Before marriage we are like free birds eating and spending without any second thoughts. But after marriage we are forced to shoulder more responsibility and will be curious to maintain a good balance and will always hover over latest investment plans. Be smart and don’t always let the other person to plan. Here are some money mistakes that you should avoid in your married life.
1. No Proper Budgeting:
Many people will not accept the fact that they are married and will spend as they used to spend before marriage. They won’t like being restricted to budget. They spend more than they earn. They hate being abounded and give no importance to money savings. Only after spending half of their fortune, will they realize the value of savings. The biggest mistake couples often make is to go without a budget. Instead, they can spend within the limit of a budget and start saving a little friction of their salary to live a happier and safer life.
2. No Discussions about Finances:
Most couples spend their time talking about their personal and professional life. But talking about the financial management is also important. Many men feel inferior when they disclose money matters to their wives whom they think are not capable to understand all those “big things”. Don’t hesitate to ask her for advice and it is the most important step to a smooth and secured financial life. Sit together and plan about the household expenses and find out each of your contribution to it; how much credit card debt you have and how long it will take to pay back. By slowly increasing your savings you can buy car, home and other assets. Don’t feel shy or egoistic in your dealings and be frank and open in discussing your money matters to your partner.
3. Don’t Combine your Accounts Early:
It will be a romantic concept to combine all your account into one. This will solve your small money problems like who will pay for the dinner and who will pay the rent but it will not solve your major money problems at the time of a break up or a clash. The problem may arise not only at the time of courtship but also at the time of marriage. As we say” Money is the root of all evils”, you need time to know your partner well before giving all your hard earned money to your spouse. So just wait and don’t be in a hurry to combine all the account into one.
4. Sharing Credit Cards and Other Types of Debt:
Marriage is an institution where we share everything. But that doesn’t mean that you have to pay all the bills and debts of your partner. As you live together you can share your bills but not your debt if is taken for a personal use. You can pay your partner’s debt only if he/she had spent it for the family. Once you commit this mistake of sharing the credit cards, then you might have to pay the whole 4 or 5 figures amount without spending a fraction of it. It wouldn’t be a big issue for you during your premarital status, as you were not accounted for his/her debts, but after marriage, it definitely matters. So don’t be shy to stay back from such situations of sharing credit cards.
5. Not Keeping your Credit Scores in Check
It is very important to keep an eye on your credit scores after marriage. Though you earn less than your partner, you can still maintain a better credit score than your partner. You can clear your wife’s debt at the beginning as it will help your relation to grow deeper and it will also increase your better half’s credit scores. Consequently, you can have more money in your hands.
So, avoid these common money errors in your married life. And in marriage always love unconditionally, spend wisely and live happily.