As we make our way through life, one of the special things that can happen is that we fall in love and marriage is on the cards. Sometimes that takes a while and follows an exhaustive effort and search, and other times fate intervenes almost magically, and we suddenly meet the one we are to love. In either case, it’s a time for celebration when you finally come together with the one who is there to love and care for you.
There are so many moments in life that are truly wonderful when shared. Once you start dating your future partner, you begin to weave the story of your lives together, thread by thread. You soon have your favorite restaurants, stories of delightful times you’ve shared and those beautiful daily rituals of being together that mean so much over time. Your hopes and dreams emerge and come together in union to form a wonderful vision for your future.
There are many things nobody tells you about planning your wedding, one of which is that you need to realize that after the wedding comes a lifelong marriage. People get so caught up planning the wedding that they forget about the marriage to follow and the fact that along the way, there are certainly bumps in the road you must be aware of. One of those is your finances, and it’s truly important to discuss money issues before you become betrothed.
Money Matters: 3 Tips for Discussing Finances Before Marriage
Dealing with the Burden of Student Loans
When two people come together, the financial realities can be a bit overwhelming. Even if you have two incomes, it can be hard to make it through the month financially. One of the areas that debt can cripple a budget is the amount owed on their student loans. If you have existing student loans, it’s important to discuss them openly and honestly.
You may wonder, “when are student loans written off?” Understanding the timeline and conditions for student loan forgiveness can help you plan your finances more effectively as a couple and alleviate some of the financial burdens associated with student debt. Open communication about student loans and exploring options for repayment or forgiveness can bring peace of mind and pave the way for a more secure financial future together.
One of the ways to reduce your monthly education payments, and the long-term total debt you must pay is to refinance your existing student loans to a single consolidated note. Refinancing can save you a lot of money. You can find out more when you review an online guide that outlines what credit score you need and walks you through student loan refinancing options and tips.
Find the Best Options for Housing in Your Area
Housing costs have really jumped in recent years, so where to live and what to pay for rent or a mortgage is a key consideration. If you are a young couple, you may need to rent for a couple of years so you can save up the money you’ll need for a down payment to purchase your own home.
It’s also possible that you may need to make tradeoffs to reduce your monthly housing expenses. If you move further out in the suburbs, you’ll be able to save money each month but will likely have a far longer commute. When you talk through this and work with your partner to find a solution, you’ll be able to choose the right option for the two of you.
Pay Down Your Credit Card Debts
Credit card debt is insidious, and the credit card companies do everything they can to make sure you never pay it off. If you want to see an example of this, look at your minimum monthly payment. Then find the part on your statement that shows how many years it will take to pay your debt if you just make the monthly payment each cycle.
It can easily stretch to ten or twenty years. If you and your spouse want to make life better for the two of you, come up with a plan to pay the credit cards down as rapidly as you can. It would be worth getting a side hustle where the two of you can bring in extra money, and then using that cash to pare down your credit card debt.
