Personal Finance Lesson 170 Assignment
There are many common mistakes that newly married couples make, but these are (in my opinion) the top 5 financial mistakes:
- Spending too much on the wedding: This is perhaps the biggest financially related mistake that couples can make. Having an extravagant wedding may seem like a good decision in the moment, but it will really make a dent in the bank account later! The things that cost the most when hosting a wedding are the venue, the catering/food, the wedding dress, and decorations.
- Dating too often: Dating is a good thing, but too much of a good thing is still too much! Taking your partner out for a date once in a while is a good idea, but doing it too often will result in a large expense. To cut costs, sometimes you could have a stay at home date instead! Watching a movie at home with homemade popcorn or playing board games are two ideas.
- Buying an expensive car/house: This is another big one that can potentially cause major problems. Don’t buy an expensive car or house just to impress your spouse, and don’t buy anything without talking to them first!
- Not creating a budget: Creating a budget is an important step towards managing money more efficiently. Not creating a budget will lead to problems and disagreements with your spouse.
- Not having an emergency fund: Having an emergency fun is very important, because you want to be prepared for any emergencies that may come up. If you do not have an emergency fund, you will be totally unprepared for emergencies.
In my opinion, these are the top 5 financial mistakes newly married couples can make. I hope that this article will help you avoid making these mistakes.