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There really is such a thing as financial infidelity. When most people think of marriage problems then this problem as well as other financial matters don’t really make it to the top. The truth is that these matters can have as much of an impact on marriage as other issues. For a successful marriage, you would be well-advised to avoid the top 5 marriage-killing money mistakes.
1. Financial Infidelity – A Major Marriage-killing Money Mistake
Not telling your significant other about your income is now regarded as a type of financial infidelity. Thus, it is a major marriage-killing money mistake. Since you are in a matrimonial relationship, you should make it a point to share everything including information about your income sources to your partner. If you come into extra money and don’t inform your spouse about it, then this could lead to massive disappointment later on when it is finally uncovered.
Not telling your spouse about your income sources sends a very wrong message and gives off bad vibes. It implies that you either don’t trust them or consider them to be important enough. Moreover, it is an attempt to hide something important from your spouse which can be heartbreaking for them.
2. Dividing Financial Responsibilities
Not reaching a fair agreement on how to divide financial responsibilities between spouses is another marriage-killing money mistake. The two of you will have to amicably work out what expenses each of you will be responsible for.
One way to divide costs evenly is to keep a joint account where both spouses pool in their incomes. This is a simplified way of allocating money for expenses and saving cash for retirement.
The downside to this approach is that there can be friction over excessive spending. If one spouse feels that the other is spending too much then alterations could ensue.
Another way of managing money is to maintain independent finances. This is better if the spouses have very different spending habits that they cannot agree on. It may also be a good idea if one spouse has their income garnished.
The two of you can agree to split up costs 50/50.
It is paramount to reach an agreement on how to split up household costs between both partners.
To avoid marriage-killing money mistakes vis-à-vis financial responsibilities, you can ask senior happily married couples about how they split up their financial responsibilities.
3. Incurring Debt – A Huge Marriage-killing Money Mistake
Incurring too much debt is a massive marriage-killing money mistake that can massively strain relationships. As a family person, you should take great care to avoid incurring excessive debt. Do not make the mistake of thinking that your borrowing habits are of no concern for your significant other. Not only will you be able to save less for retirement, you could also end up losing assets. Both of these will leave your spouse distraught to say the least.
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4. Disparate Spending Habits
Having very different spending habits can strain relationships and is thus a major marriage-killing money mistake. In fact, it is fair to say that vastly differing spending habits are responsible for a big proportion of disputes between partners. It is not hard to see why there will be heated rows if one partner is extravagant while the other is frugal. The more frugal partner will feel disillusioned that they are saving a bigger portion of their income while the other is not saving as much money as they should.
To alleviate such disparities in spending habits, the couple should sit down to negotiate. They should talk about major expense items that will take up much of their wealth like the car, home, vacations, eating out, leisure and more. They should arrive at an agreement as to what is a reasonable level of spending on these items.
As long as the mortgage is not beyond their reach, the couple should think about buying the best property that they can afford. Investing on property is a major source of wealth and thus the couple should think about the best property that is within their reach.
As for other items, the couple should tread carefully. The car should not be too expensive. It is best to settle for a car that is reliable and energy efficient. As for vacations, eating out and leisure, the couple should think of better alternatives that can save money and consolidate their relationship. Staycations rather than vacations could be better since the couple can explore their own cities, counties and states to discover a hidden wealth of opportunities that eluded them.
They should also focus on home made gourmet dinners rather than eating out. This will enable them to spend quality time together in the kitchen or the backyard to prepare the most delicious meals that they can relish and be proud of.
There are many economical leisure opportunities that can bolster the relationship and help save money. The more the couple can agree on these economical options, the less the chance of a dispute.
5. Not Availing Expert Financial Advice
Not availing expert financial advice is another marriage-killing money mistake. Financial experts have a wealth of economic knowledge and acumen that they put to good use for their clients. Married persons can make use of this advice to live comfortably, secure their financial future and save enough for retirement – all of which will strengthen their marriage.
Another major benefit of having a financial advisor is that they will be able to settle their money disputes amicably. Their advisor can inform them about which costs are prodigal and which ones are more reasonable. There is a much better chance of reaching a compromise with expert advice.
A financial advisor may be able to provide as much value to a matrimonial relationship as a marriage counselor.
Avoiding such marriage-killing money mistakes can mean a happier married life and a peaceful retirement. Steering clear of marriage-killing money mistakes will also increase trust and improve bonding between the couple. Simple things like avoiding extravagance, saving more, staying away from credit card consolidation debts and other marriage-killing money mistakes can go a long way towards a happier relationship.