6 money mistakes couples make
Money and marriage may go together like a horse and carriage, but don't put the cart before the horse. Or buy one without talking to your spouse.
This post comes from Brandon Ballenger at partner site Money Talks News.
OK, they're talking about financial affairs -- but those can lead to divorce just like the sexual kind. The National Foundation for Credit Counseling points to court records showing financial stress as a primary reason for divorce. A 2009 study called "Bank on It: Thrifty Couples are the Happiest" (.pdf file) backs that up, saying money problems are the third strongest predictor of divorce, following drug abuse and infidelity.
In the video below, Stacy Johnson takes a look at some of the top money mistakes couples make, and how to avoid them. Check it out and read on for more.
As Stacy says, there are obvious financial perks to marriage, like splitting the bills. But a poorly managed partnership can easily wipe out any advantages, if not lead to outright disaster and divorce. Here are some of the big mistakes couples can make:
As we mentioned in "5 steps to building a budget that works," creating a specific goal -- like saving a certain amount for a home, a car, retirement, or a baby -- is an important first step in creating the motivation to stick to a budget. Whether you use a free budget spreadsheet or an online solution like Mint, come up with a good goal together.
Marriage has implications for your taxes, your credit score, your bank balance, and almost every other aspect of your financial life. Discuss spending scenarios and uncover expectations for investments, savings, and spending -- along with why you each feel that way. Then work out a compromise.
Love doesn't mean you shouldn't ask questions. Discussions about money should happen early in a relationship, even if everything's not decided until later.
Bottom line? There's no one right way to approach money and marriage. But there's definitely a wrong one: not talking about it.
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