WAYS TO AVOID COMMON FINANCIAL MISTAKES

1)     Create a Budget

Keep track of where your money goes by creating a budget.  Make a list of your monthly expenses and subtract this from your net pay monthly.  The money left over is your discretionary income.  A budget will help you spend wisely, control debt and help plan for major purchases and emergencies.

2)     Discuss money and financial goals

       Talk about your and your partner’s money strengths and weaknesses and your short-

       term and long-term financial goals.  Try to find a common ground for spending and

       saving.

     

3)     Share responsibilities

 Decide how to handle day-to-day finances.  You can decide who is responsible for what in your finances.  Make that you review your household finances together on a monthly basis so that you both know what is going on.

4)     Talk about “What ifs”

 What would happen financially if one of you were to become disabled or died 

  unexpectedly?  If you don’t know, then you need to talk about it.  You should have a 

  will and think about buying or adding disability insurance and possibly life

  insurance.  Make sure that your beneficiary designations on retirement and other

  accounts and life insurance policies are up to date.

Money mistakes can be expensive and could impact your future security.  Take the

time now to work together to make sure that you avoid future financial mistakes.