7 Money mistakes couples make that causes them to lose money and argue. The tragic thing about money is that it is very much easy to lose but much harder to gain.
Many of us, especially in our younger
and more productive days, lose money recklessly and never get to fully
invest in worthy ventures. We never learn, it seems. Let us look at some
of those ways in which we lose our money unwittingly.
Money Mistakes Couples Make #1 Misusing Credit cards
It is such a joy to spend the money that you do not have. Many of us fall into that trap where we unwittingly spend large sums of money we have not earned yet. But the pain comes when we really have to pay back and notice how much we really have lost at the end of the money.
If couples get
too carried away, they will always live a lifetime of debt, up to
retirement, and notice that you have no savings at all and no way to pay
the debts. So get out of the habit of relying too much on virtual cash
you have not yet earned. Sit down and work your finances thoroughly.
Money Mistakes Couples Make # 2 Not Learning How To Write A Budget and Follow It.
Most of our money is lost in the first few days right after receiving our paychecks. That is the moment where we just do things impulsively, pushed by our temporal financial freedom to just spend recklessly.
By the moment we mellow down, we find out that we have spent a huge chunk of our salary on intangibly useless things. It is hard to keep track of the money when we just spend willy-nilly. So, sit down each month and work out your budget. Know what to prioritize and deal with all the important things first. This will leave you in a better financial position.
We all want the good life, the good things in life. However, if we focus too much on our creature comforts and less on our finances, we will end up spending a lot more than we can afford to. Most people end up accumulating a lot of useless things in life, just to live the semblance of a good life, trying to awe their neighbors and friends. This is a dangerous trap that leads to bankruptcy. We will find ourselves trapped in a loop.
Money Mistakes Couples Make # 4 Not saving a portion of their income.
It is so much harder to save, especially when all you want is to live a good life. But having some savings is a good way to invest in your future. Those who do not set aside savings will constantly live from one paycheck to another until they find themselves at the age of retirement without nothing much to show for their years of toil. Starting today, try to set aside some funds each month. Life is very unpredictable.
Money Mistakes Couples Make # 5 Following the latest trends and fashion
Many young people today lose their money this way. Each month, there is always a new shiny gadget released, a new shoe, or some fancy outfit. The materialistic view has pretty much-gripped people today, seeking instant gratification. We are being programmed to always chase that new design. This means that each month, people are spending thousands on things that they do not need. This is a very insatiable hole that swallows all your earnings. Do not be caught in it.
Money Mistakes Couples Make # 6 Making bad investments
It is good to invest. In fact, investing is one of the best ways to boost your finances. However, one needs to be very careful when investing. The world today is rampant with many Ponzi schemes and lucrative pyramid schemes that will rob you of your hard-earned cash. Always be vigilant when you are about to invest in something. Research and learn more about it, read and ask for a professional opinion. This will help you know when and how much to invest.
Money Mistakes Couples Make # 7 Keeping up with the Jones'
Our friends and companions can pretty much drag us into bankruptcy. We mostly do anything to please our friends and can do anything to be part of a group. If we hang around people who love to spend too much, people who pretty much compel you to toss it all and use it all, you will find yourself using more than you can afford to. Try to surround yourself with people who encourage you to invest and save, people who encourage you to do something constructive.
Try to find friends who do not engage in mindless spending sprees. This will help you not to lose that money very fast.
These 7 money mistakes couples make discussed above have the wicked potential to make you and your partner constantly lose money and argue about it. If you are not too careful, you will always find yourself in the negative when it comes to your finances. Look out for these mistakes and always be mindful when it comes to your budget and your spending.
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