Some newlywed couples find themselves in hot water early on in their marriage because they have stumbled into common but avoidable financial pitfalls.
5 Common Mistakes to Avoid
1. They don’t set a budget.
Budgets not only force you to live within your means, they also set an expectation for spending, saving, and splurging. When everyone understands the family financial framework, they can act within it and avoid the tension that comes with financial surprises. Newlywed couples who do not set a budget and support each other by sticking to it may find themselves with empty accounts, or worse, heavy debt.
2. They don’t set a minimum amount for discussions of big expenses.
When shared finances are on the line, large purchases come with expectations. Couples who do not discuss large purchases may find themselves resenting each other’s spending habits. But what is the minimum amount for a purchase that requires discussion? Set the parameters early for a more harmonious financial life.
3. They don’t create an emergency fund.
An emergency or unexpected expense creates enough stress without the added strain of a scramble for needed funds. Create an emergency fund right away, and add to it as time passes. Be certain to decide as a couple how you will set this money aside.
4. They don’t disclose financial secrets.
Almost everyone has made a financial decision they regret. While these can be embarrassing to admit, it is necessary to disclose them to the person with whom you now share your life. It is important to go into a marriage with all your cards on the table, so you and your partner can plan the best way to tackle monetary challenges.
5. They spend too much on their first home.
Purchasing your first home as a couple, is an exciting, joyful experience. Among the most important steps in financial planning for newlyweds is to create an honest budget for the purchase of a home. Set the amount you hope to spend, as well as the amount you can’t exceed, then stick to it. Understand all the expenses associated with buying a new home so nothing surprises you.
Avoiding these five money mistakes can help get newlyweds off to a terrific start! But if you do find yourself facing budgetary problems, consider selling your structured settlement payments to get back on the right track.
What if You Need Immediate Cash in Your Pocket?
If these financial tips for newlyweds have reminded you of a debt you need to pay down, or encouraged you to establish a fund against the unexpected, you may wish you had a lump sum of cash to help. The ability to sell your structured settlement payments may offer you the nest egg you need to succeed in your new life as a couple.
Get Back on Track with Structured Settlement Payments
Novation Settlement Solutions has years of experience in the sale of structured settlement payments. Contact us today for more information on your unique situation and learn more about how you can sell structured settlement payments for cash.
*Novation is not a financial advisor or consultant and strongly recommends that you speak to a lawyer or accountant before making any significant financial decisions.
