5 financial mistakes couples make

There is nothing as interesting as financial harmony. It makes you deal with issues regarding money amicably. Also, it makes your home void of debt. Many couples are lavish and foolish spenders. They channel their income on things they don’t need and end up nagging after a while. Do a quick research on why couples have issues, you will get enough responses on money related issues.

Below are five financial mistakes couples make and tips on how to avoid making such mistakes.

1. Living far above their means
Couples do things that don’t really add up. For instance, you are making 100k in a month and you are in a rented apartment where you pay like 60k monthly. That alone is already making you bin debt, except you have other means. They go for houses, cars, clothes, gadgets that are way above their income. There is actually no big deal in living large, but do so when you are making more than 4times your income. You could get nice things that are not way overboard and still be comfortable. Couples try to compete with others, try to live up to standard till they go bankrupt.

2. Saying no to savings
They are so relaxed and believe in spending as it comes. They never see the need to save for rainy days. Even if your source of income is overflowing and from different sources, there is a need to save parts of it. No matter how little, it is just necessary to have a backup. There is no big deal in opening a joint account where you save something either weekly or monthly. Many couples go broke because they have nothing left in their reservoir. When you cultivate the habit of saving, it automatically becomes a part of you.

3. One source of income
Many couples take risks when it comes to their source of income. They depend solely on one source. As much as possible, even if you have an office job, you could involve in other businesses outside your job. This business is not necessarily handled by you. It could be a mart, boutique, taxi and so on. At least, you are sure there is something coming back to you at the end of the day or week. Ask yourself a sincere question ‘what am I going to do if I get laid off from work today’’.

4. No future goal
Some couples just live the day as it comes. For them, it is just about Now. There is no big deal in living the day as it pleases you, but one thing should be at the back of your mind that nothing is forever. Many couples don’t set goals ahead. When you have a set goal, you are driven to work towards achieving it. The goal could be long or short term. It could be building an apartment on the island, going on a vacation, setting up a big business, sending the kids off to the best schools. Having these goals behind your back set you to do what is right.

5. Careless spending
This happens when couples spend money on things that are not so necessary. For instance, not all events should be attended if it requires you over spending. Also, couples find it difficult setting their priorities right. Spending excess money on foods, parties, looking good, transportation and so on. It is necessary to be prudent when it comes to spending. There is need for self-discipline as couples. When one partner spends carelessly, the other partner should be able to put caution, to maintain balance.

These are financial mistakes made by couples from time to time. There is need for proper caution, to avoid monetary issues coming up always.

Culled from Palmchat

 

 

 

 

 

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