Wedding is a day, marriage is a life time. Most of people especially young couple, will have same issue when they are getting married – managing their finances. Here are 5-finance mistakes young couple usually do.
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When get married, merging finances is one of the solution. It will also impact to your personal spending and managing money. Let’s see five common mistakes that young couple have face and learn how to anticipate it.
1. Taboo to communicate about money
This is very important to start discussing finances as earlier as you can. Get agreement how you manage the money and how to spend. Very common people will fight about money in their marriage. So, get it discuss as soon as possible.
2. Fail for building your savings
Not earning enough money doesn’t make you no savings. Cut some of your expenses and getting ready the most important things like: pregnancy, raising child, buy home, and health insurance. Young couple should have more time to stock up savings for retirement.
3. Fail managing debit and credit card
Both spouses should take responsibility to manage debt and credit.
- Set goal and strategy how you want to manage it.
- Decide what credit card you want to use.
- Priority pay the balance credit as quick as you can.
4. Rush to buy a house
Do not buy the house until your financial is stabile. Avoid some mistakes when you ready to buy a house.
- Buy house that difficult and expensive to maintain.
- Apply mortgage that you cannot afford.
- Not make a large down payment to reduce your mortgage.
- Did not take any advantage help for the first time buyer.
5. Never look some other ways to strengthen your financial
Mostly young couples need to find way to earn higher income. Set some financial goal and do saving money at your best. You can look some career, get better jobs or other passive income.
Get to know avoid this 5-finance mistakes. Set strategy that you can afford and aim it to the highest goal. Share your opinion.