Financial mistakes that newlyweds make

So, you are on a beautiful journey as a couple with your spouse. Everything looks rosy and nice in the beginning. After the honeymoon period, reality strikes – finances! How do you avoid this blow as a newlywed?

1) Know your spouse’s financial history
How each partner feels about finances is often shaped by their experiences with money growing up. One partner may have grown up in a wealthy family where acquiring material possessions was as simple as asking their parents for it. When they get married, they would expect the same ease in getting things their heart desires. Find out what their spending is like, what was the monetary situation at your spouse’s home. This will help you tackle financial issues later, and avoid unnecessary arguments about money once you are married.

2) Don’t keep financial secrets
Mystery in a relationship keeps the marriage exciting, but not mystery involving money. In fact, many people choose to keep their finances a secret – more so, when they are trying to impress their partner before marriage. It’s never easy nor is there ever a perfect time to say, “I have this amount of debts”. But, it has to be discussed. If you keep details of your debts a secret, be mindful that your spouse is bound to find out about it sooner or later. It’s best to be open with your spouse when it comes to money and debts.

3) Help each other to stick to a budget
As a couple, it’s never easy to stick to a budget if the other chooses to spend lavishly without thinking of the financial consequences of their overspending. The rule of thumb to doing this is keep yourselves accountable to each other when it comes to money. This way, nobody can splurge recklessly or impulsively 5mg cialis cost.

4) It is never too early to save for retirement
We would like to think that we are immortal. But the harsh reality is that we shall all retire from the workforce some day. When we do grow old and are no longer earning money, we need to have a financial buffer to fall back on. Eventhough you have just gotten married and are probably still young, prepare for your old age with your spouse.

5) Discuss about children
Parenthood is a blessing from God. But, raising a family is costly these days. Discuss with your partner on starting a family and ensure that you have saved money to make you journey into parenthood a smooth sailing ride.

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