The Finance Blogger


Biggest financial Mistakes – Not Discussing Money Issues

Biggest financial MistakesThis post is another in the series about the biggest financial mistakes that people make in their lives. In this post we will tackle two of the most common mistakes that people make, leaving a job and not discussing money issues with your spouse or partner. Both can lead to problems from a financial perspective as well as on a personal level, however that is the subject of another topic. We will stick to the financial impact of not discussing money issues.

Biggest financial Mistakes – Leaving a job

Lot’s of people leave their jobs every day for a variety of reasons. Some are fired, some are laid off and some just leave because they do not like the work or they do not like the boss or a variety of other reasons that are important to them.

The mistake that this latter group of people make is that they leave a paying job with no prospects of another job on the horizon. They are confident that they will find another job in the near future and so they leave voluntarily without any kind of severance, or payout. They even lose the two weeks notice that many employers might pay them. In addition, there is a period of time that each must person must pass before they will qualify for unemployment benefits. It is longer for people who leave jobs for no reason and so they lose out there as well. By just leaving a job they have lost a considerable amount of money and will never be able to recover that money.

In addition, finding another job in today’s market can be difficult. There are lot’s of people looking for work and the competition is fierce. Employers for some reason will hire a person who is employed a lot more often than someone who is unemployed. We are not sure of the reasons, but we think that there is a stigma attached to someone who is not working and that the employers also view someone who is working as someone more desirable. It is much easier to find a job when you are working than when you are not.

Don’t make the mistake of leaving a job before you have found another one. After all you have bills to pay.

Not discussing Money Issues

Another big mistake that a lot of people make is not discussing money issues with their spouse or partner. If you are in debt and need to cut back a bit, it is important to have your spouse on board to help you. If he or she just goes right on spending, the problem just gets worse and you go further into debt.

When they finally do find out there is the possibility that they will feel betrayed and also angry that there are suddenly these debt problems that they knew nothing about. Most people want to help and work together as partners to solve financial issues and money problems. But if they do not know about the problem then they cannot help and can actually make the problem a lot worse.

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