How Budgeting Will Improve Your Quality of Life

by Marian Nguyen, RN, BSN | Nov 13, 2020 | Family and Life Skills, Money Management, Money Skills

When you think of the word BUDGETING, what’s the first thing that comes to your mind?

If you’re like most people, you probably say: “It’s a pain” or “It’s not for me”, and you run away from anyone who brings it up! 

Here’s the thing though, what most people don’t understand is that a budget is just another way to say a spending plan, or a plan for how you want to spend your money. Now, I don’t know about you – but I LOVE spending money. I can’t think of much that’s more fun than planning how I’m going to spend it. 

But, aside from that, there are some very distinct connections between budgeting and quality of life. Whether you’re a saver or a spender, getting on a spending plan will not only get you and your partner on the same page, but it will help you get what you want out of life. 

Here are some insights into how setting up a budget or a spending plan will improve your life. 

Budgeting Will Improve Your Marriage or Relationships

Typically, when you’re a saver, you’re more likely to want to get on a spending plan, so it’s not as much of an issue for you. Your bigger worries are about the spender in your relationship. So much frustration comes with having to worry about what they are spending on and how it affects the overall family finances. 

For the spenders, you don’t think there’s a problem at all and you can’t understand why your partner or spouse is constantly nagging you. 

No matter which side you’re on, without a spending plan or budget, you’re experiencing some level of stress and frustration. If you didn’t know already, money arguments are the leading cause of divorces. Establishing a budget or spending plan that you can both agree to and live with will create a much more calm, stable, and cohesive home. 

Budgeting Will Improve Your Sanity

Money ties into almost every aspect of our lives, our social life, our home life, our kids, our education, etc. Money touches everything. That’s why, unless you get intentional about getting that part of your life organized, it’s going to cause a lot of tension in all areas of your life. 

Once you have a spending plan or budget set in place, you will be able to release so much stress and tension. 

Are you sold on setting up a budget or spending plan? Good! That was my goal. So, what can you do now? Let’s keep going!

Start talking to your partner or spouse and get on the same page. 

If you and your partner have joint accounts, you can’t set up a budget and stick to it if you’re not on the same page. You have to both be on board with budgeting. The first step for this is beginning to have super open and honest conversations about what is actually happening with your finances. 

You’ll need to identify exactly what is coming in and what is going out. Then, you need to make a commitment to each other and to your budget.

Get some assistance from an outside source to help you plan a family budget.

It’s okay to not be able to do it on your own. It’s actually really admirable if you recognize that you need help and you’re open to asking for that assistance. 

Maybe you’ve tried different types of budgeting and quit because they just didn’t work for you. Or maybe you really want to get started but you are so intimidated by spreadsheets and budgeting apps. That is okay! There is a budgeting style that will work perfectly for you. You just might need help finding it and getting started. 

Now that you know you’re ready to get a budget set up, it’s time to take action. Lucky for you, I can help with that! Let’s set a time for us to chat about how we can get you in control of your finances!