Are your money troubles stressing you? Are you in love with someone who is irresponsible about money or deeply in debt? These six money mistakes might be to blame. Stop making them and you will avoid the heartache that Tim and Betty went through.
Who are Tim and Betty? They have been married for 25 years, held steady jobs and seemed to live within their means. However, 10 years ago they took out a second mortgage to help pay for college tuitions for their children, and later paid the cost of two fancy weddings for their daughters, as well as a number of expensive vacations. As a result, their monthly house payments doubled! Then Tim’s job was downsized, and they had to sell their home—which was now worth less than half for what they paid for it.
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This couple is not unique. Many others like them are also suffering monetary woes. Start now to undo these money mistakes and misconceptions that can lead to financial disaster.
It runs in my family
Your parents’ behaviors around money and saving influenced you as you were growing up. What did their words and their behaviors teach you? Tim’s dad was a steady worker but didn’t sign up for a retirement program to have future security. Betty’s mom worked part-time and acted like an airhead about money, spending it frivolously and letting her husband worry about paying the bills.
What family attitudes did you inherit that are harming you rather than helping you? You will find more about this in my book, Grownup Love: Getting It and Keeping It. Share it with your partner or spouse. What changes do you want to make?
Keep up with the Joneses
Do you compete with your friends or family even though you can’t afford it? If so, you are most likely in debt. Take stock of your own personal spending history and have your spouse or lover share his or her past spending behavior.
When Kathy was in her twenties, she had a good job and loved to spoil herself. She charged freely at many boutiques, bought jewelry she couldn’t afford, and had to declare bankruptcy. Kathy was fortunate since she was forced to pay her debts and become responsible at an early age. However, if either you or your loved one have bankruptcy in your background or are unable to live within your means, face it now and make a future plan that is responsible.
Read the rest over at YourTango.com: Are You Making These Money Mistakes In Your Marriage?
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Written by Gloria Arenson for YourTango.com