When couples come together, sometimes they are so in the heat of the moment of passion and excitement over a new relationship, that they rush into things. Studies show that money is one of the biggest contributing factors to arguments in a romantic relationship.
Couples should get a feel for whether their partner has a similar attitude towards money. Your partner can be the greatest person in the world, and you can share the greatest passions in life, but if they don’t think twice before throwing down a couple hundred bucks on something frivolous, then you may want to reassess.
Here are some commonly made financial mistakes when couples enter a relationship together, and how to avoid them.
Getting a Shared Credit Card
Unfortunately, as much as the diamond companies don’t want us to know, love is definitely not always forever. People can be totally in love one minute, and the next anything can create havoc between them.
Opt for getting separate credit cards so that you can protect your credit score. You don’t want to take on the burden of someone else’s irresponsibility. Bad credit can haunt you for years and affect qualifying to rent a house or apartment or buy a car.
When it comes to debt, separate is best.
Not Assessing The Other Person’s Prior Debts
Some people get married quickly thinking it romantic and spontaneous. Only to find that this “spontaneity” just earned them 50% of their new spouse’s prior debts that they didn’t know about.
It’s not taboo to ask your partner who you plan on marrying what their debt is. When you are married you are responsible too! So you have every right to inquire!
Not Having The Same Spending Habits
Take a good hard look at how your partner spends. Are they quick to get an extra egg on their hamburger order? How about getting name brand instead of generic every time? When they’re at the store do they just throw things in their cart or do they carefully check and compare the best price.
Perhaps you’re the kind of person that spends freely and you don’t want to be with a penny pincher. Whatever your spending style is, make sure that whoever you match yourself with has a compatible spending habit. This way you can increase the possibility of your relationship by as much as 50%.
Opposites most certainly do not attract when it comes to how you spend!
Not Making a Budget Of Shared Expenses
Many couples fail to set up a shared expenses budget. If a couple creates a budget highlighting everything that each partner is responsible for taking on in their shared expenses, then the guidelines are clear and there’s no room for confusion.
You can completely eliminate one partner feeling like they “always” pay for everything.