Loud Budgeting for Couples: Slay Your Debt Dragon Together!

Key Takeaways

  • Transparency and Shared Responsibility: Open communication about finances eliminates suspicion and arguments. Couples discuss income, expenses, and goals openly to make informed decisions together.
  • Shared Goals and Motivation: Working together towards a financial goal, like a vacation or a house, keeps you motivated. Loud budgeting encourages teamwork to achieve financial objectives.
  • Stronger Communication: Regular conversations about money strengthen overall communication as a couple. Loud budgeting forces couples to discuss finances openly, leading to a healthier relationship.
  • Fun and Achievable: Loud budgeting doesn’t have to be a chore. Budgeting apps, challenges, and rewards can make saving and responsible spending enjoyable.

Loud Budgeting for Couples.

Picture this. It’s your in law’s anniversary and you want to take them for a tour of the town they will never forget!

You and your spouse have the whole day planned out. You got your car washed earlier that day.

Confirmed the reservations at the best restaurant in town.

You’ve picked out the best suit in your arsenal and just returned from getting a fresh cut and shave.

She has a matching dress and just returned from getting her hair and make up done.

Concert tickets in hand to their favorite band, and now all that’s remaining is your in laws!

Oops…check that.

All that’s remaining is to check your bank account to make sure you have enough money to pay for dinner that expensive dinner for 4!

The only thing left on your list to pay for. And what do you know…you don’t!

If you’re tired of having to call your family and friends to CashApp you some money to get you out of jams like this, Loud Budgeting could be for you.

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What is Loud Budgeting for Couples?

Loud budgeting for couples is a financial strategy that emphasizes open communication and shared responsibility when managing money.

It’s the opposite of quietly hiding your spending habits or feeling guilty about purchases.

It’s call LOUD for a reason. Nothing is hidden.

No more ordering packages from Amazon and only letting your partner know about it after the packages have arrived.

Here’s why loud budgeting can benefit Couples

Transparency and Trust: 

Talking openly about finances eliminates suspicion and arguments about “who spent what?”

This is common among couples whether they have joint bank accounts or not. We’ve all been there. Have you every asked…?

Did you pay the light bill last week?

Why is $150 missing from the savings account?

Who’s turn is it to pay for day care?

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Shared Goals and Motivation: 

Working together towards a financial goal, like a vacation or a down payment on a house, keeps you both motivated.

Loud budgeting for couples is a team sport. And you know what they say, there’s no “I” in team.

Whether it’s saving money together to make a large purchase like a house or if it’s pooling money together to pay off credit card debt,

loud budgeting encourages both of you to work together towards a common goal.

Stronger Communication: 

Loud budgeting forces regular conversations about money, strengthening your overall communication as a couple.

This is a tough one, especially for new couples. But communication is important for a healthy relationship.

And that includes communicating about money.

Examples of Loud Budgeting for Couples in Action:

  • Scenario 1: Sarah wants to buy a new pair of shoes, but the couple is saving for a trip to Europe. With loud budgeting, she talks to her partner, John, about the shoes. They discuss their budget and decide if there’s room for the purchase, or if Sarah can find a cheaper alternative.
  • Scenario 2: John sees an ad for a new Xbox game he wants, but they haven’t reached their debt payoff goal yet. He talks to Sarah about it, and they brainstorm ways to save extra money to afford the gadget without derailing their debt-free plan.
  • Scenario 3: The couple is planning their monthly budget. They discuss all their income and expenses openly, making adjustments together to ensure enough goes towards savings and debt repayment.

Loud budgeting isn’t about micromanaging every penny.

It’s about open communication, setting shared goals, and working together to achieve them.

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Getting Started with Loud Budgeting

Schedule a Money Meeting: 

Set a regular time each week or month to discuss finances openly. This could be over coffee, dinner, or during a dedicated “budgeting night.”

This is important because once you start this and get in the habit of doing it without stopping, it will be hard to break the pattern.

And this is a habit that you want to be hard to break because it will lead to financial independence or at the very least, financial stability.

Set Ground Rules: 

Discuss your comfort level with sharing financial details.

Do you want full transparency, or are there certain categories you prefer to keep private (e.g., personal subscriptions)?

If this is the path you’re going to go down, I’d suggest that you both still keep track of this information together.

But, what you could do is label it something inconspicuous like “miscellaneous”.

That way the actual amount of money is being logged, which is more important that “what” is being logged.

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Be Honest and Respectful: 

Transparency doesn’t mean judgement. Listen to each other’s concerns and work together to find solutions.The keyword here is “solutions”.

There will be debate and maybe even a little petty back and forth, but at the end of the day recognize that both of you want the same thing.

And that it to work together to build stable future together. And the only way to do that is to be honest and respectful during this process.

Gather Your Financial Info: 

List all your income sources (salaries, side hustles, etc.) and expenses (rent, groceries, utilities).

You can use budgeting apps, spreadsheets, or even a good old-fashioned notebook.

Remember to adhere to #’s 2 and 3 from this section…set the ground rules and be respectful.

If you are a newly formed unit this may be unchartered territory. So be sure to take it slow at first.

Talk about some of the debts that you have and make sure your partner is aware and accepting of the challenge.

Set Financial Goals: 

What are you working towards?

A dream vacation, a down payment on a house, or simply building an emergency fund?

Do you have a mountain of debt that you need to tackle?

This is the part I think many financial advisors leave out.

Make it fun!

Having clear goals will keep you motivated.

Whatever you put in this section, is the ultimate reason you’re doing this in the first place!

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Prioritize Spending: 

Not all expenses are created equal. Decide which needs come first (rent, food)

and where you can cut back on discretionary spending (entertainment, dining out).

I’m a huge advocate that budgeting should be taught in school, but that’s a blog for another day.

Make sure to categorize what you want to spend your money on together. The key to loud budgeting for couples is doing it together.

Your spending goals must be in alignment if you want to have a successful outcome.

Making Loud Budgeting Fun

Find a Budgeting App: 

There are many budgeting apps with user-friendly interfaces and gamification elements to make budgeting less of a chore.

Explore options that allow joint access and shared goals.

I don’t have a dog in this race, but I can tell you that I’ve used YNAB, Quicken Simplifi and Quickbooks (personal use).

Whichever you decide to use, make sure it’s colorful and gamified in a way that will make you WANT to log in everyday and check on your progress.

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The Weekly Challenge: 

Spice things up with a savings challenge!

There are many variations online, but the idea is to save a specific amount each week (increasing or decreasing throughout the year).

You can also do a debt payoff challenge.

Take the total amount that you owe on your credit card and divide it by 52.

Make sure to pay at least that much every week until it is paid off.

If it’s not feasible for you to pay off that card in a year, there are different variations of that game.

You can take the minimum payment multiply it by 1.5 and pay that amount weekly.

That way, at the very least you’re able to see your balance decrease.

Provided you stay under the limits of course.

Date Night Budgeting: 

Who says a romantic night has to break the bank?

Plan fun and frugal dates like picnics in the park, board game nights, or exploring your city’s hidden gems.

Instead of going to Starbucks just to scroll through your IG feed, make it a date.

Find a quiet corner and talk money with your significant other over your favorite latte.

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The “No Spend Weekend”: 

Challenge yourselves to avoid unnecessary spending for a weekend.

Cook delicious meals at home, have a movie marathon night in, and reconnect without spending a dime.

Buy some microwave popcorn and make your own finger foods.

No need to go out for fast food or take out on these weekends.

Make sure to stay in an experiment with low cost meals together while enjoying each other’s company.

Reward Yourselves: 

And my personal favorite part…reward yourselves!

Reaching milestones deserves a celebration! Treat yourselves to a fancy dinner or a fun activity once you achieve a financial goal.

This is important because studies show that when we set goals that have expected rewards at the end,

we are more likely to keep striving towards that goal.

Final Thoughts on Loud Budgeting for Couples

Loud budgeting is a journey, not a destination. There will be bumps in the road, so be patient and adjust your approach as needed.

Focus on progress, not perfection. Every little bit counts towards your financial goals.

Keep it positive! Frame budgeting as a team effort towards building a secure future together.

By following these tips and incorporating a bit of fun, a young couple can embark on their loud budgeting journey and build a strong financial foundation for their future.

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