How to Create a Joint Budget: A Step-by-Step Guide for Couples

Jul 4, 2023


Discussing finances with your partner can be a daunting task, but it's essential for financial harmony. A joint budget not only helps in managing money but also promotes open communication. Here's a step-by-step guide with interactive exercises to help you create your joint budget.

1: Establish Your Financial Goals Together

Start by setting your financial goals. Are you aiming for a vacation or saving for a joint purchase?

Exercise: Write down your top three financial goals individually, then share them with each other. Identify what's common and make note of your shared goals.

2: Understand and Document Your Income and Expenses

Knowing exactly how much you're earning and spending is crucial.

Exercise: For one week, jot down every single expense, no matter how small, and total up your earnings. You can do this either manually or using a spreadsheet. Then, share and discuss these figures with your partner.

3: Discuss and Decide on Shared Expenses

Deciding which expenses will be joint and which ones individual is a significant step.

Exercise: List out all your recurring expenses. Then, discuss and categorise them into 'joint' and 'individual' columns.

Questions for Discussion:

  • Which expenses should we split?

  • How do we split them - evenly or any other ratio?

  • How will we handle expenses related to personal hobbies or interests?

4: Use Nook to stick to your newly created joint budget

Once you have all the information, Nook can help you stay on track with your budget.

Exercise: Deposit your monthly joint budget into your Nook wallet and set your split ratio. Use your Nook card for shared expenses, your Nook balance is the reference point for staying within budget. To save for a future one-off purchase, you can create a Vault.

5: Monitor and Adjust Your Budget Over Time