We always talk about the importance of saving, and we touched on creating a joint budget here, but how are you combining these two things to work together towards common financial goals?
Money and how we spend it has been a frequent topic of conversation in our house lately for a number of reasons. We both have things we’d like to do or accomplish on our own, but a lot of decisions we make now concerning any number of things affect the both of us. How are we both planning for our future together while still maintaining our individual interests? The key is communication. Talking and planning together from the beginning prevents arguments over finances from happening later on.
Avoid some of these common mistakes that can derail couples’ budgeting strategies and even the best-laid financial plans:
1. Not talking about the future, both near and distant. Make sure you see eye to eye on your end goals, and you’re both working together towards them. What do you want to accomplish in the next year, or even in the next five? How will you each help to make those goals a reality? Agree on what you should focus on together, and how much wiggle room you have individually.
2. Make sure you’re on the same page. Talk to each other. You’ve worked together to come up with a budget, so now what? Check in with one another to be sure you’re following through with your end of the deal. You’ve each agreed to contribute a certain amount to savings, and maybe one of you has promised to work harder to pay down debt and cut back on unnecessary spending. If you’re not holding up your end of the bargain, your plans will crumble quickly, and you won’t meet the goals you hoped to reach together.
3. Not helping each other out. You’re a team now. If you need help, ask for it, and always be willing to give it! I’ve always been a very independent person, so it was hard for me to admit that I couldn’t do everything on my own. It was even harder for me to admit that I occasionally make mistakes. If you slip up with your budget for the month or you haven’t planned well enough, fess up and figure out how to correct the problem together, whether it’s making an adjustment or dividing up responsibilities according to what works best for both parties.
4. Not acknowledging and compensating for your differences. You each may have been raised to think and utilize money in different ways. One of you may be super frugal or great at saving, while one of you might be a more impulsive spender. Identify each person’s strengths and weaknesses, and build a savings plan that compliments and accommodates those traits.
Working together to reach financial goals doesn’t mean you have to give up your own individual aspirations. By no means should anyone else “be the boss” of your money, but you should keep each others’ best interest in mind before making any drastic financial decisions on your own. You’re in this for the long haul. Paving your financial road together now will ensure smooth sailing for years to come.
What challenges have you come across when working to save money together, and how did you overcome them?
