Couples Should Work Together On Budgets

Online, April 17, 2011 (Newswire.com) - One of the most difficult things about getting married is figuring out how to shift from handling your own money to handling "our" money "together."

Budget negotiations and financial goals can be a source of contention for newlyweds, especially if they don't have the same financial priorities. But ideally, these discussions should be held before you take that walk down the aisle.

Setting financial goals as a couple is the first step in negotiating a budget. These goals can give you a guideline on how you both feel you should prioritize your spending and savings. Common areas in which to set goals include getting out of debt, saving for retirement, buying a house and setting spending limits.

Before you begin creating your budget, look at how you've been spending your own money, and then compare that with your new financial goals as a couple. This should let you know how much you will need to change as you set up your new budget.

Getting your expenses to match your income and still fit into your goals is when you'll find the deepest negotiations take place. Remember that compromise is key, and that each spouse's preferences should be factored in, and that each spouse should have some spending money of his or her own each month.

Once you've created the budget, you need to begin to follow that budget. This will require that the two of you sit down and track your spending on a regular basis, whether it's daily, weekly or monthly. Any changes or overspending will need to be discussed and agreed on as a couple.

Remember, taking these steps takes time and practice, so once you've set up your budget, stick to it and be patient with each other. Communicate frequently about what's working and what isn't working. And above all, keep your focus on your goals.