EPISODE 37 ~ TOP TIP: Budget Planner: Set A Spending-Cap With Your Spouse When Combining Finances

I was talking to a newlywed friend the other night and she was nervous about combining finances with her husband and keeping the peace at home.  I shared this marital spending tip: Set a spending cap that neither spouse is allowed to go over without checking in with the other person.  Something like a hundred dollars or 2-hundred or 5.  The amount will depend on your own circumstances, and you can raise it as you grow older and more prosperous.  This makes it easy to spend amounts that are less than the cap guilt-free.  And it slows down your big-ticket spending because you have think about whether to ask the other person in the first place, then do the actual asking and then consider the expenditure together.  Having an agreed-upon spending cap has worked really well for my husband and me and I hope it helps you too!