Before you walk down the aisle: Five Financial Tips

Before you walk down the aisle: Five Financial Tips
Scrolling through the pages of financial forums on the internet, you come across one horror story after another that feature the same plot: “I married a lovely man/woman only to find out after the wedding that his/her credit was in the proverbial toilet!”While these tales of woe can make for some interesting reading for those on the outside, the reality for the affected individual can be harsh and life altering. Just as they are ready to start a new, partnered life with the person of their dreams, the honeymoon ends abruptly and all future plans come crashing down around them. A few bad past decisions on your partner’s behalf can spoil your chances of buying a home, leasing property and even opening a bank account.If you are about to get married, you must ensure that you are aware of your future spouse’s current financial situation. Here is a list of financial concerns to address before you make that walk down the aisle and link your finances to another individual’s credit rating.
Check your credit ratings together – In order to guarantee that there are no surprises after the wedding, it is a great idea for both of you to sit down together and check your credit rating together. This can also help you catch any old unpaid bills and prevent a small missed payment from ruining your future. Check your credit rating here and encourage your partner to do the same.
Emphasise openness and honesty – How you two talk about financial matters is a good indicator of your future honesty and overall marital success.  If either of you have been holding back some bad news about debt, the best time to share this is before the ceremony so that you can determine the best joint course of action.

Open a savings account together, before the wedding – Opening a joint savings account is a great way to start your future together on the right track, and can also help you to assess your credit rating. How you handle the process together is a good indicator of any conflicting views you both may have about financial proceedings, and this will help you to broach the topic early and assuage any problems.

Speak to a financial advisor – If either of you does have a high interest loan, student debt or even a bad credit score based on past bad decisions, a financial adv`isor can help you to determine your best course of action for the future, in terms of applying for loans jointly, debt repayment strategies and other fiscal advice.

Take a class together – If you do all of this and find out that one or even both of you are hopeless with finances, it is never too late to get back on the right track and get your credit rating in good shape. Consider enrolling in a class or even an online budgeting course in order to learn new financial habits and educate yourself in budgeting, saving strategies and financial literacy.

*Pictures courtesy of Pixabay*


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