5 Financial Mistakes That Can Jeopardize Your Marriage

Getting married is exciting and exhilarating. It is a life event that has a profound impact on your future. But after the wedding, life together begins and real life starts. There are lots of components that go into building a life with someone else. Two of the most impactful being growing your family and financing your family. Whether growing your family means having or adopting children, getting pets, taking on aging or disabled family members, etc. there are financial obligations that will undoubtedly come into play. If either you or your partner has any kind of debt, this is another financial burden that will need to be addressed. You can find details at debtconsolidationusa.com for strategies to handling debt. And don’t forget the normal everyday financial happenings like housing costs, food, transportation and medications.

Being married is about more than just love, respect, companionship and legacy building, it is also about trust. If you or your partner are fiscally irresponsible or uncooperative, you are destined for a tumultuous and bumpy ride. To help you off to a great start or find your way onto a path to financial freedom, here are 5 financial mistakes that can jeopardize your marriage.

1. Jumping into a Joint Account

Many financial experts don’t advocate for jumping into a joint account without having discussed financial positions and setting guidelines for how it will be used. Contrary to popular belief, a joint account is not a requirement in a marriage, although it can make things easier, or more difficult if you have not properly prepared.

Before opening a joint bank account, guidelines, goals and expectations need to be discussed and set. Because you and your spouse’s financial goals may be different, creating a common goal or finding a way to accommodate both goals simultaneously can help. This may require multiple joint accounts.

2. Keeping Financial Secrets

Financial secrets have no place in a marriage. Each person needs to be fully aware of the other person’s financial landscape. Being blindsided by unexpected bills, calls from creditors, poor credit scores or the inability to make certain purchases or qualify for certain loans, can really put a strain on a relationship. When both persons are upfront about their individual finances, it makes planning for the future a possible reality. Planning ahead without all of the contributing factors is one way to quickly smash dreams and obliterate goals.

 
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There is nothing like dreaming of home ownership, land acquisition, continuing education, etc. and being so close you can taste it, to have it fade away into a hundred tomorrows. Unexpected revelations like this can mean a huge hit to your relationship. Some secrets shouldn’t be secrets, and spouses should have no secrets when it comes to money.

3. Avoiding Financial Planning

It is marital suicide to avoid financial planning. When creating a household budget, it is important to know exactly how much money is coming in and how much money has to go out. This information allows you to create savings and reallocate monies as necessary. A budget gives you a clear view of your finances and allows you to feel more secure regardless of your income. By avoiding this critical part of your family’s financial life, you are crippling your success. Improper budgeting can lead to deep debt, fractured relationships and other undesirable consequences.

In addition to budgeting, insurance policies also need to be talked about out in the open. This is important whether you have children or not, because dying is expensive. Having an insurance policy that can at the very least cover funeral and burial costs is ideal. Be sure to read the fine print of any prospective insurance policy. There is whole life insurance and term life insurance, and each has its own merits. Discussing estate planning and creating a will can eliminate a lot of worry for your remaining family, avoid probate courts and it may even lessen certain taxes.

4. Not Having Spending Rules

Setting rules for spending can be very helpful when it comes to managing a household. Everyday purchases like fuel, toilet paper and groceries probably don’t need to be discussed, but the purchase of a high end blender or mixer, appliances and purchases of a certain amount or more, should probably be discussed first. If you do have seperate accounts, and no joint account for household needs, spending rules definitely need to be discussed and created because you want there to always be enough money to cover your fixed expenses.

Having insufficient funds in your bank accounts means that you are indebting yourself to the bank. Even if you have overdraft protection, you are still putting out more money than you would if you implemented wise spending rules. Once you fall behind on large and regular payments, it may seem impossible to break free and gain control. But the good news is that if you are already negatively affected by a lack of spending rules, it’s not too late to create some. Creating spending parameters is a must when you are trying to make your way out of a financial wasteland.

5. Not Defining the Financial Burden

It is important that the financial health of the family involves both spouses. Even if the decision has been made for only one spouse to work outside of the home, both spouses have to work together to shoulder the financial burden. Whomever is at home has to make economical and wise choices when it comes to maintaining the household. And both partners need to keep their financial goals in mind as they take on their roles and duties within the family unit.

There are many things that can put a strain on your marriage, but finances don’t have to be one of those stressors. Because financial affairs are something both married and single individuals have to navigate, it helps to create positive money habits on your own, so that joining finances with another person will flow more easily. Whether you’re already married or soon will be, it’s never too late to take measures to create a strong financial outlook.