There seems to be a nearly perfect split between couples who choose to maintain their finances separately and those who budget together. 

In the former case, each will keep separate accounts and typically be responsible for paying a specific set of bills, such as those relating to themselves (like a cell phone bill). 

In the latter case, both parties claim combined responsibility for all the bills and share an account.

If you find yourself in the second category or may want to join that camp, having a joint budget can help you maintain a good hold on your money if you have a sound idea of what you both have available. 

Here are some tips to help you get the most success out of your joint venture:

• Have a common goal for the budget. Saving for a trip, a home improvement project, whatever. Being on the same track should make it easier to agree on what your endgame is.
• List all of your combined income and expenses together on a spreadsheet. You’ll get an idea of what your income and outgoing money look like.
• Have monthly meetings to discuss any upcoming additions or subtractions that need to be accounted for.
• Update the budget frequently to account for new paychecks, bonuses, extra income, etc.
• Stick to it! The best chance at success, as with anything, lies in consistency. The longer you stay on track, it becomes a part of your daily life.

Naturally, we want to see you succeed in your financial goals, so if you need a little help or a push in the right direction, we’re here for you! 

Give us a call at 513-563-PLAN (7526) or go online to set up a 15-minute chat with us.