BUDGETING for your family’s future
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f you feel like your household’s financial situation is out of control, you’re not alone. According to a 2015 report by Pew Research Center, more than 60 percent of Americans consider their financial position to be poor to fair. Interestingly, a 2013 Gallup poll gives a possibly greater indication why: Only onethird of Americans build and maintain a budget. Budgeting, the act of tracking what you make and what you spend, is a critical component to preparing for the future. When done right, a budget can provide peace, stability and the satisfaction that comes from meeting short-term and long-
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kcparent.com february 2021
term goals. All too often, however, couples stop before they start, viewing a budget as restrictive, frustrating and confusing. It needn’t be that way! A budget simply informs people of where their money goes, and that knowledge is essential for building a realistic financial plan for the future. As the old adage says, if you don’t have a goal, you’ll miss it every time. Budgeting, then, establishes a target and guides your aim toward it. One of the primary reasons couples struggle with budgeting is because they haven’t found a system that works for them. Here are some keys to getting a good budget rolling.
Work together. More than likely, one of you loves to crunch numbers while the other couldn’t care less—and you probably don’t even have to consult with each other to figure out who fits which category best! If only one person has a vested interest in financial planning, however, a budget will not operate. Because money comes into a household and out of it together, it also needs to be worked on together as a couple. Conversations about money can get tense easily when there is financial strain, and the tension only compounds when you’re not on the same page regarding how to go about it. Avoiding the subject only prolongs the inevitable. Keeping an open line of
