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.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.
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*
