Money Talk Matters

I love it when I find stories like this that reaffirm what I have been saying. Naturally when I found this one, I had to share this. This article talks about the 5 Costly Money Mistakes Newlyweds Make

One of the five mistakes is a lack of communication. That does not surprise me because we both know that money is still a “Taboo” subject when getting married. Even in 2009 with everything that is going on with the economy, sometimes money is not being discussed in the manner it should be.

I must admit when I read about this couple who are newly married but lived together for seven years, purchased a home after they got married stated that they realized financial decisions can be some of the toughest.

Makes me wonder what were they doing when they lived together! Were they keeping things separate and not even talking about joint finances for seven years or what do we do if this… since we are under one roof. Now, I am not advocating living together prior to marriage -what I am pulling from this article is it appears couples have not thought about married life.

A second one is a failure to plan. To me this goes without saying because when you are unprepared, financial challenges can tear down a relationship really fast, cause husbands and wives to point the finger at each other and lead to all sorts of stress in the marriage. This can happen whether you are a newlywed or married for a longer period of time.

A third one is handing over control. When it comes to managing finances for the marriage, I am a huge believer in including the person that is not the money manager. They need to be aware of all the details – how the bills are paid, when, the account numbers, the automatic deductions and more. Do not set your spouse up for financial disarray by not including them in the financial picture.

What do you think are the costly money mistakes?

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