'Just Married' Financial Mistakes

When you coupled with your spouse, everything is wonderful. Everything looks rosy and nice in the beginning. After the honeymoon period, reality strikes – finances!

How do you avoid this blow as a newlywed?
Counseling and Debt Management Agency (AKPK) shares some info special for you:

1) Know your spouse’s financial history

How each partner feels about finances is often shaped by their experiences with money growing up. One partner may have grown up in a wealthy family where acquiring material possessions was as simple as asking their parents for it. When they get married, they would expect the same ease in getting things their heart desires. Find out what their spending is like, what was the monetary situation at your spouse’s home. This will help you tackle financial issues later, and avoid unnecessary arguments about money once you are married.

2) Don’t keep financial secrets

Mystery in a relationship keeps the marriage exciting, but not mystery involving money. In fact, many people choose to keep their finances a secret – more so, when they are trying to impress their partner before marriage. It’s never easy nor is there ever a perfect time to say, “I have this amount of debts”. But, it has to be discussed. If you keep details of your debts a secret, be mindful that your spouse is bound to find out about it sooner or later. It’s best to be open with your spouse when it comes to money and debts.

3) Help each other to stick to a budget

As a couple, it’s never easy to stick to a budget if the other chooses to spend lavishly without thinking of the financial consequences of their overspending. The rule of thumb to doing this is keep yourselves accountable to each other when it comes to money. This way, nobody can splurge recklessly or impulsively.

4) It is never too early to save for retirement

We would like to think that we are immortal. But the harsh reality is that we shall all retire from the workforce some day. When we do grow old and are no longer earning money, we need to have a financial buffer to fall back on. Eventhough you have just gotten married and are probably still young, prepare for your old age with your spouse.

5) Discuss about children

Parenthood is a blessing from God. But, raising a family is costly these days. Discuss with your partner on starting a family and ensure that you have saved money to make you journey into parenthood a smooth sailing ride.

Footnote:

AKPK is an agency set up by Bank Negara Malaysia to help individuals take control of their financial situation and gain peace of mind that comes from the wise use of credit.

Find out more at http://www.akpk.org.my