Most of us can probably admit to doing stupid things in the name of love.
Some mistakes will shortly become a distant memory that can be laughed at, while others, especially those revolving around our bank accounts, can haunt us for many years to come.
Love can be a tricky thing, but it's best to avoid letting it get in the way of your finances.
Here are the money choices you should avoid making to protect your finances and love life.
1. Co-signing a loan for a significant other
It may seem romantic to buy a car or home together, but it can really mess up your relationship and finances. Most loans last for quite a long time. Even a car loan can last five to seven years. You don't want your loved one's loan lasting longer than your relationship.
Your significant other might seem financially secure and responsible, but you will be held accountable for repaying back any debt if they decide to stop paying back the loan. If your loved one doesn't have good enough credit to get the loan by themselves, do you really want to risk being stuck with their loan because they can't make their payments?
2. Declaring bankruptcy to avoid a spouse's debt
On your wedding day, you may have vowed to love your spouse no matter what. Well, what if they came with a whole lot of debt to love too? A common misconception is that once you get married, your spouse's debt automatically becomes your debt too. In most states, the debt you take on is the debt you and your spouse incur during the marriage — not before as single individuals. Still, your spouse's debt and poor credit could affect you both when you try to apply for a low-interest rate loan or buy a house, for example.
While debt is not healthy for anyone's finances, bankruptcy is as close to financial suicide as you can get. You and your spouse may avoid paying debt by declaring bankruptcy, but you will also destroy your credit and financial opportunities for up to 10 years. Bankruptcy can also affect your employment. Instead of immediately resorting to filing bankruptcy, get a good financial advisor, and be prepared to take the debt head on.
3. Paying for your significant other's living expenses
Think a sign of love is paying for all of your loved one's expenses? Think again. When one person in the relationship pays for everything, it can cause a lot of bitterness and issues. The person who is paying all of the bills might end up feeling used or overwhelmed, while the person getting everything paid for might feel like they have no freedom. Financial problems in a relationship are a serious romance killer.
Related: How to Save Money When Dating or In a Relationship
4. Joining accounts too early
A joint account can be a bad idea for unmarried couples. This is especially true if the accounts are only in one person's name. Obviously a joint account is problematic when a breakup happens, but it can also cause relationship woes while you are together. A joint account might lead to frequent arguments if one person spends more than they should or unwisely spends money.
5. Making your spouse an authorized user on your accounts
If the one you love has poor credit, you shouldn't set them up as an authorized user on your credit card. Why? Because they will have access to your credit without the responsibility of having to repay the debt. It's as simple as that, yet so many couples make this mistake. If you marry someone with poor credit and want to help them boost their credit score, there are safer ways to do so. For example, name them as a joint account holder or transfer their debt to a low-interest credit card.
Related: Bad Credit? Getting Married Can Fix That
6. Ignoring how your spending habits affect each other
Even if you keep your accounts separate from your significant other and make your own money, you can still experience financial issues in your relationship. This can happen when one person is not aware of how their spending habits affect the other. For example, if you are engaged and one partner is racking up their credit card debt before the big day, that can lead to huge a problem down the line. Another example is if someone in the relationship wants to go on a pricey getaway. The other person in the relationship may pay their half and then have buyer's regret afterwards.
7. Not being open about financial histories
While you don't need to present your credit scores on your first date, it is essential to know where your partner stands financially before you move in together or take your relationship to the next level. They say that love is blind, but you're asking for trouble if you turn a blind eye to each other's financial problems and pasts. Marrying someone with horrible credit or with a heavy amount of debt will put a financial strain on your marriage.
Relationships and finances are hard enough on their own. Avoid these top seven mistakes to keep both your wallet and love life healthy.
Related: Why Your Partner Lies About Money
SEE ALSO: How to start talking to your significant other about money
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