Four Big Mistakes Newlyweds Make with Their Finances [Excerpt]
Full disclosure: I’m not yet a newlywed myself, though I am getting married in October. I’ve been working as a financial adviser for over a decade, and in that time I have had dozens of clients get married, have kids, get divorced, and even get remarried. One big source of stress for many newlyweds is the household finances. After years of being single, getting married can make money matters suddenly seem more complicated. Here are some of the financial issues I’ve seen pop up, both with my clients and in my own personal life. 1. Failure to communicate 2. Having different emotional connections to money 3. Failure to Keep Organized 4. Failing to follow through on priorities Make sure to read the complete article that I wrote for Penn Mutual's blog. I would be lying if I said I’m not feeling anxious about my upcoming wedding, but I’m not feeling nervous about the big bills associated with it. We’ve been saving for a while, and we’ve talked about our priorities and made trade-offs to keep in line with our budget. It’s been a few years in the making. I’m more anxious about how people are going to get to and from the venue, whether the limo is going to be on time, if people are going to enjoy the food, and if the music is going to be good. But, in terms of paying for the wedding, and even going forward with my future wife, I think my fiancé and I are on the same page financially. We’ve talked about where we’re going to live, her career plans, and our spending priorities. Things always change, but good communication ensures that we’re starting off on the right foot.