Budgeting as a Couple : A Guide to Financial Harmony
“Adi, do we really need a budget?” Rashmi asked one lazy Sunday morning, flipping idlis on the pan while Aditya stared at his laptop, frowning at their bank statement.
“I think so, Rashmi,” he replied. “We’re both earning. You’ll soon finish your residency, and my bonuses are becoming more regular. It’s time we got intentional about money. I was thinking of speaking to my mamas - Malli and Kannan.”
“The finance dream team?” Rashmi grinned. “A Certified Financial Planner and a Chartered Accountant? Let’s do it!”
Later that evening, over hot filter coffee at Kannan Mama’s house, the couple opened up.
“We want to get our finances in order,” Aditya began. “We’ve got decent income between us, but no structure.”
“That’s more common than you’d think,” said Malli Mama with a nod. “But it’s good you’re catching it early. A shared budget isn’t about restrictions - it’s about aligning your life goals.”
“Start by knowing where your money goes,” Malli Mama added. “Track your expenses for a couple of months. Use an app, spreadsheet, even pen and paper if you prefer. No judging - just observe.”
Rashmi asked, “What next after tracking?”
“Build your budget together,” said Kannan Mama. “List all sources of income - your salaries, bonuses, any freelance work. Then list fixed expenses like rent, EMIs, insurance. Add variable expenses like groceries, outings, and subscriptions.”
“We’re quite different with money,” Rashmi confessed. “Adi’s a born planner. I’m more spontaneous.”
Both mamas chuckled.
“You’re not the only couple like that,” said Malli Mama. “That’s why open, guilt-free conversations are so important. Set up monthly ‘money dates.’ Discuss what’s working, what’s not, and adjust the plan accordingly.”
“Any rule of thumb for allocating funds?” Aditya asked.
“Start with the 50-30-20 rule,” Kannan Mama replied. “Fifty percent for needs, 30 for wants, and 20 for savings or debt repayments. But tweak it to suit your priorities - say, you want to save more aggressively for a home, then cut back a little on wants.”
“I’ve still got a decent education loan to repay,” Rashmi added.
“Focus on that first,” Kannan Mama advised. “Use the snowball method - clear the smallest loan first, then roll that EMI into the next one.”
“And don’t forget an emergency fund,” Malli Mama said. “Life happens. Save at least 3 to 6 months of expenses. Park it in a liquid, accessible account.”
On their way home, Rashmi said, “That felt so doable. I thought budgeting would feel like punishment, but it actually feels empowering.”
Aditya smiled, “I’m just happy we’re doing this together.”
“And no more impulse Swiggy or Zomato orders,” Rashmi teased. “Step one of our budget : eat at home more!”
They both laughed - ready to begin their journey toward financial harmony, one conversation at a time.
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Loved it . Never knew of 50-30-20 rule.
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