As mentioned over and over again finances is the number one reason for divorces, and since you have been following our tips you should be on the right track. However there are some very common financial mistakes newlyweds engage in which can easily destroy the relationship. The best policy always is to avoid these mistakes and if you find you have already committed these mistakes than be honest with your partner and solve them immediately. Although the following is not an exhaustive list of possible mistakes, these are the most common mistakes.
We have mentioned budgeting over and over again and most people are aware of the importance of having a budget, yet it is the most common mistake. Not having a budget is a down fall for anyone. Setting up a budget will not take a lot of time, but is a tremendous tool in helping you manage your finances. So just do it!
Failing to Plan for Emergencies
Emergencies will always happen and they happen when least expected, not planning for emergencies is another very big common financial mistake newlyweds commit. Usually emergencies will cause major emotional stress, avoid adding financial strain on top of that by planning for emergencies. Set up the emergency fund and have sufficient cash in there to cover emergencies, general rule of thumb I use is six months worth of expenses.
One of the biggest problems is money secrets. Well any secret in a marriage is a mistake but financial secrets are the most common ones. Do NOT have any money secrets from your spouse this is a big no-no and can almost guarantee a marriage break up. You have taken a vow the be honest and truthful and share your life together so why have money secrets? Before you get married put everything out on the table and have an open conversation, unless you are planning on divorce there really is no reason to hide your finances.
Lack of Communication
Communication is key to a successful marriage and lack of communication is key to separation. I am very big on open communication and have a strong no blame policy, in our relationship I always encourage open communication and we do not point fingers. Communicating about your finances is just as important as communicating about any other issue in your relationship. If there is something you are not happy than just discuss it.
As I mentioned previously it is vital that both parties are involved in finances and decisions equally. There is a big danger in leaving just one person in charge of all the finances, although that person maybe capable and willing to take control unfortunate that person can also manipulate things and take advantage of the power. This happens more often than you may believe. There are many benefits to having both parties involved in the finances, if you both are aware of your financial situation you can plan better and make better decisions. Try to have both of you as involved as possible.
As I said earlier these are not the only mistakes newlyweds make, but they are the most common mistakes. I hope this can help you avoid making these mistakes.
What other common financial mistakes do couples make? What is your personal experience? Any tips you would like to share?