Getting married is supposed to give you a financial boost since shared income makes it easier to meet expenses. Unfortunately, this isn’t true for every couple. It is common for two people to disagree over how to spend and save their money. As you adjust to living on a combined income, use these professional tips to avoid making the most common financial mistakes that can interfere with your happiness as newlyweds.
Forgetting To Discuss Financial Backgrounds
Most newlyweds are proud to show off how much they know about their partner’s favorite things and early life experiences. Yet, finances somehow get left out of those early relationship discussions since hearing about each other’s childhoods is just far more interesting. Each person comes to the relationship with a background that influences their spending and saving habits. Knowing things, such as your partner fears living in poverty again or has a tendency to collect credit cards, is critical for making sure that you are financially compatible.
Keeping Financial Secrets
Financial infidelity can destroy a marriage just as easily as cheating. This is because partners sometimes lie about things such as their income or credit history to impress their partner. Unfortunately, the truth tends to come out quickly once you are shopping for a new home or car together. As financial problems in marriage can occur even in that first year, be upfront now so that these problems do not pop up during the honeymoon period.
Falling Into The Yes Trap
As a newlywed, you want to give your partner everything his or her heart desires, because happiness comes first. However, you must work together to keep spending under control since both of you saying yes to each other can wind up costing major money. One of the best relationship tips for men concerning finances is to work with their partner to establish ground rules for spending. For example, many couples establish a set amount that they can spend on minor purchases. Anything over that must be discussed so that no one is upset by a surprise bill for a birthday or anniversary gift.
Failing to Plan For Future Decisions
Every stage of marriage comes with financial burdens that require planning. For younger couples, it is important to talk about how you will financially prepare for having children, especially if one of you plans to stay at home. Older couples may need to talk about preparing for retirement or managing medical bills. Since it is hard to foresee the future, relationship experts often include these types of topics in financial counseling sessions to get both partners thinking about what may come next for their finances.
Lapsing Into Poor Communication Habits
When financial problems in marriage arise, some couples shut down and refuse to discuss them. Others may get angry or seek revenge by spending or withholding money. Once these behaviors start to occur, it does nothing but make the situation worse. During the newlywed period, you are still learning how to handle conflicts with your partner, so when either of you starts to display anger or frustration, it is time to take action by seeking help with learning how to effectively communicate about money matters.
Knowing how to maximize the benefits of having a combined income will help you build a strong financial foundation for your marriage. As you work together, keep in mind that discussions about finances can get tricky, even when you are dealing with someone you love. When you hit a roadblock, seek financial counseling for couples and learn how to manage challenges so that you stay on track for meeting your marriage’s financial goals.