Limits for Big Ticket Items

Another suggestion from our post about becoming equals when it comes to finances is setting bit ticket spending limits with your spouse. When my husband and I were first engaged, we eased into a big ticket agreement pretty seamlessly. We have always asked each other if a $50+ non-standard purchase was OK. Then, once we got into the hundreds or thousands of dollars purchases, we have always bought the item together. Our TV, for example, was a joint purchase.

However, our approach to big ticket limits may not work for everyone. Let’s look at the pros and cons of big ticket limits, if big ticket limits are right for you, and how to set limits.

Making a List: The Pros and Cons

Big ticket spending limits are a great idea for many marriages. Anyone who needs to be on a budget to make the finances stretch the full month can benefit from limits.

However, spending limits can make partners resentful of one other. If one or both partners do not view the finances as a joint effort, being “forced” to ask a partner if he/she approves a big ticket item can send a marriage into a tailspin.

Are Big Ticket Limits Right for Me?

If you know you and your partner are on a joint financial path with limited spending capabilities, setting limits on big ticket items may be a great choice for your family. However, if you are not quite ready to pursue a joint financial path, you will need to first address either joining finances or viewing your separate finances as joint.

This means that if you never want to have joint accounts, you do need to be able to see your financial journey as a joint effort before you can agree that big ticket items warrant discussion.

How Do My Partner and I Set Big Ticket Limits?

Once you know that joint finances are your cup of tea, it is time to broach the subject. Sit down with one another to discuss finances, and offer the idea of big ticket requests. If your partner agrees, you can hash out the details.

However, if your partner does not see the benefits, spend some time discussing the pros and cons together. Ultimately, if your partner does not wish to discuss big ticket limits, give him/her some time and re-approach the subject at a later date.

Provided you are not in financial trouble because of big-ticket spending, you and yours can reach an agreement later; but if spending is putting you at financial risk, see a financial advisor/counselor as soon as possible.

For me, discussing big ticket items with my husband has helped us save for goals, talk each other out of unnecessary purchases (OK, I really didn’t need the espresso machine I wanted), and postpone some purchases for a point where we were more financially stable (purchasing a house could wait until we were back on our feet after a cross-country move). Our life journey is now joined in every aspect, including finances, so we enjoy checking in before checking out.

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