Getting married is perhaps the most awesome experience in life, and in doing so, you find purpose in life. Essentially, you sign a social contract to live your entire life with your significant other. Fair enough! You are good to do what it takes to make this social contract everlasting. But very few newlywed couples know that marriage is not just a social contract. It is, rather, a financial contract as well. To begin with, your significant other is the shareholder of half of your entire net worth. This is enough of a hint to understand that marriage is beyond a mere social contract.
But the problem is that these newly married couples get too emotional. While celebrating the big day, they spend thousands of dollars. Driven purely by emotions, they spend extravagantly on their wedding. Similarly, they continue to do so in the first few months of their marriage. In turn, this gives birth to financial issues. To worsen that marriage, this financial crisis becomes a deal breaker for the couple.
Of course, this is an unpleasant scenario. Newlywed couples need to be aware of their finances. They must understand that they can face bigger problems if they become careless about their finances. These problems can, then, badly affect their marriage.
That is why if you are about to celebrate your big day, make sure that you have an eye on your finances. At the same time, make your significant other understand how important it is to be mindful of your finances. Both of you should be pristinely clear that if you ever become unconscious of your finances, it can be a deal-breaker for you at any time.
With that said, here are some pieces of financial advice that work best for newlywed couples:
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Do Not Spend Your Hard-Earned Money Extravagantly
The foremost financial advice for newlywed couples is: Do not be extravagant with your money. Whether you are preparing for the big day or shopping casually, be mindful. Do not spend your money on needless things.
However, we do not want you to leverage your happiness. It is your big day. You have all the right to spend as much as you want – as long as it makes you and your significant other happy. But the idea is that you must not spend so extravagantly that you and your partner will end up in a financial crisis. Of course, that will be a very unpleasant scenario.
There are countless examples of newlywed couples calling it quits because of financial uncertainties. Do not let that happen.
Other Financial Advice For Newlywed Couples
- Own the Legal & Financial Connotations of Marriage
- Do Not Let Your Finances be the Reason For Your Divorce
- Always Be There For Your Significant Other