Listed below are 8 common financial mistakes couples make. Read through this list with your partner and identify one mistake that you’d both be willing to change. After you’ve made that change, identify another mistake you could change. Continue until you’ve transformed all your mistakes into successes!

1. Doing nothing at all

Many couples don’t even know what they should do to improve their finances so they do nothing at all. Don’t let this be you. Do something purchase a financial book, take a workshop, or find a professional who can help you get on the right track. There are a many financial resources that can dramatically change your life.

2. Not identifying values and setting life goals

It’s easy to discuss dreams and goals in the beginning stages of your relationship. However, it’s easy to lose sight of your goals with each passing year. Make an effort to identify your values and meaningful goals. Your values are the things that “drive and inspire you.” Identify your top 5 values and set goals based on those values.

3. Not creating a financial plan

Many couples just let life happen to them, assuming that they will somehow “get by”. Write down your financial goals and create a plan for how you can accomplish those goals. For example, create a plan for paying off your credit card debt, increasing income, or reducing your expenses.

4. Inconsistent action

Many Couples falsely believe that if they’ve made one really good financial move they’ve done enough. They open a retirement account and continue to invest the same amount year after year without re-evaluating. Or they start an emergency savings account and put a small one-time lump sum of money in it. The secret to success lies in taking consistent bite-size steps and continually setting new financial goals.

5. Staying stuck in old behaviors

Next time you’re having a financial discussion with your partner and you find yourself getting angry, consider trying a new approach. If you normally get quiet and withdrawn, challenge yourself to stay open. Try to see things from your partners perspective. Although it can be difficult, practice validating your partner’s perspective by repeating what your partner’s words so he/she feels heard.

6. Not tracking expenses & income

Most couples don’t track their income, and if they are they are tracking their income, they get stuck in using complex and time consuming systems that don’t allow them to see the “big picture.” You can track your expenses and income by analyzing your bank statements or purchasing financial software programs like “Quicken” or “Microsoft money”. Studies prove that you are more likely to make changes if you are track and measure your behavior and spending habits.

7. Buying new vehicles

Consider how much money you could save by not taking out a new car loan. Apply the wisdom from the following story: My friend’s daughter always seemed to find the most expensive clothes when she went shopping, because she would only look at the most expensive clothing displays. My friend later encouraged her daughter to limit herself to looking at the sales rack. Sure enough her daughter found something that she liked for a lot less money! When you go looking for a car, look at used cars instead of new cars.