mistakes are natural especially when it comes to money management
Miami, FL (PRWEB) August 06, 2015
Debt Consolidation USA shared in a recently published article some of the financial blunders newlyweds make. The article titled “Newlyweds Usually Commit These 5 Money Mistakes” aims to take a look at these common money mistakes made by couples who just got married and help them manage these early on.
The article starts off by pointing out that mistakes are natural especially when it comes to money management. Everyone makes them but the idea is to learn from them, or if at all possible, avoid them entirely. But to do that, these couples who just tied the knot need to have an idea on what to expect so they can prepare for them.
The article shares that one of the most common problems newlyweds encounter when it comes to money is not talking about it at all. There are couples who put off financial conversations thinking it will put them or their spouse on the spot. So they just go about their day not really having a financial plan or even a household budget.
Another problem that comes with this is that each of them doesn’t really know what the other one’s view is on money. One maybe a spender and other saver and arguments about money management will surely creep up if they do not have an idea how to balance their money skills. One is trying to save as much as possible while the other spends as much as he or she wants.
The article also shares that there will come a time where they will encounter problems with money like losing a job or splurging on a trip and dipping into their retirement fund. These things needs to be talked about as a couple for a number of reasons. One is that keeping it a secret puts the relationship at risk and it also helps put some ground rules as the relationship moves along.
There are also some couples that choose to put all their money in the house thinking it is the right thing to do. But the truth of the matter is that the mortgage loan would most likely carry the lowest rate among all loans debts and those with higher rates needs to be paid off first. It is also important to start saving for retirement early on to take advantage of compound interest.
To read the full article, click this link: http://www.debtconsolidationusa.com/personal-finance/newlyweds-usually-commit-these-5-money-mistakes.html