Here are, in my opinion, the top three mistakes that young couples make. I think that one of them is spending too much money on an engagement ring, a wedding, or a honeymoon. Two others mistakes are to underestimate how much money they need to support a household, and another one is to eat out too often.
Let’s first talk about the point of an engagement ring. Their main purpose is to ensure that the man does not just jokingly promise to marry the woman. Having given the ring, (which costs a lot of money), if they break apart then the woman is usually allowed to keep the ring. This varies in different states depending on who broke the relationship though. Now engagement rings are a relatively new thing, for rings mainly weren’t given because there was no meaning for it. Because before, if the man leaves the woman after promising to marry her, then the woman could sue him and thus there is no reason for the ring. Now that this law isn’t in effect, engagement rings have come to take the place of it.
People spend a lot of money on engagement rings, weddings, and honeymoon’s, and most of the time they spend more than they can afford. Most people just look at the averages on how much money people spend on weddings, and go, “Oh! If I don’t spend that much money it’ll look like I went cheap.” But the thing is, you don’t find that half of the people spend above the average and half below it, it usually has a lot of people paying low prices, and a couple really rich people paying extremely high prices. So instead, you should look at the median of the prices. And by the way, here is the link on how someone managed to hold a wedding for under 4000$ with 100 people there: https://goo.gl/qPX86s. The problem is that when people spend too much on events like these to make the wedding more “special” (which it rarely does, for it usually makes it more complicated) they find out that they don’t have enough money to spend on other things, and so might fall into debt, which is best avoided. So please, spend only the amount of money you can afford.
Also, a lot of people go into relationships and decide to marry before they even know the literal costs of the marriage. If you don’t have a house, you’ve gotta rent or buy one. And I know someone who is around 40 years old, is married and has just been able to move into his first house that he owns. So costs of a house, costs of a car and extra people(s) to support can make a large difference on how much money you spend.
Eating out too often is also a mistake that is often made. People usually make excuses like, “I don’t have time”, “there’s a good deal”, or even, “I don’t know how”. But almost all the homemade food is cheaper, doesn’t take that long, is easy to learn, and is a lot healthier and better for you. So if you’re stuck in the habit of eating out all the time and find yourself short on cash, that might be why.
In conclusion, I think that spending too much, underestimating the costs of life with someone else, and also eating out too often are all pretty common mistakes that many young couples make. But hey, I’m only 13 years old.