Money comes and goes, but love last forever. But sometimes our money habits have more of an impact on our relationships than we know. I have comprised a list of how couple tend to let money become a factor in their everyday decision making.
What are some ways couples tend to waste money?
Lack of budgeting – This can be especially true for couples who have started combining their expenses, such as food, transportation (driving to events together), or even rent if you have moved in together. You were used to spending money a certain way and it may feel like you are saving money being able to buy in bulk and sharing the “bulk” of your expenses. However, this can counteract the savings as the couple may forget to budget and therefor overspend as their budgets start to substantially grow – similar to portion controls. If you don’t use a method, whether its portion control cups or a meal plan, you may easily overeat if you “eye” it.
Unrestricted date nights – Even the “cheapest” person will put their wallet out for the person that makes their heart happy. This can lead to expensive vacations or date nights. When my boyfriend and I started dating, I didn’t bother looking at prices of where we would have date night since most of my week was super frugal. However, there were many times that these unrestricted date nights used up the majority of my weekly budget.
Do couples tend to spend more money than they realize? How might a couple go about setting up a budget, so they don’t go overboard?
From personal experience, I believe couples spend more money, especially when they are happy. I am a strong believer in managing your own finances, even if you are in a committed relationship. If you and your SO make your own income, I suggest you make your own budget. One way of actually spending is to have a section for food, gas, rent and entertainment and use whatever you have in your own budget to contribute to your shared expenses. This works better in my own relationship as we do not live together and our dates, food, etc is all considered a “treat” for us and may work for those who have a partner that makes significantly more or less. Another way that may work for couples, especially those who are more serious or living together is to divide shared expenses FIRST. Then whatever way you choose to create your budget, you know how much you put to equally contribute.