Listening to Your Partner
If one of you is struggling to stick to the budget, it’s time to sit down and find out why the budget isn’t working and start planning to commit to it. Does your partner feel that you created the budget alone or that the categories are unreasonable? Did you create the budget without cooperation? Or is the budget you’ve set for your new family unrealistic? In this case, you should have a conversation with your partner about the best way to budget, including how much money is allocated for groceries, dining out, clothing, and other fun things. Don’t forget to set aside an amount for an emergency fund, which is essential for any workable budget.
It’s also a good idea to include a line item for money that each partner can spend without any questions asked. This can help maintain the health of the marriage. You should agree on how to handle other potential issues that may arise, such as unexpected car or home repairs, credit card debt, or what to do if your parents ask for money.
Agreeing on Big Purchases
It’s important to be on the same page when it comes to big purchases, such as a car, vacation, or any other extravagance, but this can be challenging. One of you may feel that the item is necessary now or want to invest in a more expensive option for long-term savings. Try following the rule that says no purchase should be made until you both agree on it.
If you object, inquire about the reason. Can you pay for the purchase in cash? Does it prevent you from reaching a goal? Do you simply want to spend less money overall? Spend time explaining and listening to each other until you can resolve your differences.
Some couples set a spending limit, and any amount exceeding that must be agreed upon with the partner. For example, if you plan to spend more than $200 at Target, you should consult your partner first.
Thinking About the Future
If one partner doesn’t see the need to worry about retirement or buying the first home, it can be frustrating for the partner who is planning. If you are the more concerned spouse, you may need to start asking specific questions about the future, such as buying a home and saving for retirement. Often, if you can set goals together, it’s easier to get the other spouse involved in the plan.
Some people are not planners, but once they realize that budgeting will help them achieve their goals, they are more willing to work on the budget. You can work on convincing your hesitant partner that saving for the future will benefit them as well.
Aligning on Shared Goals
If you want to stop having financial arguments with your partner, it’s essential to agree on shared goals. Whether your main financial goal is to pay off debt, fund your child’s college education, or stick to a realistic budget, it’s important to express to your partner how significant these matters are to you financially.
For instance, you can explain how much value you place on your partner’s willingness to work on the budget. Alternatively, make sure you understand your partner’s financial goals and make working toward them a priority as well.
Once you’re on the same page, you may be surprised at how smoothly money can work and how much easier it is to talk to each other about everything related to money.
Making Accountability Important
One of the key aspects of managing money without arguing is being on the same page regarding the budget and other financial goals. This means you will need a method for accountability, both for the budget and for each other. You can do this by using a budgeting or money app on your smartphone that can sync with your partner’s phone, such as the Honeydue app.
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Being on the same page and having accountability is essential for managing your finances smoothly together. As mentioned earlier, it also helps for each partner to have an amount of money they can spend on things they enjoy without having to explain those purchases to the other. This money can be considered as discretionary spending, a specific amount, or an allowance.
Source: https://www.thebalancemoney.com/stop-fighting-about-finances-2385842
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