Money is one of the leading problems in a marriage. It can cause arguments, frustration and in some cases will lead to divorce. Money problems are often caused by financial mistakes that, if corrected, could lead to a happier more stable relationship. We’re going to go over some of the most common mistakes people make when it comes to their finances.
Here are 4 big money mistakes couples make so you can avoid them.
Believing Your Spouse’s Debt Is Not Your Problem
Nowadays people are getting married later in life. While still single, both people have made careers for themselves and accumulated their own debt. Student loans, credit cards and loans for various purchases.
By law, you are not responsible for paying off your spouse’s debt that existed before you married. Even though the law is on your side, it’s not always the wisest move to put your foot down and say you won’t have anything to do with their past financial problems.
Even if you feel you cannot financially bail your mate out of debt, the two of you should have discussed this problem before you married. Your spouse might have been able to clean up some of the debt so it wouldn’t follow into the marriage. That said, if you are married to someone who is deeply in debt, it’s probably best to try and pay down the debt as soon as you can. Mind you, the one in debt has to participate in getting rid of their debt as well.
Not Having A Joint Bank Account
Although you might both decide to have separate bank accounts for your own use, you should have a joint bank account for expenses you have created together. There are certain expenses you should both be responsible for such as your utility bills and the mortgage.
When you have a joint bank account you have a joint budget. The money in this account does not leave one party responsible for specific bill or specific purchases. You should both sit down and work out a budget in order to pay bills that you both share and what’s left over can be used for purchases.
Letting Money Rule Your Emotions
Money issues are very emotional topics and the biggest mistake you will make is using it as a weapon against the other.
Your spouse might have spent their last dime on a foolish, unnecessary purchase, but turning around and doing the same thing, just for spite, will not do anything but cause more trouble in your already fragile marriage.
Do not berate your mate for bringing in a lesser income. One it’s just really poor conduct and two it will lead to hurt feelings and mistrust which could lead to a failed marriage.
Never Planning For The Long Haul
Both of you need to sit down and plan for the future, whether it’s toward retirement, an unexpected illness or for further education. Failing to save for the future could lead to repercussions that are unnecessary. The two of you might discover very uncomfortable and sad golden years that are not exactly what you had in mind way back when.
You and your spouse should never argue over money. Money problems are the biggest downfall to many marriages. Both of you need to understand you are now in a union and need to join forces to unload debt, start a significant savings plan for your future and enjoy your marriage instead of fighting.