7 Mistakes That Can Make You Broke After Marriage You Should Avoid At All Cost
It is only those who don’t know the importance of money in marriage would believe that money is not needed in marriage. Do you know how many families that have broken because of lack of money? It is very understandable that unfortunate occurrences can befall a man in some stages of his life, but carelessness is the worst threat in a man’s life.
To have a successful marriage that will stand the test of time, you need to make money. It is not good to start making money when you are married because you may regret it. You need to make money, or at least start making money before marriage. When you are yet to get married, you have enough opportunities to decide what your marriage will look like by avoiding the following money wrecking mistakes.
1. Extravagance during dating and during wedding.
When you are unmarried, you have less expenses, therefore, you should use the opportunity to have more savings and investments.
When go into a relationship, do not be extravagant. Your lover should be the one that understands that you have a future. If you date someone who does not care about your future, you may have issues.
If you cannot save while you are still unmarried, you may never have the opportunities to save or invest again. At this point, you will have many mouths to feed.
Another mistake you must avoid at all cost is your wedding expenses. Some people squander their life savings at their wedding just to make it a memorable one. Such people tend to forget that there is life after wedding. Do not make this mistake during your wedding. Be wise and prudent during your wedding, when you are in a relationship or when you are still single.
2. Family problems.
Family problems cannot be solved at a glance. It can’t be solved at once. This is because, the more you solve family problems, the more others are surfacing. Does it mean that you should not solve your family problems? No. You have to give what you can, not all that you have.
Whether you are married or not, don’t use all your money to solve family problems. Encourage other members of the family to contribute their own share so that the burden won’t be too much for you.
It is an error to try to solve all your family problems at once, alone and with your life savings. It may make you go broke in the future with so many family problems unsolved.
3. Power and ego.
The quest for supremacy in marriage can ruin your marriage financially. Ego is a bad killer of marriage.
Sometimes, it is ego and the quest for supremacy that lead some men to instruct their wives not to work and make their own money. If you are in this category, it is time to change your mindset. Support and encourage your wife, even before marriage to work and make money so that if something happens at your end someday, she will be able to help out.
4. Personality and lifestyle.
Your personality and lifestyle matter a lot in your life. Are you naturally extravagant? Do you love purchasing things you don’t really need? What plan do you have for your future?
The way you deal with money will determine if you are going to be rich or poor in the future, if all other factors are not considered. Do not be careless about your spending habit. Be wise at all time.
5. Debt before marriage.
If there is one thing you must avoid in life, it should be debt. If you borrow money to do wedding, you may spend the rest of your life paying back. The secret is to do your wedding as much as your money can go. Do not borrow so much money to do wedding. If at all you must borrow, ensure that you have means to pay back. Borrow as much as you can pay back without going broke.
6. Lack of proper family planning.
The importance of family planning cannot be overemphasized. Before you even start having kids, it is important to discuss with your wife how many children you will have considering your financial capability.
Having too many children with poor income can make you go broke. Do not make this mistake at all.
7. Extramarital affair.
This is both money wrecking and marriage destroying. Extramarital affair is expensive. When you engage in an extramarital affair, you will be spending more money. The money you should be investing or saving will be given to your so called side chicks who have no positive impact in your life.
Observe yourself very well, make sure that you don’t make any of these mistakes. If you have been making any of the mistakes above, it is time to be wise and do better.