Financial struggles are a common source of marital problems. When not addressed such problems can lead to continual conflict and even divorce. Couples must break the silence and decide to confront their financial struggles together. [See previous article.]Once this important decision has been made the goal for every couple should be to establish a family budget and follow it consistently in order to improve their financial situation. For some reason the word "budget" is a turn off to many. They envision having the freedom to spend their money the way they like being revoked. Nothing could be further from the truth!
A budget is merely a spending plan. It enables you to spend your money the way you decide instead of constantly reacting to difficult financial circumstances. It is the easiest and most efficient way to take control of your money and make it work for you. Together, you and your spouse establish your own custom plan. If the plan doesn't work as anticipated you are free to modify and improve it as you like.
Before a budget can be established you and your spouse must first gather the information needed to analyze your income, spending, and debt so you can make informed budgeting decisions. Then you can begin developing and following your budget plan. To some this may all sound like a very time consuming and difficult job. However, most who undertake the task find it to be easy and rewarding.
Articles in this series...
--- Introduction
(1) Track all spending daily for a month
(2) Organize spending into meaningful categories
(3) Analyze your spending
(4) Establish a spending plan (budget)
(5) Work your plan
