Whether you’re a newlywed or have been married for many years, having a good handle on your finances needs to be a top priority for couples.
Spouses that can make financial decisions together are usually in a better position than those who avoid talking about money or rely on one spouse to handle every aspect of the household finances.
If you and your partner have different money “personalities” – different spending habits, savings goals, or just different philosophies about money – you could have arguments about money and endure financial problems that taint an otherwise happy marital life.
Here are five financial mistakes that could wreck your marriage:
#1: Attempting to Change Your Partner’s Money Personality
Everyone has their own money personality, a set of habits or concepts about money that guide their purchasing decisions, dictate how much and when they save, and determine their spending comfort level.
If one spouse is very frugal and the other is used to living a lavish lifestyle, you can expect some conflicts to arise. However, trying to change your partner’s money personality – and you insist that your way is the “best” way all the time – that can hurt your marriage.
#2: Having Joint Accounts Before You’re Ready
Many couples struggle with the idea of having joint accounts when they get married.
If you’re 100 percent sure that both parties are comfortable sharing expenses or seeing how each parties saves, spends and so on, then joint accounts can be just fine. Also, if neither one of you has a problem determining who gets what “share” when each person is earning a different amount of income, you could go ahead and open joint accounts and not experience any real conflict.