Top Financial Pitfalls of Newly Married Couples

2006-09-08

When people are newly married, there are a number of financial mistakes that they will often make. Unfortunately, making serious mistakes can damage your chances of ever achieving financial independence. One of the common financial pitfalls that many couples make is marrying each other when they have two different personalities when it comes to their personal finances. A marriage cannot last when one person is a saver while the other person is constantly spending money. This will create friction in the household, and can ultimately lead to a divorce.

When couples are planning their marriage, it is not enough for them to decide if they are emotionally or physically compatible. It is also important for them to make sure they are financially compatible. If you are a frugal person who enjoys saving money and buying things at wholesale value, you will want to marry someone that has the exact same personality. If you are a spender, and love buying the latest gadgets, you will want to marry someone who has a similar financial personality. Another common financial pitfall that is made by couples is being on the same bank account.

More often than not, there may be times when married people do not communicate with each other. The wife may decide go make a purchase, and her husband may forget to tell her that a bill is scheduled to be electronically debited from the account. When the payment comes out, the account will be overdrawn, and both the husband and wife will be responsible for the overdraft fees that are incurred on the account. To solve this problem, it is best for married couples to avoid using joint bank accounts. Having your own account can allow you to have full control over your money without worrying about what the other person is doing.

Continue to part 2 of Top Financial Pitfalls of Newly Married Couples

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