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Budgeting together isn’t always easy. Jessi Fearon, author and creator of The Budget Mama, shares her story and tips for how to successfully budget as a couple!
Couples and Budgets
Budgets, spending plans…whatever you call them, people don’t seem to like or use them.
A recent survey conducted by Experian found that nearly half – 42% to be exact – don’t use one.
The top two reason given why they don’t? They’re unnecessary and ineffective.
Which is bananas, consider some other survey findings:
- Nearly half (46%) have less money in their savings than they had expected; almost three-quarters of respondents say they are behind in their retirement savings.
- 82% of respondents hold some type of debt
- The most common type of debt—credit card debt—is primarily caused by this is the respondents own comments – lack of cash flow and overspending
A reasonable budget can fix most of these problems, but it takes a mindset shift.
First off a budget isn’t about what you can’t spend or have, it’s about what you can.
Very loosely, a reasonable budget typically cover three areas:
- essentials & necessities – roof over your head, food in your belly, clothes on your back
- building wealth – saving for retirement, getting of debt, seed money for a business
- fun – quality of life options
When the two of you can focus your money and energy, you can build wealth and reduce a lot of stress.
When Jessi and her husband Pat started out, spending plans weren’t a part of her routine.
Now, though, she’s not only developed a habit of budgeting, but she helping others build better budgets.
In this episode we get into:
- why and how Jessi and her husband Pat had a $500 wedding
- the changes she and Pat paid off over $55,000 of debt in 17 months
- why you shouldn’t obsess on finding the ‘best’ or ‘perfect’ budget
If you want to hear about an easy way to budget? Listen to my episode on budgets for couples who hate budgets.
Resources to Budget Together
Do you two want to get on the same page with budgets? Here are some helpful resources mentioned in the episode and more.
- The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness
- Real Life on a Budget: 17 Practical Challenges to Live and Thrive on a Budget
- Why We have Joint AND Separate Accounts
- Six Tips for Newlyweds to Manage Finances
Thank You to Our Partners
Support for this podcast comes from partners like Personal Capital. Easy to set up & easy to use. You can have all your investments, income, and expenses all pulled into one place.
Did I mention it’s free? Why don’t you give Personal Capital a try today?
Support for this podcast also comes from Divvy Investments. If you’re looking for an easy way to help keep your portfolio on target for retirement without having to link your accounts to yet another service, check out Divvy.
Listeners can get a 10% discount; use the coupon code, “Couplemoney”.
Build Wealth Together
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