In this week’s personal finance essay I will be writing about five mistakes that young married couples make. Also by no means am I an expert on this, I am not married or getting married anytime soon, so this essay is based on what I have noticed about young married couples.
The first mistake I will be writing about is having an expensive wedding. The reason why this is a mistake is because most young, going to be married couples don’t have a lot of money. So having a big wedding is usually very draining to a young couple’s finances, also because a big wedding is going to be more costly, it is more stressful to host. Early on stress is not exactly healthy or good for a marriage.
The second mistake is buying an expensive wedding or engagement ring. Like I mentioned above, young couples usually don’t have a lot of money, so buying an expensive and extra fancy ring, is not exactly great for your finances, especially if you don’t have a lot of money, or have just entered the workforce.
The third mistake is rushing for marriage. A lot of young couples just want to get married right away, even though they have been dating for less than a year. This is a terrible idea, because if you want a successful and happy marriage, you and your partner have to really get to know each other, to determine if you both want to live with each other for the rest of your lives. Also being hasty for marriage isn’t great for your finances, and financial problems within a couple is not exactly healthy for a marriage. My parents were dating for seven years before they got married, and they have a pretty happy marriage.
The fourth mistake is having an expensive honeymoon. Often a newly wed couple spends way too much money on their honeymoon, which is a mistake for a few reasons. The first is the fact that a newly wed couple most likely spent a lot of money on their wedding, which already leaves them financially tight, and having an expensive honeymoon makes that worse.
The fifth and final mistake I will be writing about is getting a divorce. Getting a divorce is a last resort, and can be prevented. A divorce is a huge financial strain, it is also very damaging especially if you have children(children can be affected very negatively if their parents split).
There are probably more mistakes that a young married couple can make, but I felt that these five were the most important.