I can remember our wedding as if it only happened yesterday.  My wife was the most beautiful woman on the planet as she walked down the aisle.  My eyes misted slightly as I saw her coming toward me.  It was almost magical and the day flew by in an instant.  We were young, madly in love… newlyweds… and immediately began to make stupid decisions with money. 

I insisted that my wife finish her education at a private art college… She did very well and graduated several years later with almost $30,000 dollars in student loans.  Education is not stupid.  In fact, I highly recommend studying and learning.  It IS stupid to borrow money to go to school.

And then there was the credit card.  Okay, honestly, we had several.  I was so ’smart’ that I balance transferred my student loans to a low interest credit card.  That has stupid written all over it.  First, I lost my interest deduction.  Second, I moved from a fixed interest rate loan to a credit card where the interest rate could change if I missed a payment by one hour.

And then there were the curtains for the apartment.  And furnishings for our first home.  And a vacation to Hawaii.  Oh, speaking of Hawaii… I highly recommend it. Just don’t get caught up in getting real pearls from oysters at the different stores… The pearls are cheap.  The jewelry on which the pearls are mounted… Not so much.  Run if you don’t have cash… Oh what the heck.  Just run.  If you have cash, take that money and go to a reputable online store and save some money.

Of course there were car payments.  We bought a sweet little Miata for my wife.  Correction.  We financed a car.  Three and a half years ago I had an oh crap moment.  We were normal. Just like a majority of Americans who live paycheck to paycheck.  We didn’t have a plan for our money and so our money left us.  We almost owed more on consumer debt than my salary at the time.  That didn’t even include the house.  I made a great income but didn’t have squat to show for it. 

I have many friends who are currently in this boat.  Young, earning a good income.  And what do we all do?  Rather than save, we increase our consumption and borrow money.   We spend extravagantly on parties for our kids but don’t put anything away for retirement.  You will never become wealthy and may retire to eat your favorite flavor of dog food if YOU don’t get a handle on yourself.  If you’re a Christian then you’d better check what your guidebook is telling you.  You will find words like foolish and servant and slave associated with debt and lack of a financial plan.

Here’s my advice to newlyweds, recently married or anyone for that matter.  STOP THE FREAKING STUPIDITY.  Get on a budget, spend less than you make because you’re not the government.  Get on a financial plan.  Give, save and spend within the guidelines of a budget.  The sooner you start the better off you will be.