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10 Easy Budgeting Tips for Couples

The good news is, you can learn how to budget and get your finances in order. There are many easy ways to do this, even if you're a couple! Read on for some of our best tips.

man and woman standing under flowering tree

The struggle is real when it comes to balancing a budget. With two incomes, you have many more expenses and the chance that one person may be working harder than the other to maintain a stable income. Worse is that if one partner has an irregular schedule, they might not contribute as much towards household finances each month. 

Ten easy Budgeting tips for couples in 2021

10 easy tips for couples looking to save money in 2021

Sit and Discuss Bills

Find a time of day where both partners can sit down and discuss bills and expenses. Many couples don’t talk about money until it’s time to pay a bill, and then one person is surprised that there isn’t enough for everything they need to cover. A better way of doing things is to have an open dialogue any time you are looking at your finances, even if it means talking when neither partner wants to sit down in front of a computer. This helps to build a connection and understanding of your finances as a couple.

Create separate accounts for each partner.

Keeping money in different bank accounts can help couples control their budgets, especially if they are saving up something big like buying a house or planning an expensive trip together. Unfortunately, some couples choose not to keep any savings in their accounts and instead use a joint account. Of course, it’s really up to you how your finances will work best. Still, separate bank accounts can help each partner have more autonomy when saving money for the future.

Decide who will pay what?

Work out an agreement on what bills need to be paid by whom and at what time during the month. It’s important to make sure you are on the same page about when particular bills will be due. This way, your partner knows which bills they need to pay for everything else to stay afloat financially speaking. For example, if both partners have a car payment due at the beginning of each month, then it’s common sense that one person needs to pay that bill before the other for it to be paid on time. 

You can also split up major bills and expenses equally amongst one another. For example, suppose both partners have a car payment, insurance coverage, etc. In that case, you should split these costs equally, so neither person feels like they are carrying all of the weight when it comes to finances. But either way, you must be clear on who will pay for what? 

Don’t forget to budget for date night.

When you’re trying to save money, it’s easy to get caught up in the idea that every penny needs to be accounted for, and cutting corners is a necessity. But communication is key when you live with someone else. For example, suppose your partner wants an occasional weekend away or some time out of the house. In that case, it’s important to make sure you can afford that. Likewise, date night doesn’t need to involve spending money, but having something special planned for your significant other is a great way of showing them how much they mean to you without being too extravagant about things.

As always, don’t forget the rewards!

Being able to save up points to get a free hotel room or flights to your dream destination is so helpful when you don’t have the money for these things upfront. If you can save enough points, it’s better than having to spend an arm and a leg every time you want to do anything fun together.

Do what works best for your lifestyle!

Everyone has different habits and styles of living. For example, some people like to stick with a budget no matter what, while others prefer to spend freely on certain things. Figure out which one you are to work best within your relationship or family dynamic so that everyone is happy!

No one likes being told they can’t have something or feeling like they don’t deserve to spend their money on the things that make them happy. But sometimes, your finances work properly, and you may not even realize what kinds of things are important until someone points out how much of a difference between wants vs. needs. For example, every year, buying a new phone is technically unnecessary unless you do some serious business with it daily, which many people don’t do.

Be open and honest about your finances!

Suppose one person makes more money than the other. In that case, that’s okay, but make sure both partners understand how much each of them brings to make the best financial decisions possible. It’s always better to agree about your finances early on in a relationship or with any family members/roommates you may have, so there are no surprises later down the line.

Track your spending habits.

Track your spending habits, so you know what needs trimming back! It’s easy to get wrapped up in the day-to-day things you need and want without realizing how much of a difference it can make if you cut back on some areas. Keep track of your spending habits so that certain expenses don’t slip under the radar and become too big for one person or both partners to handle alone. For example, if you know that certain food items are always more expensive than others at the grocery store, make sure to shop around for deals, so neither person feels like they are spending too much on things.

List important things for each partner.

Please make a list of important things for each person, and then try not to argue about them too much!

Just like anything else, sometimes it’s best to compromise. Figure out what your partner wants, and then see if there is a way you can make that happen without having to spend too much money. If spending one more dollar on something will mean not being able to do something important for yourself or another person but also means the world to them, then it’s worth taking the time to save up for.

To get financially stable, you also need to focus on attracting wealth and not only on saving what you have. So, please check out this post on generating wealth.

Set up an emergency fund

Set up an emergency fund so that you won’t have to borrow from friends or family when emergencies happen! Couplemoney seconds that!

Life is unpredictable, and sometimes emergencies happen that are out of your control. Don’t be caught off guard with no way to fix what’s happening because you didn’t have an emergency fund set up for these kinds of things! Even if it means having to cut back on some unnecessary spending here or there, it’ll all work out in the end if you can get back on your feet again.


Couple sitting on bench thinking about their finances

Balance is key when you are trying to make financial decisions together! Just because you have more or less than someone else doesn’t mean they are any better or worse off than you in the grand scheme of things. Don’t let financial hardships ruin what matters – family and friends who you can count on for support. Remember that it’s the little things like having a place to sleep and food in your stomach every day, which truly matters when you struggle!

Also, check budgeting tips for young adults and low-income families.

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