Life after marriage always seems to feel like it is going downhill almost as soon as you feel like you have everything going right. And for the most part, you find that the main cause of this always revolves somewhere around finances. You may have grown up having to figure out what or how to manage your finances. But the moment you agree to say “I do” on that aisle, you are giving up that life. You will also be agreeing to the fact that life is no longer about you as an individual but both of you. And your financial future as well.
After getting married, you have to learn every financial matter from savings, investments, quick loans online and any other form of credit as a couple. You will have to involve your significant other in your financial plans just as much and always ensure that both of you agree on how you manage your finances. Otherwise, that is where trouble always starts brewing. Here are some of the common money mistake married couples are always known to make.
1. Making delegations that are not literal
You find that in most marriages, one of the couples always tend to assign investments and bill paying to the other partner. And in as much as this always seems to be convenient, it also leaves the other partner uninformed. And this could be a dangerous step especially if something happens to the partner who does all the money planning and management. The financially focused partner may get involved in an accident and leave you having to start wondering what to do about the expenses and other financial obligations. Aside from that, it also prevents the uninformed partner from achieving empowerment.
2. Letting personalities clash
Another gruesome mistake most people are known to make is marrying someone whose financial persuasion is opposite to their own. What most couples fail to realize that the things that spark attraction in the first place, our differences, can also just as quickly pull us apart. Imagine being the partner of someone who is an impulse buyer and overspends money just as soon as it comes in. Yet, you are the kind who is always money cautious at all times. The overspending partner also stands a higher chance of racking up debt which may force you to pay off.
3. Blindly trusting
Studies have shown that nearly one in four women leave the household financial management to their partners. You can say that some of the partners relinquish this right due to self-doubt about handling money, having a lack of interest to do so, or just having a very controlling partner. In other cases, it can even be a combination of the three. Even so, in as much as the women may be the ones in control of the day-to-day home budgets, having no clue about what the long-term investments are can be detrimental in a marriage. Don’t just bury your head in the sand and trust your spouse blindly. You never know what may be brewing behind the curtains.
4. Assuming ‘what is mine is yours.’
At first, this notion may seem to make life look and feel a lot smoother and easier. The idea of throwing all your money into one big pot. But you will find that sooner or later, it will spark up some serious money arguments that you didn’t see coming. For one, it will get increasingly difficult to justify one partner’s personal spending and purchases. Most of the time, this problem affects the women who make their money their husband’s money as well to boost their partner’s ego. But at the end of the day, what if you have a guy who squanders the money almost as soon as it comes in?
5. Avoiding the money talk
It is true that discussing finances can be an uncomfortable process for most couples. And you find that most couples even avoid the topic altogether. But take a look at the couples that gather the courage to tackle this issue. You will notice that they are stronger and better off for doing it. It is important that you know your partner’s spending habits and financial goals and knows how you are going to cope with that.
6. Not setting a budget
Failing to establish a budget early on is another grave mistake most couples are known to make. You will not know how much you spend at the end of each month as a pair, the expenses that are cutting back on your incomes, or the amounts that you should be saving as a couple. A budget can line up these financial issues and make your lives together be a lot smoother.