“Cutting corners” in your finances can lead to higher expenses, lower satisfaction, and a lower likelihood that you’ll actually meet your money goals. So, if you’re on a budget, how do you know when to save a few bucks and when to pay a bit more?
Combining finances is one of the most important things you’ll do when you’re a newlywed, but it can be a stressful task to take on. Worse yet, you may worrying you’re messing something up.
That’s why we’re here to help you with a list of common mistakes many newlywed couples make with money, so you and your partner can be prepared for your future.
Now that you’re married or have decided to commit to your future as a couple, you may be wondering if you should combine finances — and how. While this is a highly personal decision that each couple needs to make, if you decide to combine finances, there are a few things you should know to make the process smoother.
Having money talks can be awkward, emotional, and stressful. You may also not know where to start or what to ask, which means you may not get down to the “nitty gritty” you really need to reach as a couple. One of the best ways we at Everyday Money have found to resolve this is to make money talks more of a game.
Let’s call it “The Newlywed Money Game.”
Study after study confirms it: money is the #1 reason couples fight. It’s the #2 reason they get divorced, right behind infidelity. The good news is that money, while difficult and sometimes emotional, can actually help you bond as a couple. All you need to do (as if it’s that easy) is start talking to your partner about money.