Break the Taboo

Week 1 | Day 5 | GB 101: Budget Bootcamp

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Hi there! Welcome to another day of Budget Bootcamp. Today’s homework might take a little bit longer than some of the days so far, but it’s a partner assignment that’s worth the time.

At Goodbudget, we love to break the taboo of talking about money. Talking with people we trust about budgeting helps us stay accountable to the goals we set. And it can also deepen our relationships, especially if we’re working towards the same goals.

We asked Lisa if she involved others when she was creating her first budget, and here’s what she said:

“My husband and I talked about [our budget] together. My sisters and I talked about it [too] and often compared notes. We’d say things like: ‘How are you doing on your food budget? I just don’t think this amount is realistic. How are you making yours work?’”

We bet that those conversations with her husband and sisters encouraged her, motivated her, and gave her helpful perspective!

Today’s Assignment

  1. If you’re budgeting solo, think about who you’d like to have partner with you on this budgeting journey, and then ask them if they’re willing to be a listening ear for you. Give them a call or have coffee together! Brief them on what you’ve done so far and how they can help you succeed with your budget. Maybe they’ll even join you too!
  2. If you’re budgeting as a couple, your significant other is your teammate. When budgeting as a team, it’s helpful to talk about expectations early on. What kind of spending requires first consulting each other? What kind of spending is okay without that step? Will you each have your own Envelopes for things like Fun? Or will it all be shared? Talking through things like these now will save you from headaches later on.
  3. How did these conversations go? What did you talk about? Were you nervous? Excited? Tell the community in the comments below.

Happy budgeting,
-The Goodbudget Team

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21 thoughts on “Break the Taboo”

  1. I definitely asked my parents a lot about my budgeting as I was getting going. They’re in a way different stage of life than me, but it was helpful to hear their input on what I had missed or was maybe emphasizing too much — things like that.

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  2. My husband and I have scheduled “money meetings” at the end of each month to review what we spent the previous month and what changes we want to make for the upcoming month.

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  3. I’m budgeting solo because my husband and I keep our money and bills separate. We decided early on how we would split household bills due to previous relationships and this works for us. Don’t judge!

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  4. Well, I use to speak about budget all the time with my husband, but for him is more like I lead and he follows. He trusts me so much and I feel great about it because we share all our budget. We don’t have “my expenses” and “your expenses”. We have “our expenses” and both are respectful on how much to use in each envelope. We also have a rule of asking for each other’s opinion or point of view in certain expenses that are unusual like shopping or giving. It is great to have a supportive partner.

    Reply
  5. My wife is onboard for being involved with the whole process, even though she has not been involved in the finances much before.
    Having to explain , say my previous actions, is “good“ as the outcome may now be different from when I was just talking to myself!!

    Reply
    • Every Thursday is payday, and it’s been my job to divvy funds into the right accounts. If something is abnormal that week, I’ll give my husband a quick call to discuss what we should do but for the most part, both of us already know the general budget and what goes where. We have our responsibilities individualized – for example, I do the grocery shopping and he takes care of car maintenance. We already have the envelopes assigned and filled (though I like to do that manually rather than automatic fills), and so as soon as the paycheck comes in we put it where it needs to go. We keep each other updated on different categories and how much we have left to spend in those areas and so some days we’ll have a few quick conversations, but every Thursday I let him know what was done and I take notes diligently in case we need to look back at anything, and also if there’s something that needs to be taken care of the next week. I also created a monthly spreadsheet so we can start having a monthly accountability meeting.

  6. I hope to have this conversation soon as my husband has requested it asl well. I think it will be a very positive conversation and something we can learn to teach our daughter since we never had role models in this area of life.

    Reply
  7. My husband and I talk…He know when I am budgeting because I am asking for receipts and why money was spent…He is always helpful and I always keep him updated.

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  8. until recently I was more of an “I want it, so let’s get it” type of spender. That’s a recipe for disaster. My wife is far more frugal. Since opening up to her about our spending habits I’ve come to realize that I was the reason for poor spending. Budgeting was not in my vocabulary, and negative monthly balances in my checkbook proved that. Now we work together and talk about every aspect of our budget together. Things are looking much better and are already seeing savings every month. Instead of impulse buying we’re saving for the items we need instead of buying items I want!!

    Reply
  9. I am a Budgeter. I like budgeting because then I have money for unexpected occurrences and KNOW how much $ im spending where.
    My husband budgets differently so he & I have budgeted Allowances (He to his own bank acct) so we can bI’d get our own way and have discretionary money without consulting w the other.

    Reply
  10. I’m budgeting solo because my SO doesn’t think we need it. I’m the one so I’m budgeting on my own income, expenses and my share of our shared expenses.

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  11. I live with my sister, so I’ve asked her to be my accountability partner. We share and in some things we are contributing to some expenses together.

    Reply
  12. I’ve been working on creating a budget for a while. I’ve talked with my husband and friends about it. I’d feel more comfortable talking with my partner about managing our finances once I have a budget that’s set up properly.

    Reply
  13. I talked to my husband since we share an account. I was a little nervous to talk to him about it. He is a spender and I am the saver so telling him he would have to curtail the spending was interesting.

    Reply

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