limited finances to be the master of the situation.

If you have very little money, learn to clearly record all income and expenses, plan purchases and do not deviate from the plan. By doing this you will always be able to track your money and analyze your budgeting efficiency. You can use a special notebook or simply put the financial information in the special money trackers on your smartphone for this purpose. 

7. Lower Taxes

Governments of the majority of world countries offer great money saving opportunities for economical households. If you belong to some vulnerable group of people, you will quite certainly have to pay lowered taxes. That is why try to study the domestic legislation and find out in which situations you are able to pay less. Secondly, analyze your consumer behavior and think of the efficiency of your water, electricity or gas use. While actively saving, don’t stay still with your active and passive income. Try to find new ways of getting money – find a new job, invest in successful business, open a deposit, etc.) and make your ratio between income and expenses positive.

Conclusion

So, as you can see family budgeting is quite a simple process that won’t take much time but will save your family a lot of money and grant stability and confidence. Summarizing all the tips given above it is reasonable to draw the conclusion that in budgeting issues it is crucial to track all the money transactions and constantly ensure that your income exceeds your expenses. However, an efficient distribution of money doesn’t equate to denying yourself your comfortable lifestyle and enjoyable activities, it only means that you are well-aware of your payment capacity and don’t let compulsive purchases make hole in the budget.

Budgeting experts advise to take record of the family income and expenses. Fortunately, in the 21st century you will only have to download one of the dozens of special budgeting apps and put down all your money manipulations. 

When it comes to distribution of family budget, don’t be ignorant of each other’s needs and interests, communicate, discuss and reach compromises – after all, communication in the family is key. 

I hope that you find these budgeting tips useful. Feel free to share this article on your social media profiles if they are.

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