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Financial Mistakes Couples Should Avoid

    IndianMoney.com Research Team | Monday, April 18,2016, 07:10 PM
 

You are soon going to be married. Your great day is just round the corner. Wedding bells are ringing. You are busy making wedding plans. You have to book your marriage hall. You have to find a good photographer. Your soon to be bride is running around looking for a beauty parlour. The things you have to do are endless. But have you thought of something even bigger? What about the financial mistakes you and your spouse make after marriage?

Financial mistakes lead to fights and marital disputes….Would you want to spend your life after marriage fighting with your spouse?

You love to save. Your partner loves to spend

You are the saver. You deny yourself the pleasures of life, just to save those few extra hundreds. You don’t go for parties. No designer clothes for you. Hardly any movies. You just want to save…save…save….

What does your spouse do? She spends all the money she earns. Then she spends the money you give her. Now she wants your savings. She is a compulsive spender. She wants what she sees. She tells you…give me the money or else… You are very angry. This is your hard earned money.  Money does not grow on trees. You resolve to fight for every penny. Financial compatibility is the buzzword for a successful marriage. You and your spouse need to be financially compatible to attain financial goals. The biggest mistake you make… Fighting with your spouse. Try to reason with your spouse on why you save. Tell your spouse that this money is for an emergency. This money will be your (couple’s) safety net in times of need.

You don’t take your spouse into confidence on financial matters

You are the do it alone type. This translates even into financial matters. When it comes to financial matters you make the decisions. You don’t bother telling your spouse anything. You’re the boss.

This is a serious mistake…..Just as you and your spouse journey together in life, you need to journey together in financial life. Marriage is a relationship of love, trust and understanding. Marriage means both partners strive to achieve mutual financial goals, through financial planning.

You avoid the money talk

This is something you just cannot do. Avoiding the money talk. You need to sit with your spouse and have the money talk.  If you want to avail a car loan or a home loan, discuss it with your spouse. Make the family budget together. If you and your spouse are both working, write down your total income. Then plan your expenses. Ask your spouse for suggestions on how to cut expenses.

You hide your money and your debts

You are not the sharing type. You just cannot share….You have the habit of hiding your money from your spouse, for your secret buys.You may not know this, but your spouse could be doing the same. Your spouse might be sending money to her parents and does not want you to know about it. She might have her secret buys.

You have availed a personal loan which you are struggling to repay. Or maybe credit card dues. Your money goes towards paying back these dues and you hide this from your spouse. It is best to tell your spouse, your true income and if you are repaying any loan.

The mistake you make: Not being honest with your spouse on financial matters, can ruin your relationship.

You are in a hurry to start a joint account

Having a joint account can be the sign of a truly happy marriage. But should you and your spouse have a joint bank account? In case of a split, division of financial assets can be a messy affair. You must opt for a joint account, only when you have total trust in your spouse, to be your soul-mate for life. You can maintain separate accounts and have your financial independence, till you are sure of your partner.

So avoid these financial mistakes and have a happy married life.

IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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