Money Mistakes Couples Make: Not Having a Budget

         

Sometimes a crappy way of relating can really muck up the money. Whether you’re planning a walk down the aisle or you’ve already been hitched for eons, there are some common mistakes couples make that can throw a wrench into their Moneyworks.

Not having a budget. It isn’t going to come as a surprise to you that I think every couple should have a budget. Whenever you combine two lives, two ways of looking at things, two spending profiles into one, you need to have a plan to ensure both bodies are on the same page about where the money should be going.

Having come up with a budget you both agree to, it’s easy to decide what to buy and when. You simply ask each other, “Where does this fit in the budget?” If it doesn’t then you work together to make room, cutting a little of her golfing and his beerwiththeboys to come up with the cash to make the purchase. Working together WITH A PLAN beats the bejezus out of flying solo blind and bumping into each other.

A budget can be a relationship-saver when one of you is a spender and the other is a saver, since by having a plan you can address both your needs. It’s particularly important when you are both spenders heading to the brink of bankruptcy. Knowing where you stand financially means you can make informed decision about your spending without a huge debt hangover.

by Gail Vaz-Oxlade