A few years ago at a financial wellness event a participant asked me: “Is there a rule of thumb for how much I should spend on things like clothing or food?” I’ve always thought of personal finances as more personal than financial, and how much to spend in specific categories certainly seems like a personal decision. Still, it can be helpful to see how others pattern their spending plan as you begin to craft your own.
How to Create a Spending Plan That Works for You Both
A few weeks ago I presented an online workshop on love and money. During the Q&A, it was clear that many of the couples attending were struggling to create a spending plan that they could both agree to. Often, one partner felt the other’s spending was getting in the way of meeting their other financial goals, and the other partner felt hemmed in by their partner’s restrictions on spending. It wasn’t working for either partner – or for their joint financial life.
Budgeting for Slackers
Are you one of the 59% of Americans who doesn’t follow a budget? Does even the word budget make you shudder? Even as someone who actually enjoys budgeting, I admit the process is usually portrayed as time-consuming, meticulous, and spreadsheet-oriented … which doesn’t exactly sound like a good time.