Couples Budget Template (2024)

How To Create A Couples Budget Template In 5 Key Steps

While you may have a budget for your own individual finances, it can also be important to create and manage a budget as a couple.

1. Review Your Financial Goals Together

The first step is likely to review and align your financial goals as a couple and plan for the future. Depending on the status of your relationship or how long you've been together, you may both be coming into the relationship with totally different ideas about money and finances. Talking with your partner about money is a good first step to make sure you're both moving in the same direction.

2. Use A Shared Budgeting Template

You can easily stay on the same page with your budget when you use a shared budgeting template. The Rocket Money℠ app allows users to plug in their monthly expenses and set up a manageable budget for free.

Using a shared budget template is one of the best ways to budget as a couple. It provides easy access to each other’s expenses and income and helps couples quickly spot what they may need to tweak to reach their mutual financial goals.

3. List All Your Combined Income

Next, you'll want to list all your combined sources of income along with how often you get paid. Here are a few possible forms of income to consider:

  • Regular salary
  • Tips
  • Bonuses
  • Side hustle income
  • Royalties

If you are on a salary or have regular hours at your job, identifying your income is fairly straightforward. If you rely on tips or otherwise have irregular income, it can make things more complicated. In that case, just do your best to estimate your income. You can also consider looking at how much you've earned over the past few months to get an educated estimate.

4. Break Down All Joint Expenses

Next, it's time to break down and list all the joint living expenses you share as a couple. It can be helpful to divide your expenses into two different categories — needs and wants:

Needs

Needs are absolute necessities that you can't live without. While we often think of these as physical needs, there may be emotional, mental or psychological needs. Here are a few budget items commonly thought of as needs:

Wants

Wants are "nice to have" but probably not essential to your absolute survival. Here are some examples of common “wants” in a budget, including but not limited to:

  • Going out (restaurants, movies, etc.)
  • New clothes or accessories
  • A wedding
  • Entertainment
  • Gym memberships

5. Save And Invest The Difference

Once you've identified your monthly income and expenses, it's time to analyze them. If your expenses are higher than your income, then you'll want to look through your budget and find ways to cut expenses or increase your income. Hopefully, though, your income exceeds your expenses. In that case, make a plan to save and invest the difference, either by creating an emergency fund, saving for retirement or investing wisely in other assets.

Couples Budget Template (2024)

FAQs

What is a reasonable budget for a couple? ›

50/30/20 budgeting rule: Couples who use this method designate 50% of their take-home pay to essentials, 30% to discretionary items and 20% to pay down debt and save. Depending on your income, spending habits and financial goals, you may decide to adjust these allocations.

What is the 50 30 20 budget for couples? ›

Those will become part of your budget. The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

How to track spending as a couple? ›

Budgeting apps can help couples increase financial transparency and improve their communication about money. Top apps to check out include EveryDollar, YNAB, Goodbudget, HoneyDue and Pocketguard. Popular features include bank sync, budget creation, bill reminders and goal tracking.

What is a realistic grocery budget for a couple? ›

Average grocery cost per month for 2 people in a household

Male and female living together: $514.09 to $819.26. Two adult females: $476.92 to $769.86. Two adult males: $551.26 to $868.66.

How much does the average couple spend per month? ›

Two-person households had monthly expenses of $6,372 in 2022, or $76,468 in annual expenses. That increase, 10.2% over 2021 numbers, was the highest increase among family sizes in the survey.

How much should a 30 year old couple have in savings? ›

If you're looking for a ballpark figure, Taylor Kovar, certified financial planner and CEO of Kovar Wealth Management says, “By age 30, a good rule of thumb is to aim to have saved the equivalent of your annual salary. Let's say you're earning $50,000 a year. By 30, it would be beneficial to have $50,000 saved.

Should married couples pay 50 50? ›

Many couples split bills 50/50, especially if they are earning similar salaries. If your incomes are significantly different, however, a more equitable solution might be to split expenses proportionally according to each partner's income.

How to budget for 2 people? ›

80/20 Rule. This strategy might benefit you if you're new to budgeting as a couple. For your joint income, you can spend 80% on needs and wants and commit 20% to savings. This 20% could go toward emergency funds, college savings, retirement savings or debt reduction.

Is there a joint budgeting app? ›

Honeydue is a budgeting app that allows couples to add separate bank accounts and track spending together. When you add your account, you can control how much of your information your partner can see. Couples can set a joint budget and share financial goals.

How do you split finances as a couple? ›

50-50 Bill Split

Splitting shared bills down the middle is one of the easiest approaches to a joint financial life. Each person pays half. This straightforward approach makes budgeting as a couple consistent. Each person pays half the rent, subscriptions or insurance from individual accounts.

Is there a free budget template? ›

Google Sheets' native free monthly budget template is a user-friendly income and expense tracker.

Is there a completely free budget app? ›

Honeydue: Best for couples

Honeydue is an app built specifically for couples who need help managing their household bills, balances, and spending. It's completely free, although you can choose to tip the developers to help support new features.

Is $1000 a month enough to live on after bills? ›

Getting by on $1,000 a month may not be easy, especially when inflation seems to make everything more expensive. But it is possible to live well even on a small amount of money. Surviving on $1,000 a month requires careful budgeting, prioritizing essential expenses, and finding ways to save money.

How much should a couple spend together? ›

According to relationship experts, one option is to divide your time with and without your partner 70/30. This means that, ideally, you should spend 70% of your time together and 30% of your time apart. During the time apart, you do you. You can continue your hobbies and enjoy your interests with other people.

What is the average expenses for a 2 person household? ›

Two-person households had monthly expenses of $6,372 in 2022, or $76,468 in annual expenses. That increase, 10.2% over 2021 numbers, was the highest increase among family sizes in the survey.

What is a realistic monthly budget? ›

Setting budget percentages

That rule suggests you should spend 50% of your after-tax pay on needs, 30% on wants, and 20% on savings and paying off debt. While this may work for some, it's often better to start with a more detailed categorizing of expenses to get a better handle on your spending.

How much does the average American couple spend? ›

A single person household spends an average of $4,337 on monthly expenses. Married couples without kids spend an average of $7,111 on monthly expenses. A family of four spends an average of $7,875–9,168 on monthly expenses (depending on kids' ages).

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