In this economy financial problems are no stranger to anyone. I don’t think I know any couple who hasn’t gone through their share of financial hiccups since the 2008 recession. While many of us are getting back on track as far as attaining income, some of us are still being held back by bad financial habits. Some families spend too much money on takeout and others can’t seem to stick to their budgets. Well the good news is that two heads are better than one. If you and your man will commit to consistently working as a financial duo, many of your problems can be overcome with a little advanced planning and a lot of consistency. Here are three techniques me and my hubby are implementing to overcome our financial strife.
1. Do your monthly budget together.
Dave Ramsey’s class on financial planning showed me and my hubby that a budget done alone, is a budget not followed. If only one of you are participating, chances are your financial life is full of bounced checks, overdrawn fees and denials at the cash register. ( I know, I’ve been there) You can’t be with one another 24/7, but if in the back of your minds each of you knows you only have $50 in the account your brain will help you make the decision not to spend.
2. Open 3 Accounts
Bottom-line, one account for bills, one account for her and one account for him. The account for bills does not have a debit card. You shred that when you get it, or put it in a baggie filled with water and stick it in the back of the freezer. You’ll go through hell trying to get the card out of the ice, and half way through hammering you’ll realize you are acting like the abominable snowman and will hopefully give up. Three accounts give you both the boundaries of limited funds, while providing you the privacy of spending your extra cash on whatever makes your heart content.
3. Pack Each Other’s Lunches
I love this idea. Taking time out of each of your days to make sure each of you eats the next day is super romantic. Plus, its minimalistic living at its best. It incorporates financial planning with romance and if you really love each other, you can’t ask for more. This stops those every other day expenses at the restaurant closest to your job, and gets rid of some of those pesky unexpected expenses. Remember, time in the kitchen for couples can be very sensual. So, make it a time of sharing your romantic energies.
4. Use Cash
I know this one seems simple, but its harder than you think. In our culture of fast money, many of us mamas and dads have become accustomed to using our debit cards. Although a challenge, a trip down cash lane can prevent may money snafus that stop us from reaching our goals. Whether your on a family vacation, taking a trip to the grocery store or paying for lunch, using cash is the easiest way to prevent your family from spending more money than it should.