Begin Free Online Ordination

Money and MarriageBelieve it or not, money is one of the leading causes of divorce. Couples often have a hard time agreeing with how to spend money, and this can lead to some pretty serious marital strife. For this reason, it's a good idea to avoid some of the more common financial mistakes in marriage. These mistakes are often made most in the first year or two of marriage, when the two of you are just starting out and learning how your lives mesh together. Preventing these mistakes before they happen can not only save your marriage from potential problems, it can also give you financial freedom. Here are some of the most common financial mistakes and what you can do to avoid them.

Not Budgeting

Pretty much everyone who has bills to pay should set a budget. It's helpful to know where your money is going and what bill is getting paid when. This also ensures the two of you are on the same page with your finances. Having a joint bank account can help make budgeting easier. When your money is all in one place, you are more likely to use it properly. Consider merging your bank accounts together to make this easier. Set a monthly budget in which you figure out how all of your bills are getting paid. You also might figure out what to do with your extra money.

  • You might decide to put it in a savings account.
  • You may use it for improvements on your new home.
  • You could use it to help pay for a big purchase.

Having a little bit of money left over at the end of each month is important, if you can manage it. This will slowly add up, and before you know it, you could have a nice-sized savings.

Getting a Credit Card

Credit cards can be very tempting. After all, who wouldn't want a card that could give you almost everything you need when you don't have the money to pay for it? Unfortunately, this can lead newly married couples down a bad path. The average American is carrying thousands of dollars in debt, and a lot of this is due to people getting in over their heads with credit cards. The buy now, pay later idea is something that has led to irresponsible spending for some people. If you do get a credit card, try to use it wisely. Only use it to purchase what you can afford to pay off, and pay it off as soon as you can to avoid skyrocketing interest rates. In addition, try to avoid loans for things you don't need. A loan for a home is one thing, but you probably don't need to take out a loan for a $40,000 vehicle when you already have a car that runs just fine.

Impulse Buying

It's best to avoid impulse buying whenever possible. It can lead to a lot of unnecessary spending. Sure, you may be tempted to buy that refrigerator that has Wi-Fi and a television attached, but is that something you really need? Perhaps not. When in doubt, sleep on it and see if you still want it in the morning. Don't forget to talk with your spouse about it also to see if he or she agrees that it is something the two of you should buy.

Many financial problems can be avoided with a little common sense and a lot of responsibility. Setting a budget is an important first step to make sure your bills are getting paid on time. Avoiding debt can prevent you from wasting a lot of money on interest, and waiting 24 hours before making a big purchase can help prevent you from making unnecessary purchases. These changes alone can help give you financial freedom and help you spend your money wisely.

Category: Marriage

culture money finance

Add Your Comment

To post a comment you must log in first.
You may alternatively login with your credentials, below.