It is normal for humans to make mistakes.
However, some mistakes can mar a beautiful thing.
Marriage is a beautiful journey that brings couples who are in love together.
Marriage entails two people sharing their lives, dreams, and responsibilities.
One very significant aspect of marriage is managing the finances of the family.
Love is one beautiful that can be ruined by financial mistakes, and to avoid this, couples must pay close attention to their financial well-being.
Many newlyweds do not plan or anticipate the immense financial responsibility of marriage and may be overwhelmed by the pressure.
This is why it is essential that proper planning should be made even before marriage towards financial stability.
Even with the world rapidly evolving, many married women still don’t pay much attention to their financial status.
This may prove to be detrimental to their financial security in the future.
To help married women avoid the potential pitfalls of not paying adequate attention to their finances, this article will attempt to enumerate the common financial mistakes a married woman should never make.
8 Financial Mistakes A Married Woman Should Never Make
1. Zero involvement in managing the family’s finances
One of the major battles won by feminism is the inclusion of women in crucial decision-making.
Years ago, it was not uncommon to hear men say things like;
“Women don’t have the head for finances.”
“Women are meant for taking care of household chores.”
I wonder who gave them such a wrong impression.
Thankfully, people’s ideologies are changing, and women can make financial decisions for their families.
It would be a mistake for any married woman to alienate herself from the financial decisions being made in her family.
It is not just enough that you manage the daily financial transactions and ensure that household bills are paid; you need to know more advanced financial details about your family.
You need to know crucial details like where the money is kept, how it is being spent, your retirement plans, and other assets there are.
Knowing the answers to these important questions will help you understand your family’s financial situation easily.
You should ensure you are a solid participant in making long-term and short-term financial decisions.
Making financial decisions with your husband is a great way to safeguard the financial situation of your household.
2. Using all your money for daily transactions
It is common to see women using all their money to take care of daily household bills such as groceries and other utility bills.
However, you should avoid doing this when you are married.
Spending all your money on daily household transactions while your husband invests his money is not a wise decision.
No one says you shouldn’t spend your money on daily household bills.
Instead, you should strike a balance with your partner in which both of you will contribute the money needed for settling this type of expense.
It is essential that you also have a chance to invest for yourself.
You shouldn’t just save all your money in a traditional savings account.
You should try your hands out at investment.
However, you shouldn’t just invest without the guidance of a professional.
This will help reduce the risk of your investments failing.
You can also diversify your investments to reduce risk.
3. Overspending on nonessentials
It is natural to want to live in luxury.
People basically want to enjoy an easy life.
A bone-straight wig is good.
Designer bags, shoes, and perfumes are absolutely nice to have.
Girly vacations and parties are not bad for unwinding and enjoying life.
However, what do you do when you cannot afford the easy life comfortably?
A wise couple will focus on improving their income and investing as much as possible.
The idea of “faking it till you make it” is wrong and doesn’t help your financial status in the long run.
Overspending on nonessentials can strain your finances.
Hence, the best way to handle it is by creating a budget that allows for cautious spending and saving for the future.
4. Trying to split bills equally
This is for my independent women out there who don’t want it to seem like they are depending on their husbands.
Trying to split bills equally in marriage may be a wrong idea, especially if your partner earns more than you do and has a more expensive taste.
Don’t get me wrong, I am not saying you shouldn’t pull your weight in the family, but that is precisely what you should do: pull your weight!
If your partner earns twice what you earn, it will be unnecessary to try sharing bills equally with him.
You could each contribute a percentage of your income towards joint expenses rather than doing it 50/50.
This way, you won’t take on too much and end up straining your income.
Also, many independent and strong women fall into the hands of gold diggers because they take on full financial responsibility for the family.
Not all men fall under this category.
If your husband, with a track record of being responsible, is going through a down season in his finances, support him.
Marriage is not a competition; it is a partnership.
However, if your husband is laid back and a spendthrift, taking on the entire financial responsibility for the family might be a ticking time bomb for you.
In summary, I am saying, “Woman, know thy husband.”
5. Co-signing loans without proper investigation
I know you love to help your family and friends when they are caught in tight spots.
However, you should also try to look out for yourself in the process.
One of the mistakes you can make about your finances is making decisions with your heart alone and not thinking logically.
Co-signing loans for family and friends without caution can jeopardize your financial well-being.
Before agreeing to co-sign for a loan, you must thoroughly evaluate the borrower’s creditworthiness and ability to repay the loan.
This also applies to those random loans to family and friends from your account.
You must carefully consider if the money you are loaning out is an amount you can comfortably give without expecting the person to return it because some loans to family and friends may never be paid back.
This way, you are ensuring that you don’t expose your finances to more strain than you can handle.
6. Not having a will
There is a popular misconception among many young people about wills.
They feel that wills are for older people or people who are terminally ill.
Some people even feel that writing a will may attract bad luck.
This is not true.
Writing a will won’t jinx you or sentence you to death.
What it does is that it helps the family avoid legal complications and financial uncertainty if something happens to them.
You should consult an attorney to draft a comprehensive will that shows your wishes.
7. Sacrificing your financial independence
It is important that couples manage their finances as a team.
However, you should also be able to maintain some degree of financial independence.
You should have a personal bank account, contribute to a retirement plan, and make financial decisions that will ensure your financial security in the long run.
8. Hiding her money or assets
Trust is the foundation of every relationship, and when a married woman hides what she is truly worth, it can spell doom for her relationship.
When her husband finds out, it will hurt him deeply and cause irreparable issues in their relationship.
I once heard the story of a woman who had money in the bank and assets but hid them all away, then her child became ill, and the husband got cash trapped.
She pretended to have nothing, and the man kept trying to raise money to save the child’s life.
The child eventually died because they didn’t have sufficient funds to manage the illness.
The man was hurt and betrayed when he found out that she had money all the while but stashed it all away.
Unfortunately, her secret became the demise of her child and marriage.
Final Words
Marriage is a partnership; like every partnership, financial decisions are crucial to the venture’s success.
Avoiding these eight financial mistakes above will ensure married women can contribute to a strong, secure, and harmonious financial future for themselves and their families.
If you have made those mistakes in the past, remember that it is never too late to start making positive changes to your financial habits.
This will guarantee a future in which you don’t have to worry about your finances.
Cheers to that beautiful future!