9 Year Mortgage Advice for Newlyweds- The 5 Biggest Financial Mistakes Couples Make
It’s wedding season, and while finances may not be the most romantic thing to talk about, having this talk is an essential part of avoiding financial mistakes. Since finances can be a source of conflict in marriage, 9 Year Mortgage suggests talking about your financial situations before tying the knot, which will help you avoid making these 5 mistakes.
- Not talking about your finances. While this isn’t a fun conversation to have, it’s essential to know what each partner is able to contribute, and how you plan to manage your finances. Whether you plan on putting your money in a joint account, keeping separate accounts, or a little bit of both it’s important to have a plan and set goals. Agreeing on common goals can also make it easier to save.
- Combining accounts too early. While this might make it easier to decide who’s picking up the tab on household expenses, it can be disastrous if the relationship doesn’t turn out as expected. 9 Year Mortgage suggests waiting until after marriage before combining accounts.
- Getting surprised by the marriage penalty. Newlyweds who earn similar, high salaries often get an unwelcome surprise the year after they get marriage a mega tax bill. This penalty still exists in the upper tax brackets for example, in 2012 husbands and wives who earn $68,650 and up in taxable income are at risk for paying more married than they did when they were single. 9 Year Mortgage believes the best way to prepare for this is to be aware that it’s coming, and deduct more from your salary throughout the year to avoid a large bill come tax time.
- Putting one person in charge of the money. It’s normal to delegate responsibilities in marriage, but when one person is managing the money, it can lead to problems. No one wants to feel like they have to ask to buy something from their partner. 9 Year Mortgage advises that couple manage finances jointly. This can help you save money for your goals, and help both partners keep track of how money is being spent.
- Sharing debt. This includes credit cards, real estate and vehicles. Adding your partners name to your home or car means they own it too even if you paid the down payment and mortgage. While this isn’t an issue for married couples, this can be harmful for couples who move in together, then decide to break up since they aren’t protected legally. If you are on someone else’s car loan, and they stop making payments, it can be detrimental to your credit. 9 Year Mortgage believes you can easily avoid these financial disasters by talking about finances with your partner before making any big decisions.
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