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The summer months are a favourite time of the year for couples, young and old, to tie the knot and commit themselves to each other for life. However, many marriages end with money problems a key culprit in destroying the closest of bonds.
One debt expert revealed, “In some countries up to fifty per cent of all marriages end in dissolution and the number one reason for that is financial pressures.” It is therefore crucial that money management form a significant part of any relationship to help avoid arguments and encourage a prosperous future to be built together.
Some of the important areas where money can be saved or debts paid off include making sure that the wedding day expenses are cleared as soon as possible. The longer these bills are left, the longer it will take the happy couple to accomplish and realise their dreams.
It might be an idea to look at the separate debts both parties have as one, and develop a plan for paying them off together. Here is how you might want to achieve it and keep everything between you on good terms…
Work out a bill paying system that is manageable for you. Whether this is by organising direct debits, paying all the bills at once online, or storing them in a shoebox and sending cheques out at the end of the month; as long as the payments are on time and regular it will help to prevent quarrels in the future.
Make sure you are aware of your credit reputation, as you will both need to have a good one when it comes to asking for a loan for that first house or family car. If one of you has a good credit record and the other person does not, keep those credit cards separate.
By having three separate accounts between you, two individual accounts and a separate joint account, it will allow you to pay money into the shared account to cover monthly bills, but still enjoy having your own money that you have been used to earning and spending.
Probably the most important thing of all is to talk things through. Set an amount for purchases that are big and require discussion and agreement before going through with the transaction. Below that specific amount, each can spend money without asking. It is easier to manage the household budget if both partners are committed to the same deal.
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