Today’s trust & teamwork challenge is also this week’s #moneymonday post.
Challenge #27- Create a family budget
One of the hardest discussions for couples to have tends to revolve around finances. It doesn’t matter if both are savers, both are spenders or there is one of each people are not great at discussing money. So today you’re challenge is to do so.
Gather up all your bills, your pay stubs and available reciepts and get to work.
- Calculate monthly HOUSEHOLD income (after taxes)
- What are your necessary bills- Rent/ Mortgage, power etc. and how much approx. are they each month
- What are your necessary monthly expenses- Groceries, child care etc.
- What are your additional monthly bills/expenses- Cable, Cell phones (which may be in #2 depending on the reason you have one), Internet, Netflix (or other streaming sites)
- What are your annual/ bi-annual bills? How much are they? How much do they equal monthly?
- How much are you willing to allocate to entertainment, transportation (gas/repairs), clothing,savings and other misc. categories
TOGETHER sit down and create a household budget you can BOTH agree upon. I have added a budget worksheet to this post there are also many others available online . I will also be having various posts (every other monday) to help with budgeting and other financial matters. CLICK here to see those posted so far
CLICK HERE for my budget form or create your own.
Benefit- Along with the obvious financial benefits for having a mutually agreed upon budget it also makes your significant other feel as though either their opinion is important OR if they normally handle the finances that they don’t have to bare it alone. It also is a great team building activity as it forces you to work together on something that effects you both.