Communication is no doubt a fantastic idea to solve the several issues in life, and more importantly, it is necessary, between the husband and wife, to plan the budget and save the money.
Here are the simple tips to prepare a proper budget, communicating with your spouse.
1. Determine whether the goal is short term or long term
Decide whether your goal is short term or long term and plan accordingly. If your goal is to have a house and took a loan for it, as it is a long term one, you need to prepare the budget accordingly and set aside, a greater portion of money, every month.
2. List all the variable expenses
However tight the budget, there are few variable expenses, which you would not be willing to sacrifice. Eg: Men might not wish to sacrifice their daily cigarettes and such other petty expenses and even women might not want to stay away from beauty parlors.
List out all such expenses and see whether they really fit in your budget and analyse if you can do any other better plan, avoiding those expenses, and if you find the situation fruitful after leaving those, skip such fantasy expenses.
Also Read: 3 finance tips for newlyweds
3. Constant discussions
Needless to say for typical middle class families to discuss about the finances frequently. The constant discussions about it, alerts the couple, even during their individual financial transactions.
By Phani Ch