An overwhelming majority of marriages end due to financial incompatibilities between the two. When two people with different views on finances and family budget join, it is sometimes hard to come to an agreement. Following, we would like to present you with a list we have compiled of the top 5 money pitfalls of the married couple. If you want to ensure you’ll steer clear of the most common mistakes married couples make, this is the list for you. Let’s take a look at the countdown.
No. 5: Over-indulging your children
Many parents nowadays tend to want to give their children everything. While there is nothing wrong with this notion, often times that “everything” involves significant financial expenses that can ruin the stability of a marriage. Instead of focusing solely on material possessions, try to let your kids know that you’re there for them through other means.
No. 4: Keeping all your money joint
Since marriage is all about sharing, one might think that the best solution is for the two partners to keep all their finances in a joint account. But more often than not, this practice can lead to a series of unneeded arguments. When all of your money is cooped up together, it becomes a lot harder to justify personal expenses and financial dependency might soon ensue. Instead of putting all of your money in the same place, you can each hold on to your separate accounts and open up a third one, where you could each deposit a certain percentage of your paychecks.
No. 3: Not saving up
Modern families have a higher tendency of wanting to live in the moment, as opposed to thinking about the future. While a few decades ago, the norm was for most married couples was to start saving up as soon as possible, many couples nowadays postpone this moment indefinitely. There’s nothing wrong with wanting to enjoy the finer things in life, but as a married couple you should take into account that you have to plan a future together.
No. 2: All financial responsibility is up to only one of the partners
Some couples will delegate all financial responsibilities to only one of the two partners. Even though it might seem easier and more convenient for just one person to handle the bills and expenses, the other partner is left completely in the dark. A healthy marriage should imply that both persons are informed about the financial situation so that they can take joint decisions that will further the well-being of the family.
No. 1: Financial infidelity
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One of the biggest mistakes married people make is the fact that they spend money without telling their spouse. Even if you fear your significant other will be mad for some of your expenses, hiding things from them will wreak havoc on your relationship. In addition, if both people aren’t aware of how much is being spent in a household, it’s hard to keep a budget.
