Newlyweds face a few common problems such as dealing with the in-laws, finding time to spend with each other, communication, and financial woes. This article lists the top 4 money woes and how newlyweds can overcome them.
4 Money Woes Newlyweds Face
Denial of Financial Situations
Your first issue may be the denial of your financial situation. You can’t ignore your problem, nor deny it. Most marital problems stem from financial problems. So instead, be open with your financial situation from Day 1. Make sure you review the following with each other:
- Your credit report
- Your credit cards APR
- Your bank account info
- Other debts
- Your assets
- Other monthly expenses not listed on your credit report
Hiding Money From Each Other
Another problem with newlyweds is that they believe its ok to hide money from each other. Whatever is done in the dark soon becomes known. If you are keeping money in a secret bank account, or real estate property, or have hidden stock market accounts, your spouse will soon find out. Keeping something like that ruins the trust you and your spouse have.
If you feel you must hide money from each other, you should speak to a lawyer about protecting the assets that you have before you were married. If you have a hard time saving money you can find some tips here.
Not Planning for Emergencies
Everyone knows they should place emergency funds away, but it’s hard to do so as a new couple. You are focused on paying off your wedding debt and other debts you’ve discussed.
No matter how much you make and feel financially stable, you should always prepare for an emergency. Someone could be laid off, get sick, or forced to move unexpectedly.
Sometimes you are forced into making decisions and they are the wrong ones because you don’t have the emergency funding available to back you up. Keep three to six months worth of living expenses stashed away for these troublesome and stressful times.
Wanting It All at Once
Another major problem that newlyweds face is wanting too much at once. You may look at couples who’ve been together for years and have fancy homes, cars, and nice clothes, but you have to remember to get your foundation in place first.
If you have the money for a home now, that does not mean you are ready to purchase it. Consider the increased utility expenses, purchasing furniture and appliances, and cost of insurance on your home. Also, remember that you would be responsible for the upkeep and maintenance of your home. You must also have the time to place into keeping your home in proper order.
So, make a plan and start saving for those rainy days that lie ahead. Pay off your debts, including student loans so you can be free and clear.
Hi, my name is Jon and I run Compounding Pennies. I’ve been interested in personal finance since high school and love writing and talking about it. You can learn more about me in the Authors section of this site.