4 Financial Mistakes Newlyweds Make

by Stacy Levin 6. November 2013

Marriage Finances

One of the biggest decisions newlyweds have to make is how to go about combining their bank accounts. This decision requires a lot of discussion around personal money habits and short- and long-term financial goals. Depending on the couple, this conversation may be short and sweet or it may be excruciatingly long and painful.

I hate to be the bearer of bad news, but this money discussion will not be your last. No, not even close. It is important that you regroup on a regular basis to discuss your budget, the progress of your goals and any circumstances that may divert your current financial path.

To give you a head start on your wonderful journey of navigating the world of finances as a newly married couple, here are some of the top financial mistakes that newlyweds make and how to avoid them.

Mistake #1: Have one person take control of the finances.

 Why it's bad: Couples often divvy up household chores, so in theory, it makes sense to give one person the “chore” of paying the bills. However, this can leave the other person completely out of the loop when it comes to financial decisions that affect both people. Plus, if something were to happen to the person who is in charge of the finances, the other person must be ready and able to take over the financial responsibilities.

What you should do: It’s fine to give one person the responsibility of making sure the bills get paid – but both of you should be aware of bill due dates and account information. It’s also important to make sure that both of you are on the same page when it comes to your budget.

Mistake #2: Only have the “money talk” once.

Why it's bad: While it is essential to have that initial talk to establish your goals and budget, the difficult part is actually staying on track. It’s likely that the initial budget you create will not work as well in practice as it does on paper. It’s okay if your first budget ends up being impossible to follow. What’s not okay is doing nothing about it.

What you should do: Set up regular meetings with your spouse to discuss your finances. Since this isn’t exactly the most exciting topic to discuss, you can liven things up by doing it over a nice Sunday brunch, or any other activity you enjoy. I’d suggest setting up these dates at least once a month, at the beginning of the month, to discuss how well you were able to stick to last month’s budget, and to discuss any tweaks that should be made to this month’s budget. You should also discuss any large purchases that you plan on making that month. You may want to consider meeting again in the middle of the month to discuss your monthly progress.

Mistake #3: Refuse to compromise.

Why it’s bad: One of you is the spender, and the other is the saver. It’s good to have this balance, but one of you is likely to be more stubborn than the other. If one person is so stubborn that the other feels that they have no choice but to always give in, only one person wins.

What you should do: Both the spender and the saver should recognize that having this balance is a good thing, but that for most major financial decisions, you are going to have to meet somewhere in the middle. It can take some time, but you have to accept the fact that the financial habits which you have always lived by are going to have to change – and your spouse needs to accept that too.

Mistake #4: Fail to plan for worst case scenarios.

Why it’s bad: We never think something bad is going to happen, so it’s easy to tell yourself that putting money into an emergency fund can be put to better use somewhere else. But the fact is, unfortunate things are going to happen at some point or another, and if you aren’t financially prepared, your bad news just got much worse.

What you should do: Pay your “savings bill” first. If you have a large credit card bill one month, you should adjust your spending the next month, not your savings. It is a dangerous practice to pay for your overspending habits with your savings – doing so encourages you to continue to spend more than you had budgeted.

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Daylight Savings 2013: Your 25th Hour

by Renee' Anderson 31. October 2013

25th Hour Clock

For all of you who consistently say, “I need another hour in the day,” here it is…this Sunday, November 3rd the clocks will fall back. Yes, that’s right, we will gain one whole hour in our day.

What does this mean?! Lots of things, but most importantly:

  • The sun will start shining through your windows at an appropriate time, so that when your alarm goes off, you'll actually feel like you SHOULD be getting out of bed instead of waking up to darkness and thinking how ridiculous it is that you have to start your day when you can’t even see out your window.
  • This Sunday you'll have an extra hour to get yourself set up with 1st Mariner’s Online/Mobile Banking suite! From Online Bill Pay to Mobile Deposit, you are sure to save time by banking when it’s convenient for you, and all with the click of a button or tap of the screen. Take advantage of the 25th hour DST is providing us with to get yourself set up with 1st Mariner’s electronic suite, and then you won’t NEED an extra hour in your day! Besides, that probably won’t take the full hour, so you could still catch some extra zzzz’s, paint your nails, catch up on your TiVo shows, or take more time deciding which players you should start in your fantasy football line-up.

What will YOU do with your extra hour this Sunday?

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The Scary Cost of Halloween

by Andrew Schreiber 25. October 2013

HalloweenFall is upon us and so is the holiday of Halloween. Costumes are not the only thing to be frightened of this holiday but also the cost that is associated with the holiday. According to a survey done by Prosper Insights & Analytics, nearly 158 million people will celebrate Halloween this year. People will celebrate the holiday in many ways, including attending Halloween parties and haunted houses, pumpkin carving, and trick-or-treating. It is safe to say that Halloween is no longer celebrated one night a year.

We’ve all known that Halloween is a big business holiday for candy companies, but it has grown beyond that. This year it is estimated that over $2 billion will be spent on candy. Costume companies will also be happy to know that an estimated total of $2.6 billion will be spent on Halloween costumes in 2013. Costumes are not limited to children. Adults will spend $1.22 billion on costumes for themselves and $330 million on costumes for pets. Halloween decorations account for $1.96 billion that people will spend this time of the year. This holiday is gradually becoming one of the more expensive holidays for consumers.

Another industry that is sharing in the Halloween spirit is beer companies. We are seeing more and more seasonally flavored beers being offered by companies. You have to serve your guests something when they show up to your Halloween party - why not serve a beer that fits the theme? This is an interesting way to capitalize off the celebration of Halloween.

Americans will spend an estimated $6.9 billion total on Halloween this year, according to the National Retail Federation (excluding cost of seasonal beer). Whether you have kids that are trick-or-treating or you plan on attending a Halloween party, this holiday is becoming a bigger deal on your finances.

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