There are many common budgeting myths married couples believe that can often get them into financial stress. It’s important to identify these in your marriage and work toward dispelling them with the truth. Not only will this help enhance your finances but also your relationship with your spouse.
5 Common Budgeting Myths Married Couples Believe
If you and/or your spouse believe any of the following myths, be sure to give yourself grace. Oftentimes, what we believe about something didn’t just pop up overnight. In most cases, you may have been taught or shown these by your parents or adopted them over time due to circumstances.
Regardless of where you find yourself on the scale, always know that you can choose to believe and react differently. It may take some time, but staying focused on increasing your understanding will help you and your spouse reach your financial goals.
1. We don’t have time to set a budget.
Simply put, yes you do. It may be a tough pill to swallow but everyone has time to do what’s important to them. If getting and staying on top of your finances is valuable to you, then you’ll take the time to set up a budget, and stick with it. If you’ve never done this before, pick an afternoon on your least busy day.
Gather some bank statements, pull up your online banking account, and sit down with your spouse to discuss all things monetarily. Look at how much you have coming in versus going out. Take the time to go over if every expense is necessary or if there are areas you both can cut back on. Make sure you’re calculating for tithing, alms, savings, etc. Then, create a budget according to your financial goals.
2. We don’t have enough money.
This is typically the first budgeting myth married couples believe about their finances. Regardless of how much money you have, you need to start telling your money where to go instead of spending recklessly. If you don’t believe you have enough money, you first need to identify what “enough” is. Are you trying to live beyond your means? Are you wanting to save for something in particular but finding it hard to? Do you actually need more income?
The answers to these questions will help you better understand what you believe about money. Some people grew up in a financially struggling household and are repeating the pattern. Others are working overtime and extra hard to prevent the pattern from repeating. The truth of the matter is you’ll need to define what enough is and then work on balancing what that looks like for you and your spouse.
3. We don’t agree so we can’t set a budget.
One of the biggest issues married couples face is often in the area of finances. Why? Lack of communication, including not being able to agree on setting a budget. If we can speak frankly for a moment, we’re all adults here. It’s time to put on your big boy and big girl pants and agree to reason until you reach a solution.
It’s better to do this now over creating a budget rather than trying to reason with a divorce lawyer later. Don’t let the lack of communication or unwillingness to agree on finances be the cause of unnecessary stress in your marriage. Go back to the examples laid out in the first myth and use those to start being intentional with setting a budget with your spouse.
4. I don’t need a budget, I can keep track in my head.
I know we’ll probably say that each of these is “the biggest myth” but this one could be tied for first place. We can’t tell you how many married couples not only lack keeping a budget, but they’ll admit that they keep track of their budget in their head. This is one of the quickest ways to lose track!
If you believe you can keep a full running track of your budget to the penny in your head, you need a ribbon and a trophy. All jokes aside, it is not very wise to try and manage your money based solely on what you can remember. With the hustle and bustle of everyday life, give you and your spouse’s minds a break by keeping a budget with pencil and paper or digitally.
5. I make enough money, I don’t need a budget.
Back to the mindset around “enough,” whether you believe you have enough money or not, this is all the more reason to consider keeping a budget. Simply put, everyone needs a budget because everyone’s money will run out at some point. Rather than living paycheck to paycheck or struggling to barely make ends meet, be in a place of expectancy.
When you decide to keep a budget, you’ll know exactly what to expect of your finances. This will also help you come out of the mindset that you do not make enough.
Final Thoughts
These common budgeting myths do not have to ruin your finances and your marriage. Instead of continuing to believe the lies, take the step toward trading them for truths. You and your spouse will be thankful for the time you spend coming into agreement about your budget!
More to Consider…
This article was reposted and used with permission from Christian Marriage Adventure. Click HERE for more great articles.
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