Indeed, we all have packed schedules, and the degree of busyness may vary from person to person and day to day. However, being “busy” is not a valid reason to evade discussions about your household budget with your significant other. After all, to lead the life we aspire and maintain a happy household, it’s crucial to keep our financial matters sorted.
CONVERSATIONS ABOUT BUDGET
For a couple, communication stands as one of the most vital tools. This principle remains unchanged when it comes to discussing your budget. Money matters, after all, are among the prominent reasons for relationship breakdowns. Couples involved in regular monetary disputes have a 30% increased risk of divorce compared to others – a substantial portion of the married populace!
Most studies overlook cohabiting couples who aren’t married. Though such relationships may not end in divorce, they can still break up. Hence, I firmly believe that the percentage would be higher if we consider couples who part ways due to financial disagreements.
This statistic itself underscores the significance of constructive conversation with our partners about finances. It’s unnecessary to associate stigma with financial discussions. In fact, I’ve discovered that the more we talk about our financial matters, the closer we get, and our overall condition improves.
WEEKLY FINANCE MEETINGS
Therefore, many couples (including us) find it helpful to hold a weekly budget meeting or discussion to keep things on track.
In the hustle and bustle of our lives, it’s easy to derail and overlook it. However, by setting up a weekly financial meeting to discuss all our monetary affairs, we’ve found it easier to stay on track. We cover topics such as:
– How much of the food and drink budget have we used so far?
– What household purchases are necessary?
– What upcoming school-related expenses might the kids have?
– Are there any car maintenance tasks to be performed?
– Do we have any extravagant plans for the upcoming week that we need to reserve funds for?
– How much can we contribute to our Emergency Fund this week?
– What are the status of our checking accounts, Emergency Fund, and Travel Fund?
– What’s our credit card balance?
While it may seem overwhelming to discuss these topics weekly, you’ll get the hang of it soon. These weekly meetings need not take over 15-30 minutes, making them easy to fit into the schedule, like during a Sunday breakfast, and sometimes with a Bloody Mary to add some fun!
MONTHLY OVERVIEW
In addition to weekly meetings, it’s helpful to have larger monthly reviews to examine the overall picture. We assess if we stayed within our budget, identify problem areas, review our income and expenses, check our net worth, and make plans for the upcoming month.
OPEN COMMUNICATION IS THE KEY
We all aspire to flourish not just financially but in our relationships as well. Regular, clear communication about our finances and budget is the key to achieving this goal. Start with weekly discussions about the nitty-gritty, then bolster them with detailed monthly reviews.
It might seem daunting to initiate these regular conversations, but remember, it often takes around 66 days to establish a habit. Don’t be too hard on yourself or your partner if it seems tough initially. Over time, these exchanges will seem natural, possibly strengthening your bond and ensuring financial health. You might even start enjoying these budget meetings, especially if you throw in a Bloody Mary!
Finally, how frequently do you prefer discussing the budget with your partner to maintain financial health?
