10 Financial Mistakes to Avoid for Newlyweds

10 Financial Mistakes to Avoid for Newlyweds – After marriage there will be many unexpected things that can happen. Ranging from relationship problems to finances.

Marriage means combining two human lives into one. Where there is mutual understanding and trust, so that every problem can be solved easily.

Talking about finances, this is one of the most complicated challenges in a household, especially newlyweds.

Most couples don’t see their financial compatibility when they are just starting out. Until when they get married and have to put their finances together, what often happens is that they argue, not to mention that they are easily ignited by emotions.

Then, how do you keep your household life (especially for those of you who are living as newlyweds) from going through fierce fights every time you talk about finances?

Avoid the following 10 mistakes in managing finances for newlyweds!

10 Financial Mistakes to Avoid for Newlyweds

Combining Finances Before Marriage

The first mistake in managing finances is to unite finances before marriage.

Actually, this is not 100% wrong. Because, by doing this, you will understand more about the importance of managing finances after marriage.

Then where is the fault?

Say, you and your partner at that time were still in a dating status, in other words ‘there is a possibility’ to separate.

Of course, this condition will make it difficult for you. Of course, the finances that you collect in the same container will be a point of trouble. Then a debate arises, who owes how much and who has to pay how much.

Therefore, you should wait until you actually get married before you can start to fully integrate finances.

Not Having a Long Term Financial Plan

It is very important for you and your partner to make a long-term financial plan. Starting from planning for retirement funds, home ownership, to inheritance that will be given to children later.

To that extent you have to plan, why? So that your life is more focused and on the right track.

By doing financial planning, it will be easier for you to act and take action/decisions.

Discuss long-term financial plans with your partner, including the timeline and problems that you may face in the future. If you can, start talking about these things before you get married!

Closing Yourself from Financial Discussions

The next mistake in managing finances is to close yourself off to discuss finances with your partner.

Never be silent to reveal how much you earn, including about debt and also your financial goals .

The next mistake in managing finances is to close yourself off to discuss finances with your partner.

Never be silent to reveal how much you earn, including about debt and also your financial goals .

Lying to Couples

Don’t even lie to your partner. This is a mistake that is often made by married couples, whether they are newlyweds or those who have been married for a long time.

For example, you buy something at the mall that is not a necessity. But, you don’t say it at all to your partner, even you hide it secretly.

Be careful, this kind of action can backfire, you know . In fact, if it turns out that your lies are exposed suddenly, this will be a serious problem in a relationship related to ‘finance’.

Want your household to fall apart because of one little lie? So, don’t try to lie!

Refusing to Set a Budget

A budget is the key to financial success. No matter how much income you get, if you don’t have a plan and a financial budget , you can’t achieve financial freedom.

Likewise when you have started living with your partner. If you refuse to make a budget, then the financial system in your household and your partner will be chaotic.

Between you and your partner, you must have different financial priorities. That is why it is so important to set a budget for both parties to reach a compromise and agree.

So that there will be no financial inequality for a better life in the future, especially if you already have many children who are increasingly in need of many things to support their lives.

Using a Credit Card for Honeymoon

You don’t want to start life as a newlywed with a lot of debt here and there, including in the bank or other types of financial credit, right?

This mistake in managing finances is still often done by newlyweds. There are still many who are willing to go into debt for a wedding that is super luxurious and impressive, even in debt to be able to go on a honeymoon to someone else’s country.

As a result, they have new problems when starting their married life, especially if it is not the ‘burden of paying debts’?

Therefore, for those of you who are getting married, don’t use a credit card to pay for your wedding needs and facilities. Do not also use a credit card to pay for travel tickets and accommodation for your honeymoon.

As much as possible, pay all cash. So you no longer need to think about debt that will run for years, even after you have children.

Because, you have to prepare for emergency needs and other bills, such as electricity, water, children’s education, and house installments. Is not it?

Keep Your Finances Separate When You’re Married

If before marriage your mistake was to combine finances with your partner, then after marriage this treatment should be done.

By uniting the financial budget together, it will be easier for you to achieve household financial goals and objectives.

There are several acceptable reasons why you need to separate your finances after marriage, one of which is due to excessive personal expenses (both you and your partner).

But, if the problem can be discussed and a solution is found, you don’t need to separate the budget.

Not Working As a ‘Team’

When you decide to get married, it means you are ready to live a life together. Together we find solutions to every problem, especially in terms of finances.

Avoid excessive spending, hide all expenses from your partner, let alone no effort to achieve mutual financial goals.

Work like a team, have fun together and work hard together. Starting from discussing budgets and routine expenses every week, to monitoring accounts and investments carefully.

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