March 20th, 2014

The Top 5 Financial Mistakes That Can Ruin Your Marriage

A tough economy makes it a great time to teach your children the 5 financial mistakes that can ruin your marriage. In fact, I can’t think of a better time to teach those around you that you mentor. If you have a strong grasp on finances and you are a good teacher you owe it to yourself and those you care about to step in and be a good advisor. This is why I felt strongly about writing this article.

The last thing I want to see is families struggling financially and watching their children struggle too. Everyone deserves to start their marriage off on the right foot, and one of the biggest hindrances in any marriage is finances whether good or bad. No matter how you look at this, you’ll see that financial mistakes can damage you right now and in the future if they are not corrected.

What are these 5 financial mistakes that can ruin your marriage? What is it that you can do right now that can make a huge difference in your future with your spouse? Today, I am going to share with you what you can do to make the difference for you and your marriage and what you can convey to your children for them to have a better future.

The Most Common 5 Financial Mistakes That Can Ruin Your Marriage

5 Financail Mistakes That Can Ruin Your MarriageThere are many things that can ruin your finances, but there are 5 major things that seem to be a problem among many couples and families. I don’t know if I call it a trend but I tend to see that these financial issues always seem to come from the same source.

  1. Don’t value the material things over your marriage. If you fall in love with things you’ll lose every time. Remember, things are only temporary and they cost money. What is the point? Take a good look at your partner. How do you feel about them? Do you love them? Can you tolerate being without them? Love your partner or don’t marry them. This is one of the most common of the 5 financial mistakes that can ruin your marriage.
  2. Get on the same page financially. If you and your partner have very different ideas about finances you need to get on the same page or not be together. It is very important to have the same financial vision. Even if you love someone with all of your heart it’s important to share financial ideals. If one of you is a free spender and the other is a saver, you’ll have huge financial problems down the road.
  3. Determine the financial roles for both of you ahead of time. If you are traditional in nature no problem! However, not every couple is the same. Some women are the financial spearhead and for good reason. They may be good at it, or perhaps they have a career in finance. This should be decided ahead of time and agreed upon. In fact, during your engagement is a time to put this into practice.
  4. Balancing the opposing financial habits. You both may not have the same views on financial habits. Just as one of you could feel like a free spender, keep in mind that just heading out to spend all of your paycheck on your hobbies before you talk to your spouse won’t work. This is about more than trust and it’s about more than habits too. A mutually agreed upon budget may work best, but it’s wise to sit down with a financial planner to help you find and create the balance for you guys.
  5. Don’t just wing it, have a plan in place. Again, this is about planning. Getting married should revolve around planning, whether this is about the wedding or the future. The future is the most important thing that you can plan. This is about your financial well-being. Don’t just talk about what you want to spend but sit down together, develop your financial discipline muscle, and plan out a monthly budget that you stick to. You’ll be so glad you did.

Hopefully, you can see why these are the top 5 financial mistakes that can ruin your marriage. The last thing you want to do is jeopardize the most meaningful relationship you’ll ever have outside of having children. Don’t let money be the one thing that ruins this part of your life when it doesn’t have to and can be easily avoided.

You won’t regret putting the tips in this article to work and there is no better time to start than now. I hope that you’ll take heart and focus your energy on a more sound financial future if you are preparing to get married or even if you are looking for a fresh start. Don’t let undue stress ruin your life when you avoid these “5 financial mistakes that can ruin your marriage”.

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