Being a newlywed is often a joyous occasion, but one thing that can put a damper on your wedded bliss is financial difficulties. The following are some financial tips for newlyweds.
Compare spending habits
Don’t expect that your new husband or wife shares your beliefs regarding finances; your spouse’s saving and spending habits may shock you. Pay attention to how she or he uses money. If your spouse has poor financial habits, it is important to talk to him or her about them as quickly as possible.
Make sure you both obtain a copy of your credit reports
This will show you both just how much debt you’re both in (if any) and will reveal any potential obstacles that may prevent you from renting a home, buying a house, or purchasing a car. Work at getting both your scores higher than 750 so you can receive the lowest interest rates possible for your mortgage and other shared loans.
If your spouse was once married to someone else, discuss potential monetary obligations related to their former partner and/or children.
If either of you are using credit cards, pay off as much as you can beyond the minimum each month. If you receive a work bonus, gift money, tax refund money, or additional income from a second job, use this to pay off your credit card bills. You can even make multiple payments throughout the month to pay off your balance quicker.
One tip that doesn’t just apply to newlyweds, but can also benefit couples that have been married for several years: avoid credit card debt. A general rule of thumb to stick by is if you won’t be able to pay off a balance in full after charging on a card, don’t charge on it at all.
Before the first bills arrive, decide on a payment schedule and which partner will pay them. If you have separate accounts, decide which account will handle which bills. Additionally, notify lenders of any address and name changes.
Financial tips if you’re engaged
Have a wedding and go on a honeymoon that you can pay for in full and upfront, or pay off within a year. Starting off your new lives together in a huge amount of debt can be extremely burdensome, especially when it takes years to pay off.
Prior to getting married, reveal any skeletons in your financial closet. Be honest to your soon-to-be spouse about your debts, earnings, and financial issues. Bring out your bank statements from the past year to give your partner a clearer picture of your spending habits. Discuss your financial weaknesses and strengths.
If you recently got married and you’re struggling to pay for your expenses, Peachtree Financial Solutions may be able to help if you’re receiving structured settlement payments. When you sell structured settlement payment streams for cash now, you can use your lump sum payout to pay off any bills and expenses that may have been accumulating. This can include credit card debt, utility bills, rent or mortgage payments, and even everyday expenses, such as food and gas. Contact Peachtree Financial Solutions today—the start toward financial freedom is only a click away!
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.