A smart money move for young people is to make a decision to marry someone who has a clue about money.
Here are the five things you can decide now to avoid YEARS of financial regret:
- Decide you will pay for and save for as much for college cost as possible.
- Decide to marry someone who has a clue about money.
- Decide to work during the summer if not during the school year.
- Decide to buy a car with cash.
- Decide to rent until you have at least 20% down for your first home.
Decide to marry someone who has a clue about money
Roses are in bloom. A smile is permanently plastered to your face. You are in the thick of what we call love. The dating relationship stage is a wonderful and terribly horrifying stage of life. You think he or she is the one and then a few weeks later you unthink it (or even worse, they are uninterested in you).
Here are some facts to consider:
- No matter how much money you make, it is humanly possible for someone to spend it faster than you can make it.
- It has often been said that money (or money related issues / arguments) is a leading cause of divorce.
- Interestingly, spenders and savers attract. Typically, one person in the relationship will be a saver and the other a spender.
- Free Money Finance, a leading financial blog, says one of the three best financial decisions was to marry his wife who is good with money.
Ten tips to help you marry someone who has a clue about money?
- Do premarital counseling. A generation ago counseling was only for people with ‘problems’. Now most Christian couples are doing premarital counseling. As you go through the process your counselor will be able to introduce you to any potential money issues you might face in your marriage.
- Monitor spending habits. While you might think your girlfriend looks so cute in those new outfits, remind yourself that the wardrobe will one day be costing you. While your boyfriend might seem like such a stud in his new truck, remember one day you will be making the payment on those new toys.
- Take cash free dates. You should be able to find lots of fun things to do without spending any money. That creativity shows that you can have a great time without a lot of money, and that is a necessary ingredient in any relationship.
- Ask about family practices. When did you get your first job? Why did you start working? Who paid for your college? Who bought your first car? Who paid for your clothing? Who paid for the gas? These type of questions will tell you a person’s assumptions about money.
- Be selective. Don’t be such a drama queen. There are plenty of fish in the sea.
- If marriage is on the table, talk about the future. Who is going to work? What type of home is satisfactory? What are needs and wants?
- Read a book together like Money Matters: Answers to Your Financial Questions by Larry Burkett. First read the question, and then each of you take a moment and answer the question. Once you have both answered, then read Larry’s (the author) answer. Consider this a free date idea too!
- Create a mock budget together. Give yourself $ income per month and see how each of you would spend it.
- Ask your friends, parents, and mentors what they think about your significant other. Seriously, their perspective is important and is often insightful. This could help you to avoid so much more than just financial issues.
- Talk about any differences now. The biggest mistake you can make is to assume things will change when you get married. Unfortunately, small issues before you marry tend to turn into big issues after you are married.