How This Couple Kept From Over-spending When They Moved In Together

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Katelyn and Andrew are engaged, building a life together, and planning a wedding. To stay on track for their budget they organized a separate fund for setting up their household.

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Following is a transcript of the video:

Andrew: That's all you. You're the financial wizard of the two of us, so …

Katelyn: Gosh, I don't know. I think — we set a separate fund for, like, for setting up the household, all the furniture and all of that. We just set aside a specific amount and then said, "We can't go over this this year." I think that helped 'cause it's easy to go crazy when you move in somewhere new and get all kinds of stuff that's unnecessary.

Katelyn: We got a couple things like that but —

Andrew: Yep. I probably didn't need the 65-inch TV. I probably could've —

Katelyn: Probably not.

Andrew: downgraded a little bit, but —

Katelyn: But it was in the fund.

Katelyn: I think... it was probably, for me, on like spending on stuff like clothes and all of that, when he's like, "You don't really need to spend that much on a dress, do you?" But, also food. For us, one of the biggest ones was when we go grocery shopping 'cause we like, feed off each other and we get really excited in the grocery store. Especially when we're hungry, and we're like we definitely need like the 50-pack of that.

Andrew: Yep.

Katelyn: But we kind of like, encourage each other.

Andrew: Yeah. And then we wind up throwing out half of it because we go to the grocery store hungry and then —

Katelyn: I'm like, "I really want to try Brussels sprouts," and then we like let it go. But in the store it seemed like a good idea.

Andrew: I saw an awesome recipe on like, "Beat Bobby Flay" last night that we should make and then it just never comes together. And I think we've gotten better, too, since we've gotten engaged because —

Katelyn: Oh yeah, all money is for the wedding and that's it. We eat ramen noodles.

Andrew: More or less, yeah. And now we know that like all of our money is going to be going into the same account sooner or later so —

Katelyn: Right.

Andrew: We've gotten more honest and we've gotten better at keeping track of every dollar that we're spending.

Katelyn: Yeah.