You’re planning your dream wedding. You don’t want to think about money and finances. But what’s the number one cause of relationship breakdown? Money –more than sex and crazy in-laws put together. Fights, arguments, power struggles…all over money. I’m here to help you avoid those conflicts and create a prosperous and happy future together as a couple. You can beat the statistics.
Let’s talk about the biggest mistakes couples make when it comes to their money. There are many but I’ll share 3 today. Once you are aware of these, you can then take steps to avoid them.
1. No direction
The first mistake couples make is to have no direction. No wealth vision. They do not communicate on a regular basis where they want to go as a couple. Do you want to retire at 50 and travel the world? What if your spouse wants to buy a cottage on a lake and just fish all day? Those are two separate visions. You can each have individual goals and dreams but ultimately you need to have a common direction if you want to create a wealthy and happy relationship. You do this by communicating about your values preferably before the wedding but even if you’ve been married for years, it’s never too late to sit down and create a wealth vision for your future.
2. No plan
The second mistake couples make with their money is not having a plan. They live on autopilot – the money comes in and then goes right back out to pay expenses. There is no plan to create security or wealth. You simply assume you know what the other person wants and that it is the same thing you do. You live day by day, paycheck to paycheck, and before you know it you are in debt up to the eyeballs, stressed, and arguing over whose fault it is. Without a plan, you can have all the dreams in the world but you’ll have a hard time achieving them and you could easily end up a statistic.
3. Not getting help
The third and honestly biggest mistake couples make, is not getting help early on – avoiding the whole ‘money issue’. We often feel it’s not romantic to talk about money especially when planning the wedding. It seems vulgar to ask your partner how much money they make or how much debt they have. So we avoid those hard conversations. We muddle along hoping everything will work out best – when neither one of you really have a clue how to manage your money or create a wealthy future. Then something happens and you blame the other person – the arguments start, the debt piles up, and you just keep muddling through. But if you are proactive and get help in the first place – create your direction and plan, you can avoid the majority of those arguments and instead be enjoying all the best things in life. It is not a sign of weakness to get help; it’s a smart move. We are not given a money education as children – but the sooner you can get one the better off you’ll both be.
The bottom line is — having a direction and a plan really help you to navigate the twists and turns of life. Get help; get the right help early on and you’ll be the one in a million couple that was smart enough to be proactive with their money and learn the skills they need to be wealthy and beat the odds.