6 money mistakes newlyweds make

By Erin Burt, Kiplinger's Personal Finance Magazine

Four words no one wants to hear soon after his or her wedding day: "We made a mistake."

I'm talking about financial choices, not your choice of spouse. Unfortunately, many newlyweds set themselves up for failure soon after they say "I do." If you bring bad money habits to your marriage or fail to come up with a plan to merge your financial lives, you could potentially doom your relationship to money trouble and endless arguments. That's not exactly "happily ever after."

On the other hand, nothing says "I love you" like the desire to start your marriage on the right financial foot (roses, schmoses). Here are six common pitfalls that trip up new couples. Steer clear of these, and you'll decrease the money tension and increase the harmony in your new life together.

1. Keeping money secrets

Money is one of the most common sources of arguments in a marriage, so it's best to simply avoid the subject altogether, right?

Wrong! Some of the most heated arguments stem from failing to discuss financial backgrounds, expectations and attitudes from the start. (See "Financial infidelity is rampant.") Communication is key to the survival of any relationship, and baring your financial soul to your partner is no exception.

Ideally, you want to have this conversation before walking down the aisle. After all, there are good marital surprises ("I didn't tell you I'm a gourmet chef?") and bad surprises ("I didn't tell you I have $20,000 in credit card debt?"). Full disclosure is in order here, and that includes your shoe fetish or gambling habit.

2. Not having a budget

Now that you're settling into your new life together, it's time to discuss the B-word. No, not "baby" -- I mean "budgeting." You're merging two spending habits and two saving habits into one household. So even if you had a budget when you were single (pat on the back), you've got to make a new one with your husband or wife to include his or her income, debts and monthly expenses. That will help to ensure you have enough money left over for that other B-word: "Bahamas."

Your first step is to write down your fixed expenses, such as rent, car payments, insurance premiums and student-loan payments. (See "Your 5-minute guide to budgeting.") You should also make a habit of contributing to your savings or investments as if you were paying a fixed bill each month. Then write down your flexible expenses, such as utility and phone bills, transportation costs, groceries, trips to the ATM and miscellaneous purchases. Track your spending for a couple of months to see where your money really goes, then find the spending leaks and plug them. Building a budget is a great way to set common spending and saving goals, identify problems and work together to fix them.

• A simpler way to save: The 60% Solution

3. Giving one person the financial reins

The honeymoon's over, and it's time to get down to the nitty-gritty of the daily finances. Who will physically pay the bills, monitor the investments and crunch the tax numbers? One person may be more inclined toward these tasks, or you may decide to split the responsibility or trade off each month.

There's nothing wrong with letting one person take over the family finances, as long as both partners are OK with that decision. But that doesn't mean the other partner should be excluded. It's important for each person not only to feel involved in the big financial decisions but also to have an understanding of the day-to-day finances. Each of you needs to know both partners' account information, passwords and bill due dates in case anything were to happen to the other person. (See "Don't take your passwords to the grave.")

And no matter how you divide the responsibility, it's a good idea to have a regular "money date" each month or so to make sure you're both in the loop. You should go over your budget, review your savings progress and discuss upcoming expenses. How's that for keeping the romance alive?

Also, if you choose to combine your finances after you wed, make sure that major purchases and savings accounts are held in both of your names so that each of you has equal access and can maintain a credit rating. You don't want to find out in the event of a divorce that your name wasn't actually on the car title or savings accounts. Considering keeping separate accounts? Read "New his-and-her banking."

Continued: Till debt do us part

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