6 Financial Mistakes Newlyweds Can’t Afford to Make

Friday, February 28, 2014, 1:00 AM | Leave Comment

When getting married, some couples will make some serious money decisions. It is wise, of course, to avoid the common traps that plague many young couples. With this in mind, here are six financial mistakes newlyweds cannot afford to make.

Financial Mistakes that Newlyweds Make

  1. Going into debt for a wedding:

    Sadly, when planning for the big day, some people will spend more than they have in the bank. This is unwise as it can leave a married couple reeling for the long-term. No, if you cannot pay for the cost with existing savings, you should consider asking for help or toning the wedding down.

  2. Pay too much for a home loan:

    Luckily, with so many choices, you can avoid overpaying for a home loan. In fact, with Vision loans, you can get a great rate with ease. On the other hand, if you do not shop around, you may overpay on your home loan. For this reason, a newlywed couple should search a lot to find the best deal on a mortgage.

  3. Financing two cars:

    Often, with two hardworking adults, it is easy to run out and buy new cars. While it is wise to have one that runs well, two is overkill. Instead, a couple should focus on paying off one car and then getting a new one.

  4. No retirement savings:

    Let’s face it, most young people are so far from retirement they do not ponder their future. This is sad. In fact, if a person can put away a few grand a year when they are young, they are going to have an easier time filling up their 401k and IRA in the future.

  5. Not take advantage of tax laws:

    In reality, a married couple should pay lower taxes than in the past. Of course, to take advantage of this to the fullest, a couple must try to find a good tax attorney or CPA who can find the most savings. Without a doubt, you do not want to overpay to the government as it is easy to do so without the help of a professional.

  6. Overpaying for monthly bills:

    A newlywed couple should practice care and call up all their monthly services providers. By getting the best price on insurance and other monthly expenses such as cable, a person can save money in the long run.

With these six tips, a newlywed couple will save money in the short and long run. If done wisely, a couple can live a healthy and comfortable lifestyle.

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