This is the most important key to budgeting, you must live your budget. You could have a perfectly balance budget that both of you agree on, but if you don't stick to those numbers it doesn't matter. The less you stick to your budget, the slower your progress will be. Remember, your budget should be realistic, but flexible. Don't put $200 in the grocery category if you know your average is $500. That's setting yourself up for failure.

One of the most important tips I can give is to communicate with your spouse. Usually, one person takes the lead on managing the budget while the other simply follows along. That’s fine, but it doesn’t mean the person following along shouldn’t have a say in how the money is managed. This is where communication becomes essential. Each month, set aside time—ideally after the kids are in bed and distractions are minimal—to sit down together and review the budget. This is when BOTH of you should finalize it as a team.

You actually have to balance your budget every month. It's not enough just to write things down, you need to tell every dollar where to go before the month begins.

You need to update your budget every single month. Some of the line items will change on a monthly basis. Each month should reflect those changes in the income, expenses, investments, and savings. I know there are some months when my kids have many birthday parties to go to. On those months we have to increase the gift line item to accommodate. Remember, your budget should always be tied to reality.