Monday, July 19, 2010

Financial mistakes by young families

Every pre-marital counseling course should include some basic advice on family finances. I'm very grateful Natalie and I were required to read the Complete Financial Guide for Young Couples, which helped us talk through some important issues, set up an early budget, and avoid many pitfalls.

A recent article by Smartmoney.com might also be helpful. They list six common financial mistakes made by young families:
  1. Carrying too much debt
  2. Operating without a budget
  3. Failing to begin planning for retirement
  4. Inadequate life and disability insurance
  5. Not preparing for college tuition
  6. No rainy day fund

Even if you've been married for years and have made some costly mistakes, it's never too late to begin heading in the right direction. You can read the whole article here.

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