How to Talk to Your Partner About Budgeting
The Jesse Mecham Show
YNAB
4.7 • 1.1K Ratings
🗓️ 24 July 2023
⏱️ 10 minutes
🧾️ Download transcript
Summary
Ben and Ernie share their personal experiences talking to their partners about budgeting and YNAB. Every family is different, and every partnership will handle communicating about money and budgeting differently, but the important thing is that you do it! Frequent, regular money conversations help everyone stay on the same page and focused on the same goals, whether one person manages all the YNAB details or each person shares equally in that task.
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Transcript
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| 0:00.0 | Hello, why not? My name is Ernie with another episode of the why not podcast where we teach |
| 0:10.4 | you four rules to help you stop living paycheck to paycheck. Get out of debt and save more money. |
| 0:18.2 | Welcome back to another episode friends. I'm Ernie. I'm here with my budget nerds co-host |
| 0:24.5 | Ben. We still have the keys to the castles. Jesse is taking the summer off from the podcast and we |
| 0:30.2 | are filling in for him and happy to do that. So I thought today we would talk about |
| 0:36.0 | budgeting with a partner. Specifically, how do you communicate with your partner about money? |
| 0:42.3 | Because relationships are so unique. And I think also how you talk to your partner is unique |
| 0:48.1 | about money. And you know, there's some guidelines out there of approaches that you can take. But |
| 0:53.8 | I thought we'd just share our personal experience how we talk with our wives about money and |
| 0:58.6 | just see where it goes. All right. Yeah, let's talk about it. So I think the first thing. I mean, |
| 1:03.0 | both of us have a budget. Obbs, right? And I think that that helps give a framework for talking |
| 1:12.0 | about money just from the get go. You have like a third location kind of a third, almost like a |
| 1:19.4 | third authority to look at to help you frame all your decision making. So if my wife and I were |
| 1:27.7 | going to make a decision to spend more on something, we would spend less on something else, right? And |
| 1:34.7 | that's that's not a given. I don't think if you don't have a budget, right? But because we're doing |
| 1:40.3 | a zero based budget, we that's always the framework for how we make decisions. So every every time we |
| 1:46.2 | decide to increase our spending on something, we have to decrease our spending on something else. |
| 1:50.6 | And we can talk about that. We can decide where it's going to come from. So I think that just having |
| 1:55.1 | a budget gives you a framework to talk about it at all, right? But then there's within the framework |
| 2:02.1 | of budgeting, how do you talk about how you talk about the budget with with your partner? So Ernie, |
| 2:08.3 | do you assign money? How do you choose which goals to focus on? Yeah, exactly. Covering overspending |
| 2:17.8 | all those kind of things. So one approach is you can have a budget meeting. I think a lot of |
... |
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