Avoid These Three Financial Pitfalls in Your Marriage

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One of the most common reasons for divorce is money and arguments about money. To keep your marriage and your checking account in great shape, try to avoid these three financial pitfalls that can plague marriages.

1. Not Having a Budget

Budgets can save your marriage from arguments about money. At the beginning of each month, sit down and discuss all potential expenses. Hammer out the budget, being sure that both parties get a vote. Of course, compromise and respect will be necessary on both sides. After the budget is established, all you have to do is stick to it. If an unexpected expense comes up, have a new budget meeting. By deciding ahead of time how much money you can both spend, as long as both parties stick to the agreement, there will be no more money fights.

 

2. Not Having an Emergency Fund

Emergencies will happen to everyone. Having a set amount of money in a savings account can help you prepare for unexpected expenses like car repairs or replacing broken appliances. If you don’t have an emergency fund, you will likely stress about every surprising situation.

 

3. Not Planning for Taxes

When you get married, you will probably end up with two incomes. This means that you will likely be bumped up into a higher tax bracket. Be sure that, after you get married, you plan for higher taxes by adjusting your withholdings from your paycheck. This will help you avoid any ugly surprises when tax time comes in April.

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