Don't make these six money mistakes of newlyweds
May 5th 2009 10:00AM
Updated May 5th 2009 2:21AM
If you want to stay on the good side of your new better half here are six money mistakes of newlyweds from Kiplinger, and how to make sure you and your spouse can avoid these stressful mistakes.
- Keeping money secrets
- Not having a budget
- Giving one person the financial reins
- Dragging debt down the aisle
- Sweating the small stuff
- Failing to plan for an emergency
As someone who is coming up on my 4th wedding anniversary this summer, I feel qualified to speak to the importance of these six items. While I haven't hidden away $800,000 in a secret savings account like the Long Island dentist who is currently suing Chase bank for disclosing the account to her husband, I've made my fair share of mistakes as a husband.
Even though I didn't set out to hid accounts and balances from my wife, the fact that I took the financial reins when we first got married led to a few surprises when I shared our balances. I found that sharing account logins sufficed, but by linking all of our accounts to Wesabe I was better able to share my account with my wife. I only wish they offered the ability to link an additional login to Wesabe so that we don't have to remember the same password.
For me, the best advice on this list is to avoid sweating the small stuff. Like the original author, I wish someone had told me this one before I wasted time and energy arguing over the cost of groceries. As someone who is frugal to a fault, I wasted a good dozen shopping trips arguing the merits of store brand bleach and off-brand toilet paper. To this day I still find myself thinking that a store brand would do just as good before I realized that I spend extra on coffee and electronics, so who am I to talk. Ultimately my wife and my rear won out as I've come to the conclusion that some things are worth an extra dollar.