There is a lot of stress that can arise in a marriage and cause it to slowly crumble. One of the main stresses is finances; couples often fight about finances because they’re struggling to pay their bills or feel like they never have enough money to be able to live the way that they want to live.
If you and your spouse can get on the same page when it comes to your finances, you won’t have to worry about it being a strain on your marriage.
Determine How Much Money You Have Coming in Each Month
Many people make the mistake of using the amount that they are paid each hour as a baseline for the money that they have coming in each month. This isn’t an accurate representation of finances coming into your household each month.
Take the time to look at your paycheck stubs. The amount that you’re paid after taxes, any insurance payments, and any other deductions are taken out of it is the amount that you should base your monthly income off of.
Establish How Much You Have Going Out on Bills Each Month
Next, you need to sit down and figure out exactly how much money you are spending each month on your cost of living. Separate the amount that you are spending into separate categories. Have one for necessities, such as water and power costs; have one for food, which will include what you spend at grocery stores; one for travel expenses, such as gas and oil changes; and one for leisure activities. This allows you to determine where you are spending your money each month.
Determine Where You Can Make Cuts
Once you know where your money is going each month, you’ll be able to see where you’re spending frivolously. You want to establish what areas of your life can be reduced to save you money each month. Eliminate eating out altogether to start saving money right away. You should then determine what bills you have that aren’t necessary. Many people find that they don’t need to pay for a movie subscription and satellite television each month, for example.
Create a Savings Account for Your Family
Once you know how much money you have coming in each month, you can establish what your budget is. If you have money left over each month after your bills are paid, that doesn’t mean you need to go out and blow it on frivolous purchases. Instead, try to save a certain amount of money each month so that you can create a nest egg for your family. If something goes wrong, you should have at least three month’s worth of wages saved up for you to be able to use to pay the bills until everything can get back on track financially.
Cut Back on Your Monthly Grocery Costs
Many families spend a lot of money on food each month and it just goes to waste when it’s thrown away after it spoils. Spend as little as you can on groceries by shopping the sales. Establish a menu plan before you head to the grocery store based off of the foods that are on sale for the week. You can then match up coupons with the items that you’re going to buy to reduce the costs even more.
If you spot meat on clearance, go ahead and buy it to put in the freezer and use at a later time when funds are tight. You want to only spend money on things that you know your family will eat before they expire.
Don’t Stop Having Fun Together
One reason why couples have such a hard time sticking to a strict budget is that they feel like they are missing out on things. Don’t stop doing fun things just because you are trying to save money. Parks are a free place to go and enjoy some family time. You could go enjoy a game of frisbee golf, go fishing, or simply enjoy a picnic without having to spend a ton of money on the outing. A library card is free, and they have all the books and movies you can ever want.
File Taxes Together as a Couple
When tax time comes, you can save a lot of money by filing your taxes together. There is married couple tax relief available that provides you with many deductions that you couldn’t qualify for if you filed your taxes on your own. Filing taxes as a married couple is not overly easy to do, so it’s best to allow a tax professional to file the taxes for you.
Use Your Income Tax Refund Wisely
It can be tempting to use any tax refund you get on a trip or buying something fun and exciting. Instead, take the time to figure out what debts you still need to pay off. Find the debt that has the highest interest rate and see if you can pay it off. This can help you to get out of debt sooner and allow you to pay less for the debt in the end.
Stay on the Same Page at All Times
Some couples reach a point where they’re afraid to discuss finances with one another because they don’t want to start controversy. If a financial situation arises, be upfront and honest with your spouse so that you’re both on the same page at all times. Being able to work through financial struggles will be easier when you both know the other is being totally honest at all times.
Once you’re completely debt free, your life will have a dramatic shift to it. You and your spouse will be able to do what you please whenever you please. You won’t have to worry about finances and will be able to live a more peaceful life. It could take ten to fifteen years before you’ll be able to reach your financial goals, but once you do, the effort will be well worth it.
