The 7 Worst Money Mistakes Married People Make
The 7 Worst Money Mistakes Married People Make
By Sarah Winfrey
Everyone knows that disagreements over money can cause a huge amount of stress in a marriage. However, money may be more important than we think. A recent study out of Utah State University shows that couples who report fighting about money at least once a week are 30% more likely to divorce than those who only argue about it a few times a month.
In addition, the same study says that arguing about money is one of the best predictors of divorce. It correlates better with the divorce rate than arguing about sex, in-laws, and more.
So, if you want to stay married, it's clear that it's important to get the money thing right. Below are some of the mistakes likely to make the financial side of your married life much more difficult.
1. Forgetting the "Money Talk"
Couples need to talk about money, starting before they're even married. They need to be upfront about how much they make, what their expenses will be, what their investments look like, and how much debt they have.
It's also helpful to discuss how they see finances working between the two of them. Will they have a joint account? Do they prefer to keep private accounts and each take on a portion of the expenses?
While many couples these days do talk about money before marriage, it's important to continue doing so afterwards. Many of the things that happen in life will change your financial situation, and it's important to keep in communication about those.
Everything from having kids to changing jobs to buying a house can cause major flux in your overall financial position, and communication is the best way to avoid conflict in these areas.
2. Not Figuring Out Your Spending Philosophy
Different people spend differently. Some need to be able to spend so that they feel like they have some freedom. Others don't want to spend because that makes them feel safe. Whatever your point of view on spending, it's almost certain your spouse's will be at least a little different. So talk about these things and come up with a plan you can both agree to. (See also: What's Your Credit Card Spending Style?)
Some couples keep separate "spending" accounts. Others put a cap on spending, saying that no one person will spend more than a certain amount without talking to the other. Do whatever works for you, but do something!
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