How To Balance Savers And Spenders In Marriage
With regards to planning a budget, two can quickly become a crowd. Some of us get a kick out of saving a few pennies, while others want to spend every last coin. It can be more than a little frustrating trying to persuade others to get rid of their poor spending habits.
Even if your spouse has different money habits than you, there’s room for both of you in an EveryDollar budget. Savers have control of their finances and spenders can splurge guilt-free. It’s a win-win situation!
Here’s how to effectively balance the family budget:
Scenario 1: The Spender
In marriage, money belongs to both of you. That means you should both decide how to spend it. Decide together a reasonable spending budget and agree that the money can be spent on anything. Make sure there’s fun included in this budget.
When it comes to large purchases, determine a set spending limit and anything over that limit should be discussed with your significant other. It’s a good idea to sleep on any over-budget decisions and if it still feels like a good idea in the morning, go for it!
Scenario 2: The Saver
If one of you is a true saver, you’re blessed! You’ve got a natural money-managing machine. However, this doesn’t mean that the saver gets to call all the shots. The saver can take on more of an administrative role but it is important that budgeting is still a joint effort and that all parties are on the same page regarding the limitations of the budget.
If there are any disagreements on spending, talk it over and work out what can be rearranged in the budget to accommodate the spending.
Keep It Together
Once your spending plan has been budgeted for and fed into the EveryDollar app, you will be able to use your money as planned without any disagreements. You should now both be on the same page about your household finances and feel the freedom associated with being in control of your money.