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6 Married Saving Sins

Wouldn't it be great if neither of you ever made mistakes when it came to saving dough? Watch out for these common pitfalls.

Starting your new life together is the perfect opportunity to reassess your finances, from credit cards to car insurance. Along with that comes the goal of saving for future aspirations: a home, kids, travel, or just a fat emergency fund. But starting new bad habits won't help matters. Don't make these six saving mistakes:

Saving Sin 1: Sneaking Money
Yeah, you don't have to account for every cent you spend, but making major purchases on the sly will come back to bite you in the butt.
The Fix: if anything you need costs more than $200, let your other half weigh in on the decision. Saving money requires teamwork, and you both need to live by some rules.

Saving Sin 2: Setting Unrealistic Goals
Putting 10 percent of your paycheck into a 401(k) might sound great in theory, but don't let it leave you strapped for cash. Be honest about what you can really save.
The Fix: Put away 5 percent now, up it to 8 percent next year, and close the gap over three years.

Saving Sin 3: Being too Cheap
Limiting dinners out to one per week is one thing, but don't feel like you can never indulge yourselves or you'll just wind up caving in -- and doing more damage.
The Fix: Treat yourselves once a month to something fun, like hitting a new lounge or a cheap outdoor concert.

Saving Sin 4: Lying to Yourself
Promising yourself you'll go cold turkey and won't shop for months after you splurged at a huge sale at may not be 100-percent realistic.
The Fix: Make practical goals, but when you do need to cut back, don't tempt yourself. No window-shopping or browsing with friends allowed!

Saving Sin 5: Being Set in Your Ways
Assuming your regular old savings account is the best place to earn interest on your hard-earned cash isn't the wisest route.
The Fix: Look into getting an online savings account (some give you a 1.5-percent higher return), or consider moving cash to money market accounts or CDs.

Saving Sin 6: Staying Mum
You may think your partner's on the same page -- so much that you never discuss savings goals. But skipping that discussion could work against you.
The Fix: Make two changes or compromises apiece in service of your shared goals, or just switch roles. For three to six months, the person who normally pays bills gets a break while the other spouse takes over. This can give you more insight into your budget.

-- The Nest Editors

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