Archive for May, 2009

Newlyweds & Money: It’s About Teamwork

May 3, 2009

In her Kiplinger.com article, “6 Money Mistakes of Newlyweds,” Erin Burt shares mistake #3: That one partner shouldn’t give the other the financial reins.  This is so true.  Managing money in marriage is a shared undertaking.  Both partners have a vested interest in the final decisions.  When two partners marry they become one.  Their decision to marry means meshing their financial interests together.  Marriage partners need equal input into money decisions.  If one partner is better with details and budgeting it’s OK for them to create and maintain the budget.  The critical practice is that both partners have the freedom to discuss how money is spent.  It all comes down to communication.  How does money get managed in your marriage?

The other 5 money mistakes are: 1) Keeping money secrets; 2) Not having a budget; 3) Dragging debt down the aisle; 4) Sweating the small stuff; 5) Failing to plan for an emergency’