Working together as a couple and not as two individuals each with their own money to create a budget is important for many reasons.
Budgeting helps couples avoid conflict. Just the simple act of sitting down to work together creating a plan for your finances allows both people to be involved with the decisions as to where your money is going to go.
Open Communication and working together to understand each others point of view and goals for the future will help avoid conflicts.
I am not saying that there will not be a conflict during the process of creating the plan but once decisions have been made it should help avoid some of these money battles.
- There will be no conflict with one partner feeling the other has more power or control over the money. You are a team.
- No surprise purchases. There are no surprises when your partner comes in with a new such and such. With a “look what I bought honey”, or quick shove it in the closet or garage he or she will never even know that I bought it. No, together you have planned that purchase. You have created a spending fund that allows for purchases to be made.
- By working together with your money you are eliminating the thinking of this is my money and this is your money, it is OUR money. It is for OUR future. You are investing in yourselves. Your goals your wants and needs for your financial future. There is no this is MY account and this is YOUR account.
More and more I hear people say that they have separate accounts from their spouse. When they get their pay check they will cash their check and give a set portion of their check to their spouse to pay for living expenses and the remainder of their check is left to them to keep in their pocket, to do whatever they want with it. This is such a bad way to handle your money. Not only are you not planning for your financial future but you are probably spending money on unnecessary expenses. I am not saying that you can’t have your own separate spending account. The money that is deposited into that account should have a purpose not just for impulse spending. You have to tell your money where to go or it will leave and you will not know where it went!
Budgeting together is important, it does not have to be hard if you communicate and work together as a team. Budgeting helps couples avoid conflict.