When it comes to laying out a budget for yourself and your family, the most important aspect of making sure that the budget is followed is to make sure that every person involved is on board and agrees about every aspect of the budget. The first step in ensuring this is having everyone that will be affected by the budget involved in its making so that everyone understands every aspect of the budget.
It’s equally important to have open discussions regarding the budget and making sure that everyone knows that the budget is only a tool (albeit a very powerful one when used correctly), not something that will control the lives of those involved. It’s therefore good for no single person to solely control the budget. Spouses must have equal input in the budget, regardless of how many of them are actually bringing in an income.
Because both spouses are likely spending and using the money, who is bringing it in is not nearly as important as making sure that both partners are managing it carefully and responsibly.
There’s two sides of the budget equation: the outgoing and the incoming. Because those two sides are equally important and both sides can always be improved by each partner involved in the budgeting process, both partners must be involved in the making and planning of the budget. Each person involved must feel as though they have equal say in the budget, or else they will likely stray from the path you have outlined in the budget.
Remember, the budget is only the starting point to getting to a point that your family feels financially secure. It’s something that will need constant revisions, improvements, and open, honest discussions about. Both partners must always feel in control of their finances and work together in unison to find financial peace.
Disclaimer: This information does not constitute financial advice. For specific information concerning your financial situation, please consult your local financial advisor.