Financial Steps to Take Before Getting Married

Money remains one of the leading causes of marriages falling apart. You love your fiance and chances are you don’t want to lose them – especially over something like finances. As money spills into every area of your life, the better your finances are before you tie the knot, the better foundation you’re creating for your marriage to thrive on. Making sure that you’re financial stable (or at least headed in that direction) before committing yourself to your partner leaves one less thing to try and tear you apart later.

Start Clearing Out Debt

Maxed out credit cards, unpaid medical bills, student loan debt, and whatever other miscellaneous debt you may have needs to be reduced or eliminated. You don’t want to bring thousands of dollars worth of burdens into your relationship. List your debts from oldest to newest and largest to smallest. Then, come up with a debt repayment strategy to get them knocked out. For smaller debts with high interest or that are ruining your credit, it would be ideal to look for a cash advance to pay them off up front. This gets those negative accounts out of the way faster.

Build a Savings

There will be lots of circumstances where the need for immediate cash may come up during your marriage. The house needs improvements, the car breaks down, your partner loses their job, etc. The only way to be prepared is to have a nest egg. You should have your own savings to bring into the relationship that can be used in emergent situations. Even if all you can save from now until your wedding day is a few bucks a week, it’s better than nothing.

Have a Talk

You and your soon-to-be spouse will have to learn how to manage your finances as a unit. This is a discussion that should happen prior to walking down the aisle. Discuss your debts, credit status, and more importantly, how you’d like to manage finances going forward. Who will be responsible for keeping budgets? Who will pay the bills? How will purchasing decisions be made? Will you have joint and/or separate accounts? This helps to reduce conflict and make the transition of marriage a lot easier.

Create Goals

Another conversation to have with your partner are your financial goals. You may have different goals in mind, but need to find a way to be on the same page so that it doesn’t start a problem. Do you plan on buying a house? Have you started saving for retirement? Do either of you plan on starting a business? When you know what each other wants you can better prepare so that everyone’s goals are met.

Why let something like money come in between a relationship you’ve invested so much into? Starting your marriage off on a solid foundation is the best way to ensure it remains strong during the rough times. Part of that means having your finances in order. If you haven’t done so already, now is the time to begin cleaning up your own finances so that you can join together without the additional baggage. Please visit Auto Village for Car Leasing and used bmw x1 Newquay