Love is beautiful, especially when newly married. The world seems to belong to the two of you, full of laughter, sweet promises, and glittering future plans. Every morning feels like waking up in a fairy tale, it feels like wanting it to last forever.
But wait a minute. Behind all the beauty and "romance," there is one important thing that is often forgotten or neglected, which is money matters. Many newlyweds are not yet accustomed to combining their wallets, so they unconsciously make fatal mistakes that can cause big problems later.
Don't let these small things ruin the beauty of your marriage's beginning.
Yuck, know 5 common mistakes that new couples often make in managing money!
1. Don't Talk About Money Openly
This is the most basic mistake. Before marriage, money might just be your own concern. But after marriage, money becomes a shared concern. Many couples are reluctant to honestly talk about salaries, debts, or shopping habits. They feel uncomfortable or afraid of arguments. Yet, openness is the key. If these issues are not discussed from the beginning, small problems can pile up and suddenly explode. So, just be open about money!
2. No Budget Together
After getting married, needs and desires can multiply. Without a clear budget, money can easily disappear. Couples often don't know where the money goes in or out. As a result, it's hard to save, they often face a deficit at the end of the month, or even get into debt. A joint budget is important so that you both have an overall picture of your finances and can make better decisions.
3. Not Determining Joint Financial Goals
Try asking your partner: What are your dreams for the next five years? Want to buy a house? Have children? Travel? If you don't have common goals, saving and managing money seems meaningless. Clear financial goals are like a compass. It will guide every financial decision you make and keep you motivated to save.
4. Wasteful Lifestyle After Marriage
Euphoria after marriage, combined with the thought "two incomes, so there will be more money," often makes couples more extravagant. Eating out becomes more frequent, buying new items for the home, or traveling without calculation. Remember, two incomes mean two responsibilities as well. Control your expenses so that they do not exceed your income.
5. Ignore Emergency Fund and Insurance
Many new couples feel "still young and healthy," so they underestimate the importance of an emergency fund or insurance. Yet, accidents or unexpected events (illness, accident, or loss of job) can happen at any time, without notice. Without an emergency fund, you might be forced to take on debt or sell important assets. An emergency fund is a necessary safety net that you must have to protect your financial future.
Managing finances after marriage does require a learning process and an agreement. However, by avoiding these five common mistakes, you and your partner can build a strong financial foundation from the beginning. Honest communication, thorough planning, and discipline are the key elements to achieving a more stable and happy financial life in marriage.
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