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5 Costly Financial Mistakes Newlyweds Make

Reported by: Mark Clegg
Email: clegg@nbcactionnews.com
Last Update: 7/29/2009 1:00 pm
5 Costly Financial Mistakes Newlyweds Make
(Chung Sung-Jun, Getty Images)
(Chung Sung-Jun, Getty Images)
KANSAS CITY, Mo. – They say opposites attract, but what happens when one is a saver and the other a spender? 

Marriage and finances don't always go hand in hand. 

Newly-married couples making certain financial mistakes could take the happiness right out of their happy home.




Lauren & Adam

Newlyweds Lauren Heyward and Adam Butler
Newlyweds Lauren Heyward and Adam Butler
In their newly purchased Olathe home, Lauren Heyward and Adam Butler sit at their dining room table, flipping through their laptop.  Married just six weeks now, they have countless wedding pictures to sort through to create that perfect album of memories.  It is one of the many things on their "to-do" list. 

They have made a lot of decisions in their 10 years of dating.  They lived together for seven before getting married.  Since buying their home in December, they’ve realized financial decisions can be some of the toughest.

"I'd say it's been a challenge,” Lauren laughs.  “Just because we were so separate before in taking care of our own things, and then merging it all together."

Marriage & Finances

Richard and Debbie Romey
Richard and Debbie Romey
Just because you love each other, doesn't mean you agree on money -- Richard Romey
Rev. Dr. Clayton Smith is the Pastor of Generosity at Leawood’s Church of the Resurrection.  He has married over 500 couples in his 35 years of ministry.  He says money issues are the biggest obstacles in a marriage, especially when it comes to the issue of control of the finances.

"Many times, finances become a leading cause for divorce -- five, six, seven years into a relationship,” Smith explains.  “Because the couple hasn't learned how to manage their finances well."

Richard and Debbie Romey own ETF Portfolio Solutions.  They have a combined 40 plus years of financial planning.  They too have seen many marriages fall apart over finances.

"Just because you love each other, doesn't mean you agree on money," Richard Romey says.

Experts say there are five mistakes newlyweds often make all centered on finances.
CONTINUED: What Are the 5 Biggest Mistakes?
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