I was very happy when Jessica shared with me last year about her new family life in the nearby city. Young families should have their own life. I encouraged and blessed her all the best. But when I met her last week, I was shocked to hear about her financial failure. Yes, she made the three main mistakes that every new couple commit.
An article from Finance Yahoo gave me some ideas regarding the mistakes that usually the young couples make.
1) They live without a budget
It is quite natural that young couples want to start a family with great expectations and they do not mind about borrowing and spending. They rush to grab whatever attracts their eyes.
2) Failure to save
The young families do not think about saving since they postpone everything, taking it for granted. For them “todays are more important than tomorrows”. They convince themselves that they can manage the future as it comes.
3) Living above their means
This is another financial mistake almost every young family commits. They fall easily into the traps of living above their means. They are the masters to spend and they do not think about any future disasters.
Financial stability is also an important aspect of family life. Young families should think about it.