How Much Spending Money per Month for a Couple: A Comprehensive Guide

When it comes to managing finances as a couple, one of the most important aspects is determining how much spending money should be allocated each month. This is crucial for maintaining a healthy financial relationship and ensuring that both partners are on the same page.

Average American Monthly Expenses

Before diving into the specifics of spending money for couples, let's first take a look at the average monthly expenses for Americans. According to recent data, the average monthly expenses for an American household are more than $6,080. These expenses are distributed across various categories:

• Housing: $2,025 per Month
• Transportation: $1,025 per Month
• Food: $779 per Month
• Personal Insurance and Pensions: $729 per Month
• Health Care: $488 per Month
• Entertainment: $288 per Month
• Other Expenditures: $246 per Month
• Cash Contributions: $230 per Month
• Apparel and Services: $162 per Month
• Education: $111 per Month

These figures provide a general idea of how most Americans spend their money. However, it's important to note that expenses can vary significantly based on factors such as household size, location, and lifestyle choices.

Factors to Consider for Couples

When determining how much spending money a couple should have per month, there are several factors to consider:

• Combined Income: The total income of both partners plays a significant role in determining the amount of spending money available. Couples with higher incomes may have more discretionary funds.
• Shared Expenses: Couples often have shared expenses, such as rent/mortgage, utilities, and groceries. These expenses should be accounted for before allocating spending money.
• Financial Goals: It's important for couples to discuss and set financial goals together. This includes short-term goals, such as saving for a vacation, as well as long-term goals, such as retirement planning. These goals will influence how much money should be allocated for spending.
• Lifestyle Choices: Each couple has unique lifestyle choices and preferences. Some couples may prioritize dining out and entertainment, while others may prefer to save money for future investments. These choices will impact the amount of spending money available.

Creating a Budget for Couples

Creating a budget is a crucial step in managing finances as a couple. Here are some steps to follow:

1. Discuss Financial Values: Start by discussing your financial values and priorities as a couple. This will help you align your goals and make informed decisions.
2. Set Financial Goals: Identify short-term and long-term financial goals together. This will provide a clear direction for your budgeting efforts.
3. Calculate Combined Income: Add up your combined income to determine your total available funds.
4. Track Expenses: Track your expenses for a month to get a clear picture of where your money is going. This will help you identify areas where you can cut back.
5. Categorize Spending: Categorize your spending into different categories, such as housing, transportation, groceries, entertainment, etc. This will help you understand your spending patterns.
6. Compare Income to Expenses: Compare your total income to your total expenses. This will give you an idea of how much money is left for discretionary spending.
7. Prioritize and Cut Back: Prioritize your expenses based on your financial goals. Cut back on non-essential expenses if necessary.
8. Choose a Budget Method: Choose a budgeting method that works for you as a couple. There are various methods available, such as the 80/20 rule, the 60% solution, or the balanced approach.
9. Check In Regularly: Make sure to check in with each other regularly to ensure that you're both on the same page and working towards your financial goals.
10. Track Your Progress: Continuously track your progress and make adjustments as needed. This will help you stay on track and make any necessary changes to your budget.

How Much Spending Money Should Couples Have?

The amount of spending money a couple should have per month depends on their individual financial situation and goals. It's essential to strike a balance between enjoying the present and planning for the future.

While there is no one-size-fits-all answer, here are some general guidelines:

• Allocate a Percentage of Income: Many financial experts recommend allocating a certain percentage of your combined income for discretionary spending. This can range from 10% to 30% depending on your financial goals and lifestyle.
• Consider Individual Needs: It's important to consider each partner's individual needs and preferences when determining spending money. This ensures that both partners have the opportunity to spend on things they enjoy.
• Be Flexible: As life circumstances change, it's important to be flexible with your budget and adjust your spending money accordingly. Regularly review and update your budget to reflect any changes in income or expenses.

Ultimately, the goal is to find a balance that allows you to enjoy your money while also saving and investing for the future.

Conclusion

Determining how much spending money a couple should have per month is a personal decision that depends on various factors. By creating a budget, setting financial goals, and prioritizing expenses, couples can find a balance that works for their unique situation. Remember, open communication and regular check-ins are key to maintaining a healthy financial relationship.