5 Financial Mistakes to Avoid as a Newlywed

Try to neutralize the situation and avoid the surprises after your honeymoon, check these mistakes much in advance. Read on to know more!
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5 Financial Mistakes to Avoid as a Newlywed

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Marriage is a union of two lives, minds, and hearts, true isn’t it? but finances can’t be left out of the relationship. Unlike the decision to combine thoughts and feelings, finances are a different ball game and challenging for newlyweds.

The urge to get along and live together can lead to an oversight of the partner’s and your spending habits. Financial compatibility is ignored while dating. Post-marriage, combining finances can infuriate each other’s personal choices in financial matters. When you find out the modus operandi of your partner’s spending or debt you might lose your cool and the reaction can be dearer.

Try to neutralize the situation and avoid the surprises after your honeymoon, check these mistakes much in advance.

Short-Sighted Financial Plan

A marriage is a long-term relationship and so is the financial plan. Make sure the plan is for the long-term and should include ownership of financial commitments, and starting a family (optional). Sort all of these before the nuptial and discuss your financial goals, timeline, budget, and other issues that you may run into.

Going In Blind

A common mistake that every person is known to commit before walking into married life is turning a blind eye to matters that affect most relationships. The discussion about money should be a frank one covering the current savings, debts, bankruptcies, and other obligations either of you might have. This isn’t a pep talk but a detailed conversation to address the finances before getting married.

No Lying

“A Single Lie Discovered is enough to create doubt in every truth”

Relationships are serious and concealing your shopping bags before the spouse finds out can lead to irreparable issues. Being open about your financial situation can help you get a solution from your partner and hence close off long-pending hurdles. Money talk is a decider of your relationship because it is a hint at how interested your partner is. If the dialogue is provoking and feels off then counseling before you get married is sensible.

Combine The Finances Before Marriage

Living together is like rehearsals for a long-term relationship. Since most laws safeguard the marriage there is every chance of things falling apart. When you take on each other’s debt delaying the combining of finances is a good idea.  Living together can be a great warm-up exercise to use a household budget wherein both can contribute to shared expenses, use a payment app to handle these as they are practical and secure. Combining finances is fair considering the protection it offers to each of you due to the distribution of expenses.

Caution: Things need to mellow down for a major financial commitment and important to maintain some distance. Think about taking up your spouse’s debt strictly after marriage.

No Betting Your Wedding On A Credit Card

When you start your marriage life it means minimal or no debts. The shortest way to meet the expenses for anybody is to get a credit card and that is the end of everything that you planned mind you! Credit cards will invite debts even before you decide to end one which is a bad sign for the relationship and the motive. Remember, expenses after marriage is inevitable but the idea is to keep it within limits.

Shopping in advance, and looking for the right deals and offers can still create a memorable wedding on your budget. Stop dreaming about lavish weddings, and binge spending thinking it’s a once-in-a-lifetime event. Save it and use it later, which cares if the money comes to your rescue whether you are single or married.

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Karthik Viveka

Karthik Viveka

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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