11 Simple Ways for Couples To Keep Their Budget on Track
Managing money by yourself isn’t always easy. Managing it as a couple can be harder. Between bills, sudden expenses and the occasional treat, it can feel like your budget is constantly under pressure. But with the help of a few simple strategies, couples can stay on track without needing to turn every dollar into an argument.
Set a weekly “money check-in” - One of the most powerful moves a couple can make to take the stress out of money talk is to set up a 10-15 minute session every week to review where your money is going. You can keep it casual, talking over breakfast or dinner works, but you need to keep it consistent. As you do more of these mini check-ins, you’ll prevent surprises and keep each other in the loop.
Use shared categories - Set some time aside to talk with your partner about what categories you should be budgeting towards. Clear categories such as groceries, bills, and rainy day funds means both partners know where money is going without needing to know the exact details. The use of an envelope system (physical or digital) makes it even easier to set up and can help avoid overspending.
Automate fixed expenses - A good step to managing budget stress is to automate transfers for known recurring expenses. Having rent, utilities and savings deposited automatically means you’ll never miss a bill, and won’t need to remember every due date.
Agree on a “no-questions” allowance - It’s important that each partner feels that they can still buy the things that they want without asking for each other's permission. Giving each other a guilt free allowance lets you buy things for your hobbies, clothes or takeaway while still knowing it's accounted for.
Track small, everyday spending - We have all felt it, the gradual build up of little things like a coffee, a snack, or another takeout night that ends up throwing off a budget. Keeping track of these will make sure that they don’t silently drain your money.
Review and cancel unused subscriptions - Subscription creep is real. Free trials that become ongoing expenses, streaming services for just one show that you no longer remember. Creating a list of all your subscriptions and reviewing them every few months can free up more money than you’d expect.
Plan for home-related costs - Things happen in day to day life. Whether you rent or own, there’s always something that needs to be done; furniture upgrades, surprise repairs, cleaning supplies or equipment. Including these in your budget can avoid those last minute budget blowouts.
Use sinking funds for travel - The cost of holidays can be daunting, and taking a break doesn’t need to blow out the budget every time you need one. Setting aside a travel fund that you build up every month makes it easy (and smart) to travel when a good deal comes upThe cost of holidays can be daunting, and taking a break doesn’t need to blow out the budget every time you need one. Setting aside a travel fund that you build up every month makes it easy (and smart) to travel when a good deal comes up
Sharing debt payoff as a priority - When there is a problem with a budget from debt, it's not one partner against another, but two people against an issue. Student loans, credit cards and mortgages are all part of our lives, and tackling these debts as a team not only speeds up repayment, but reduces the stress one partner might carry alone.
Set a limit on social spending - Concerts, nights out and festivals and being a part of the group are all part of the lifestyle. But without limits, it can derail or even take over a budget. Setting a realistic monthly cap can make sure that you keep having fun while knowing you’re being financially responsible
Budget for tech upgrades - Phones, gaming gear, tablets - upgrades are inevitable. We know these have limited life cycles, so it’s important to plan ahead to help you avoid impulse spending. Once you get the new gear, and you’ve stayed on budget, you can actually enjoy it guilt free.
Budgeting as a couple shouldn’t feel restrictive, or a taboo topic. With the right habits, it can bring you closer together; helping you communicate openly, avoid money stress and plan for things that matter most.