When it comes to managing a budget with your partner, it might often seem easier said than done. However, with the living expenses calculator from the team at CalendarBudget, there’s no reason to despair quite yet. Here we break down some ways to make the most out of your monthly expense calculator and keep a close eye on your budget.
Why is Being on the Same Page with Your Spouse Important?
First, let’s touch on why it’s crucial for you and your partner to both be on the same page financially. Although you both likely have different needs and interests, you both spend money. If your finances are combined, then being open and honest about spending and budgeting is one great way to avoid conflict in your relationship.
Time to Talk
When it’s time to talk about your shared budget, start by simply planning a lunch date with a short 15-minute discussion. Set up some S.M.A.R.T. (Specific, Measurable, Achievable, Realistic, and Timely) financial goals as a couple. Then, keep track of your living expenses using your monthly budget calculator to track and prepare for the goals you’ve both set together.
Evaluate What’s Working
There’s no one-size-fits-all budget for every couple, which means coming up with the right one for you both might take some time and tweaking. But it’s essential to reassess your budget to make sure this happens. Be open to change and reevaluate your progress quarterly to adjust things when necessary.
Use Your Strengths
Each person brings something different to a relationship, whether it be emotionally or good financial practices. The best way you can set yourselves up for financial success is to exploit those strengths when it comes to managing money. Additionally, support each other when it comes to the budgeting roles you play, whether it be investing, saving, shopping to find the right deals, or simply staying within your monthly budget.
What To Do When It’s Not Working
As we’ve already mentioned, couples rarely develop a working budget on their first try, so it’s essential not to give up if something’s not working right off the bat. Try moving some of those goals around and implementing different methods and tactics until you find something that works. Also, don’t be afraid to reassess things when going through ups and downs.
Contact us to try our cutting-edge living expenses calculator today
Having the right budget calculator at your disposal can make it much easier for you and your partner to keep track of your finances. To see how it works, sign up online for a FREE 30-day trial of our software today.