Financial tips: 4 credit mistakes married couples make

Congratulations! You’ve just gotten married and things are going great. We can’t be more thrilled for you, absolutely, but we also can’t help but worry for you. Right now you’re in that “honeymoon” phase (which may or may not end, we’re not saying one way or the other) but, while you’re having tons of fun and exciting new experiences, being a honeymooner does come with a slight case of head-in-the-clouds and it’s important that you keep the condition from affecting your finances.

1. Make a budget

Nothing is easier than spending money when you have it, but as soon as the feel-good green runs out there’ll be nothing more difficult than managing your expenses. That’s why you should sit down and discuss a budgeting plan with your significant other as soon as you can. Healthy spending practices become habit very quickly, so it’s best to get started early to reap the benefits.

Loose budgets are one of the things that influence credit scores most, and by wasting your savings and having to rely on nothing but credit you’ll soon find yourself in a hole that’ll take you years to climb out of, so don’t let it happen to you.

2. Try to get by without credit cards

Keep your credit cards somewhere you won’t be tempted to use them. The keyword here is “tempted” because using credit cards for emergencies is okay, just so long as it isn’t temptation that drove you to those emergencies. If you need to wait until your next paycheck to buy something then wait until your next paycheck, it’ll still be there when you come back. Getting overly reliant on credit cards is a sure way to crash your credit and get in a bad credit score range, and that’s the last thing you want now that you’re married and looking into purchasing homes and cars. Also, make sure to do a credit report check every now and again to make sure you’re on top of your financial and credit situation.

3. Plan before you buy

Whether newlywed or marital veterans, this rule applies across the board. If you’re looking to buy a home or a car or a long list of inexpensive items, think three times before making a choice. Will you be sacrificing comfort for any amount of time in order to be able to afford it? Is it a luxury or a necessity? What are the risks involved? These are all questions you need to discuss before making any big purchases, because we’ve seen too many families financially run into the ground due to momentary lapses of monetary judgment and the last thing we want is for it to happen to you.

4. Save Money

There will be sunny days and there will be cloudy days and you’ll be able to handle those without a problem. You may even be able to tackle the odd rainy day when it pops up it’s ugly little head, but what about the days when the typhoon comes crashing against your home and the rains play the conga on your windows? What’ll you do when you need emergency dental surgery and you don’t have the money to pay for it because your insurance doesn’t cover enough? Suddenly that extra car you bought “so you can take long trips” doesn’t seem like such a great idea, does it? Make sure you start saving early because the unexpected is the unexpected and you never know when it will hit. The last thing you want is to have to max out your credit or even open new lines of credit to cover unexpected expenses. That ranks near the top of the list of credit mistakes married couples make.

In addition to all of these tips, make sure you put “review credit score” near the top of your monthly “to-do” list. By keeping track of your credit score, you’ll be able to notice when you start struggling with credit and you’ll be able to put a stop to it quickly. Marriage has it’s up’s and down’s, but how you treat your credit can either make the up’s higher or the down’s lower, so which would you rather have happen?

Amy Johnson is an active finance blogger who is fond of sharing interesting finance management tips to encourage people to manage their personal finances. More specifically, she advocates that people should check credit reports and scores regularly.