Whether you’re planning on getting married soon or you’ve already gotten married, there are many financial pitfalls that can put a strain on marriages. Sadly most newlyweds set up for failure by bringing bad money habits into the marriage, which can end in doom to your relationship.There are many financial mistakes and other mistakes that newlyweds need to watch out for to stay out of debt and keep the marriage strong.Below are the top 5 main mistakes.
1. Not having a budget
Now that you’re settling in and merging your lives together, it’s time to talk about budgeting. You have to put both of your spending and saving habits into one. Even if you yourself budgeted well when your were single, now you have to include your husband/wife’s incomes, debts, and monthly expenses also. First you need to write down your total fixed expenses such as rent, car payments, and insurance. Then you need to merge together your flexible expenses like utilities, phone, etc. You both are going to have to track how much is actually spent per month to see where your money is going. Having a set budget is a great way for both in the relationship to come together and save.
2. Letting one spouse handle the finances
It’s a bad idea to only let one person handle the financial things for both partners. If something happens to the spouse handling them, then the other won’t have any idea of what needs to be paid and what has to be taken care of. It can also result in arguments due to the one not handling the finances spending money, not realizing that there is a money problem. Both partners need to know about all the finances together.
3. Starting the marriage in debt
What’s his is hers, and hers is his. When you decide to put your finances together and one or both of you have brought debt into the marriage, then it becomes a huge problem for both of you, especially the one that is debt free. Both partners are going to need to work together to pay this debt off. All together it’s best to avoid starting a marriage in debt. At least come up with a plan to pay these debts off before any extra unnecessary money is spent.
4. Trying to change your spouse
You obviously married your spouse because you love him or her for who they are. so in that case, there is no reason for you to be trying to change your love after marriage. Most adults don’t change severely during marriage, so it would be best to accept and love your spouse for who he or she really is.
5. Acting like you’re not even married
When you get married, that is when it is time to grow up. Hanging out with friends and going to the clubs was all right then, but now you have someone that is going to be at home waiting for you. Once married, this is a bad habit that must stop, or at least be reduced.