Financial Errors That Married Couples Make
Money is often that wild storm, which takes most marriages for a toss
. The debt issues and financial concerns come to the fore while the love takes a disappointing backseat in your relationship. Loads of studies and numerous surveys have shown most couples fight over money and even decide to terminate their marriage for such reasons.
One of the main reasons behind these never ending arguments is of course mismanagement of money and wrong approaches to deal with personal finance and debts.
Here are some common financial gaffes that couple make and end up spoiling their marriages:
Consolidating the finances
An important decision that newly-wed couples need to make is they should merge their individual finances into one account or should they maintain their individual accounts. Most couples opt for the first choice and consolidate their finances in a joint account. However, this might not be the right choice for every couple. If one of the partners owes huge debt sum, then it is advisable not to merge the finances; otherwise it would only complicate matters. Moreover, finance merging should only be considered if both the partners are comfortable with it.
Dealing with obligations
Your spouses obligations can be your headache too if left unattended. It is true that the credit card balances, which you spouse ran up prior to marriage, or even those debts, which are solely held in your spouses name, will not affect you legally if you keep your finances separate. But, it is also true that your spouses poor credit score might keep you from getting a joint loan. If you are about to get married, then considering a pre-nup may click in your favor and help you protect your assets and finances from your spouses creditors. For already married couples, it is advised that they try to pay off their obligations as fast as possible in order to avoid bitter misunderstandings.
Risky Investments
Risky investments can leave you financially strapped and that may lead to foul clashes with your spouse. So, before you zero in on any kind of investment, talk to your spouse and then take a joint decision as to which investment might be favorable for your family. You both can also seek the valuable advice of a financial planner to find out the best mix of investments. And if you want to stick to your risky streak, then it is advisable that you and your spouse go for separate investment choices.
Reckless Expenditure
Studies have also revealed that couples fight over spending spree as well. The husband often complains that the wife spends too much. But in reality men and women spend almost the same. While women spend on daily stuffs ranging from drawing room drapes to clothes for family, men love to splurge on big purchases like a plasma TV, the latest cell phone or car! So, simply blaming each other for reckless expenditure will not do any good. The simplest solution is to create a budget and stick to it; it will not only check your expenses but also help you put a considerable sum in your savings account.
Evading an emergency fund
Many couples do not care to develop an emergency fund, and problems crop up when they face some dire emergency such as an accident, or some severe financial loss etc. Relying on your credit card for such situations can just worsen the problem and put you further into debt. You can of course opt for credit card debt settlement but prevention is always better than cure. Couples tend to panic and make wrong financial choices under the stress of such emergencies, which often lead to unpleasant circumstances in marital relationships. So, it is advised that couples should create an emergency fund and contribute towards it every month, so emergencies do not affect the blissful relationship in any way.
A little awareness on both of your part can save you a lot of emotional and financial stress. All you need to do is ensure that you do not make the mistakes stated above. That will not only help you have a happy married life but also let you build a financially secure future.
So, before you decide to separate from your spouse for reasons as shallow as mercenary concerns, try and recall all those sweet moments you had spent together and work out how both of you can hold hands in order to fight your financial ordeal!
by: Messi
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