Newlywed Finance 101

Congratulations! You are engaged and about to embark on one of the most exciting times of your life - planning your wedding. As you set a budget and decide who is paying for what aspects of your I Do, now is also a great time to start planning for your {financial future} with your husband-to-be.

Statistically, more marriages are {ended} because of financial struggles than anything else. Don’t succumb to financial woes, but rather start your marriage off right by discussing your financial past, present and future {now}.

Each of you should pull your credit scores and reports and try to find out about how much money you’re bringing in and spending each month. Then, sit down and {share} the information with your partner. Remember, there’s no time like the present to deal with any discrepancies that show up. Fix problems and errors and get on the same page now because you are only going to get busier and these things take time and patience.

It is better to know what your financial strength will be as a couple before you make any major purchases or apply for {joint credit}. And as more and more couples are paying for their own weddings these days, this information will only make the process easier and more stress free. Now is the time to decide how much credit you will require and what credit cards to keep. Ask yourself - do you want to keep them in your name or have joint accounts?

Although this part of the wedding planning process is not as fun and glamorous as some of the others, you will be thankful that you took care of this sooner rather than later.

Leave a reply