How to Budget & Manage Finances as a Couple Without Fighting

50_0.jpg  Experienced business and financial specialist, Loan Solution.

  WWS contributor


Discussions around finances is one of the leading causes of disagreements in relationships. Yet, there are simple techniques you can use to budget as a couple. The aim is to learn to communicate openly and honestly without fighting.


According to some credible reports, the top reasons why couples fight in a relationship are sex and money. These are scarce commodities, where one partner may feel that they're not getting enough of it.

In most cases, such relationships lack a key ingredient: constructive and open communication about finances. Yet, you can avoid all these problems.

Let’s looks at some tips on how to budget as a couple. Here we go:


1. Understanding the Real Source of Conflict


As already mentioned, scarcity is one of the main reasons why couples fight over money. But there could be other reasons, such as overspending by one partner on non-essential items. Or, your partner may love online shopping and buys stuff without consulting you. Also, one may like to borrow from family and friends, which means you're always in debt.

Interestingly, some of these characteristics may have something to do with one’s background or upbringing. If you saw your parents talk about money and plan together, you are more likely to carry the same habit into your relationship.

Others may have seen strained family relationships due to always asking for monetary assistance. So, instead of working out financial problems, they utilize loans and online lending solutions. You may know you can get guaranteed payday loans to help you out of tough situations.


Those who grow up in frugal homes may rebel as adults. They may overspend as a way of compensating for the things they did not have as kids. It can all be very tricky, especially if you're starting a relationship.

One of the tips on how to budget as a young couple is to have a good understanding of each other. You may find that bringing such issues to light can save you a lot of fighting and you can start learning to budget as a couple.


2. Be Realistic About What You Have


The best way to budget as a couple is to be realistic about what you have. Take into consideration the following:

  • How much income do you have as a family? A lot of fighting can come up if there is one breadwinner. She or he may feel the need to control the money, so you have to compromise this question.
  • Develop a checklist of financial obligations. These are expenses you incur every month. They include rent, student loans, and retirement contributions.
  • Come up with a monthly budget of the living expenses. These include grocery shopping, food, and transportation.

You should also have some of the things that you do outside of the typical expenses. Eating out, family fun days, movies and spa days should be on the list.

Budget planning for couples doesn't require being too strict. You work hard for the money. So, don't feel guilty about spending some on fun items. It shouldn't be a guilt trip every time you want to spoil yourself a little bit.

Allocate an amount for each of you out of the budget that you use as you please. It could be $10 per month or more if you can afford it. There are tons of things to do as a couple on a budget. Road trips, camping, picnics, and hiking are good ideas.

Once you clarified your expenditures, agree on how to handle them. You don't have to spend too much on monthly obligations. You can, for example, adjust how much you spend on groceries if there is a need.


3. Have Financial Plans or Goals


An excellent way to budget as a couple is to come up with financial goals. It gives you something to work towards. Think about where you see yourselves in a couple of years.

Do you want to buy a house? Are you working towards starting your own business? What plans do you have for your family? Such should include vacations, tuition, incidentals, and so on. Take time to do some research. Use samples of budget for couples as a guide.

Finally, set aside some time to track your spending. You may think that you are well on the road to achieving your financial goals. But, a look at the current state of your finances may display a very different picture.

Plan for weekly meetings to see whether you are on the right course.


4. Seek Help from the Financial Experts


Setting up the best budget system for couples may require some expert advice. There are financial counselors whose area of expertise is navigating money issues in relationships.

The truth is, some people may find it challenging to let a stranger know so much about personal matters like finances. But, budget planning for couples can be difficult. You may find that you are both unable to reach a middle ground. Be honest and transparent to each other and acknowledge that you are struggling.

And, most importantly, consider the money you will spend on the experts as an investment. An investment in your financial well-being, peace of mind and a happy home.


In Conclusion


Learning to budget as a couple is a critical step. It helps to have an open and honest dialogue around financing. Open talks will help you understand each other's backgrounds and relationships with money. It is a must-follow step for learning how to budget as a young couple.

Develop financial goals so that you have something you are working towards. Also, budget planning for couples requires you to be realistic about how much money you have.

Develop a checklist of all the expenditures or financial obligations you have every month. See if it fits the income you have. If you are over the budget, you will need to rethink your spending. Financial experts can also provide invaluable tips on how to budget in a relationship.

Do you have any shareable insights on how to budget as a couple? We would like to know what works for you.

Daniel Miller is an experienced business and financial specialist at Loan Solution. He has also worked as a financial advisor at a bank and provided consulting and advice about budgets, savings, insurance, stocks, retirement funds, tax advice, etc. Currently, Daniel is doing specific research on the topics.