Engaged? All set to take the vows — but wait, are you in a debt? You may be madly in love with your partner and cannot wait to tie the knot but believe it or not, one of the complex issues that lead to a divorce is money stress. So, before you walk done the aisle happily with your partner, it is better that you discuss your money problems. Delaying your vows until you have a clean slate will make your marriage last forever miraculously.
Read on to know why you shouldn’t enter into a marriage with eyes wide shut!
1. Your Addiction Will Unleash a Financial Armageddon upon You
Spending compulsively is an addiction — it does not mean that the questionable person has a bad character but you have to acknowledge the fact that walking into a casino with your credit card every weekend is a problem. Unless you accept the fact, you cannot pull yourself out the deep pool of debt you have plunged yourself into. Assessing the financial mess that you already are in and having a dedication to solve it before you entire into a marriage will save you from an ultimate destruction.
2. Initiate Money Problem from the Beginning
Being in a debt from the beginning of your new married life, means you will be in a tight spot financially. This insinuates that you will not have a lot of money in the emergency savings account. Consequently, you will not be able to bear the day to day household expenses as well.
3. Ability to Cope with an Emergency Situation
Imagine that there was a hurricane that makes your roof collapse and the insurance wouldn’t cover the complete cost of repairs. Now, if you are already buried six-foot deep into a credit card loan how do you expect to pay for it? You most certainly do not want to be in a situation where instead of clearing your credit card balance, you have to hire a roofing contractor. At least not when you have only just embarked upon your married life — it is supposed to be blissful not an emotional dilemma, right?
4. Maybe Your Values Are Poles Apart
You are high on “love” and miss out the opportunity to see that you and your partner have diversified opinions about money and expenses. You should have a candid discussion with your partner about your spending habits and personal finance management topics and what your future financial goals in marriage are. Align your goals collectively and even if you do not see eye to eye, at least, there are no misapprehensions in minds of your future spouse.
5. Debt Will Make It Impossible to Make a Shared Investment
You will not be just living together but building lives together. So, what if your poor credit card rating because of pending balances disqualifies you from getting a house loan? Understand beforehand, if there already is an existing debt that needs to be tackled and will being in debt mar your shared financial future prospects.