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

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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.Learn the best way to start budgeting together. Jessi Fearon, The Budget Mama, shares how to make a budget without starting a fight!

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.

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.

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Listeners can get a 10% discount; use the coupon code, “Couplemoney”.

 

Build Wealth Together

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About Elle Martinez

Elle Martinez helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second..

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