Newlyweds and Credit
Newlyweds and credit are not too romantic to think about, but if you’re gonna get hitched, you really need to deal with it.
There are a couple of marital money management choices for newlyweds. Keep your money separate, and have a small common fund for household expenses like groceries. It sure keeps down the fighting about how to spend when the money is yours. As long as a fair contribution for each partner is set up, and each person is paying it, then go ahead and buy 150 comic books.
This reminds Axsmith Law about a conversation she had with Mr. Axsmith Law early in our union. I was discussing which cruises we could go on, when he said:
“I would rather spend $1,500 on comic books than go on a cruise.”
That’s right. The man I married said that. But you got to love his honesty and lack of pretension. My point is that his choices are his, and he can do as he likes with his money. So we did not go on a cruise, but went to the beach instead.
Marriage affects your credit rating, because the credit rating of the person you marry is now linked to yours. Of course, asking to see the credit report of a partner is so unromantic, and that is not what we are recommending. But an honest talk about previous credit problems is important. And current ones, too. You may even consider credit counseling.
Marriage is a joining of lives. It requires many conversations about priorities and goals. Is a large t.v. important to you both? And having friends there to watch football and eat chili? Or do you both prefer quiet evenings and trips overseas? Find these things out before the wedding, not after.
Joining financial lives is just as important. How do you want to grow your money? Slow and secure? Fast with some appetite for loss?
Have the conversations now. You are going to have them eventually. It’s best not to be in crisis when that happens.
It’s fun for singles AND couples to spend. Buying stuff is neat. Feels good. But when the rush is over, things can get very expensive.
If you need help with debt relief, debt settlement, bankruptcy or credit card debt, phone Axsmith Law LLC at (202) 285-5415.