Budget as a Family

When budgeting, involve the entire family. There is no point in recording every penny you spend and keeping a detailed budget if the rest of your family never keeps track of anything, and spends money foolishly. Everyone must be involved.

The most important person, of course, is your spouse. It’s very common in a marriage for one person to be a saver, and the other one to be a spender. That’s fine, you can’t change who you are, but you must be aware of your strengths and weaknesses.

So how do you get your spouse to agree to keep track of spending?: You convince them that the goal makes sense.

For example, if you both want to buy a house, and you need to save for the down payment, then you should both be committed to keeping track of your expenses so you can save money to accomplish that goal. If your goals aren’t the same, it won’t work. If you want to buy a house and your spouse wants to go on long expensive vacations, it will be difficult to agree on the need to save money. So work together to define your goals, and then make a budget together, and stick to it.

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