No one gets married looking forward to becoming broke.
We get married to better our lives in every way – emotionally, mentally, and financially.
But unfortunately, married women are more likely to face financial struggles than single women.
You know why?
Because….
Wait.
Let’s not get ahead of ourselves.
Here are six reasons married women may go broke and how to avoid them.
6 Reasons Married Women Go Broke (And How to Avoid Them!)
1. You’ve Got the “Fix-It-All” Syndrome
As a good, or should I say, independent woman/mother, you want to keep things running smoothly at home.
I don’t like it when my home or kids lack some things, especially things I can afford.
Because of this, I sort out any need without telling my husband.
Does this sound familiar?
Taking on too much financial responsibility without involving your spouse.
While I’m still a fixer, I occasionally push some bills to my husband to handle.
Yes, we own a joint account, but we also have our individual accounts, and I draw from my personal account for these “fixes.”
When you are single, you are your major responsibility, but with a family, you have more people to be financially responsible for.
So, if you have the ”fix it all” syndrome, when something unexpected pops up, you’re quick to step in and handle it.
Your husband forgot to pay a bill, or there’s a last-minute school fee for the kids.
Without even thinking, you cover it.
The electricity bill is overdue, or your child suddenly needs money for a school trip.
Without hesitation, you step in and cover it, even if it means dipping into your savings or skipping something important for yourself.
Why?
Because you feel like it’s your job to keep everything running smoothly.
It’s the “fix-it-all” syndrome, a mindset where you take on every financial burden to ensure your family doesn’t feel the pinch.
While your intentions are noble, this habit can quietly drain your finances over time.
Constantly being the financial safety net will likely make you resentful, stressed, and broke.
And it also enables others to rely on you too much without stepping up.
2. You Don’t Have a Personal Financial Plan
Marriage is not an excuse to give up your financial independence.
Yes, two are better than one, but having your financial plan is still important.
Because when you’re married, it’s tempting to think, “My husband has the finances covered,” or “Our joint financial plan is enough for both of us.”
In her book Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make with Money, Dr. Lois Frankel says one financial mistake women make is not creating a financial goal.
For married women, it’s even worse because you probably have a man who wants to be the financial alpha.
This is okay because some men are more money-savvy than their spouses.
But having your own financial plan and goals is crucial, too.
My husband is financially smarter than me, but I didn’t leave my personal financial goals to him.
I had to learn from him, read books, listen to podcasts, and even pray to get my finances in order.
Now, we discuss savings and investments, and he couldn’t be prouder of me.
See, life is unpredictable, and depending entirely on someone else’s plan—even your spouse’s—can be risky.
What if an emergency arises, your husband loses his job, or your marriage faces challenges?
Without a personal financial plan, you might be unprepared to handle such situations.
Having your own financial plan is not about keeping secrets or being pessimistic; it’s about security and independence.
The goal isn’t to create division in your marriage but to ensure you’re secure, prepared, and empowered—whether your family is thriving or facing tough times.
Most importantly, don’t keep your plans a secret.
Talk to your husband about your financial goals.
Let him know it’s not about mistrust.
A well-planned financial future isn’t just smart; it’s a gift to yourself and your marriage.
3. You’re living beyond your means
I’m sure you’ve heard of the saying “keeping up with the Joneses.”
It’s a never-ending race that no one ever wins, but we’re always trying anyway.
When you get married, it’s tempting to upgrade your lifestyle and keep up appearances with other couples.
After all, everyone else seems to have it together – brand new cars, fancy vacations, designer clothes, and a big house.
You want your children to attend the best schools and have all the latest gadgets.
You do not want to be left behind or seem like a failure, so you try to compete with them financially.
The thing is, many people who seem well-off are likely living beyond their means, too.
They’re probably in debt, struggling to pay bills, or sinking under the pressure of maintaining an illusion of success.
And if you keep trying to keep up with them without considering your financial situation and budget, you’ll quickly go broke.
4. Your Emergency Fund Is Nonexistent
If there’s one thing we’ve learned this past year, it’s that life can be unpredictable.
And in uncertain times like these, having an emergency fund is crucial.
But many married women don’t have one.
They believe their spouse’s income or credit card will cover any unexpected expenses or loss of income.
This mindset can lead to financial disaster when a crisis happens.
Don’t wait until something bad happens before you start saving.
Start now by setting aside a specific amount every month into an emergency fund.
Even if it’s just a small amount, consistently contributing to your emergency fund will add up over time and give you peace of mind.
5. Laidback Husbands
Marriage is teamwork, and although uncommon, men sometimes take care of the home while their wives bring in the money.
But usually, the money is big enough to cover all expenses, and both can live on one person’s income.
Some wives don’t have problems with this as long as they don’t live beyond their means.
Although one of my friend’s mom once said, ”No matter how wealthy a woman is, if she’s the one paying all the bills, she’ll never be truly wealthy.”
Well, I don’t know about that, but I do know that for women who aren’t ultra-wealthy, having a laidback husband is a ticket to financial ruin.
When your husband is laid back and not actively contributing to the family finances, it puts all the pressure on you.
You have to figure out how to make ends meet, pay bills, save for emergencies and retirement, and manage investments alone.
Tell me how you won’t be broke if the financial destiny of the home lies on your shoulders.
6. Relying on Your Husband’s Income
Some women have had to quit their jobs after marriage to focus on managing the household.
While being a stay-at-home wife or mom is a dream come true for some, it can also be a financial mistake for others.
If you have a career or a job that you enjoy and is financially stable, quitting immediately after marriage can have negative consequences.
Not only does it reduce your earning potential, but it also removes the sense of financial independence that comes with having a job or career.
This is especially true if your husband doesn’t involve you in the financial decision-making process and you have no idea about your household’s expenses or savings.
Being solely dependent on your husband’s income can leave you vulnerable in case of an unexpected event, such as job loss or divorce, and it’s why some divorced women find themselves struggling to make ends meet.
In fact, financial dependency is why some women are trapped in toxic or abusive marriages, as they fear leaving due to the lack of financial stability.
I usually say whoever controls your finances controls your life.
And as a boss lady, you should never let anyone have that kind of power over you.
Even if you are a stay-at-home mom or have a less-paying job, be involved in your household’s finances and have some financial independence.
7. Marital Responsibilities
I always say that a married woman, especially with kids, has to work thrice as hard as a single woman because she has to juggle her career, household duties, and family responsibilities.
It’s true because, as a married woman with two young kids, I know how hard it is to balance all these responsibilities.
Marriage is beautiful, but it comes with unique responsibilities and challenges.
Some women get so consumed with their marital duties that they have little time to focus on themselves or their career aspirations.
Pregnancy alone is a job on its own, and after the baby comes, your life is no longer your own.
I remember being unable to get out of bed throughout the first trimester of my first child.
And after the baby came, I was so exhausted and sleep-deprived, but I had to work because I was growing my business.
On some days, my husband would take my PC and phone from me so that I could rest.
He was afraid that I would overwork myself and break down.
”What will I tell your parents?” he’d say.
Hahaha.
I still have the same work ethic, but I can choose to relax now because I’ve built a team to support me.
It still doesn’t get exactly easier when you have a successful career or business.
You can’t work as hard as you should because mummy guilt always knocks on your door.
So, if you want to be a financially successful married woman, be ready to work hard and put in the work.
Marriage is a blessing, but I won’t deny the financial consequences of marriage, except, of course, you marry a billionaire.
Lol.