Don’t Make These Financial Relationship Mistakes
22 Apr 2015
Statistics are showing that many Americans are marrying at later ages. The median age for first marriages in the United States is 27 now for women and 29 for men according to Pew Research, compared to 20 for women and age 23 for men in 1960. Although the divorce rate in the US has declined (yes, hard to believe, but according to the CDC this is true) this is partially due to the lower number of marriages overall.
What does all this mean? It seems the trend for many Americans in this stage of their lives is to cohabitate or simply put, live together. This can create many financial challenges as well. If you find yourself in this situation, try to avoid making these common mistakes:
1) Never co-sign a loan. Three out of four of these go bad. It’s your credit at risk should things go wrong.
2) Never assume financial responsibility for an adult dependent. You have your own bills and they are capable of paying their own.
3) Keep all of your personal information, such as passwords and PIN number, to yourself.
4) You can’t change people’s financial behavior, especially the older they are.
5) Don’t live outside of your own budget.
There is enough pressure in beginning a new relationship. Don’t add money to the list. Stick to these financial habits and you will be less likely to become another statistic, I believe.
Good Luck! Jeff
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