Questions Before Marriage: Spending Habits and Debt
Some couples are so poor that they have to live paycheck to paycheck. But if that isn't the case in your relationship, saving money is the better decision. After all, who wants to be one of those people always asking to borrow money? One problem with not saving money is if an emergency comes up, such as the stove breaks, there won't be enough money to replace it. In situations like this, it's easy to start going into debt. And this might be the beginning of what leads to living off credit cards.
The odds are pretty good that once someone accumulates enough debt, that they won't be able to pay it off during their lifetime. And if for some reason they start making less money than they were, they may not be able to afford the payments. This could result in the creditors garnishing your wages and making your life miserable.
What if one person in the relationship doesn't care about doing into debt because they don't really understand the costs associated with buying on credit? If both people have a very different idea of how to spend and save money, it will be the topic of a lot of arguing through the years that you are together. If there cannot be a meeting of the minds on this problem, then keeping your money separate may be your only option.
Many couples have separate checking and savings accounts. For those who have separate accounts, some of them have one joint account that is used to pay the bills. This is an excellent idea because then you're not always asking each other for the other half of the household bills.
However, there is one thing to consider before marrying someone who is irresponsible with money--in a marriage, when one person ruins their credit they are also ruining the other person's credit rating. And even after a divorce, the one who didn't accumulate the debt might be responsible for it. Considering this, it's better to know exactly what you are getting into financially before marrying someone,
Published by dragonfly dreams
Enjoys writing articles. View profile
- Common Law Marriage MythsThe conceptual basis for common law marriage dates back to medieval England where such marriages were a necessity because of geographical isolation. Because of rural locations and travel limitations, it was not alway...
- Money and the American Character in Fitzgerald's Babylon RevisitedIn the short story "Babylon Revisited," writer F. Scott Fitzgerald generally centers on a theme of outlining the American character. His writing suggests that money is a defining trait of what it means to be American.
- Be Frugal: Living Well on Less MoneyLiving well on less does not mean doing without at all. It means that you can have more for less money, because you have learned to be wiser with your money.
- A Real Estate Exchange or 1031, May Allow You to Keep All of YOUR MONEY from the S...Here's a way for you to keep the money you just made from selling your property
tax free. Read more to find out if this is the right investment for you. - Getting Rid of Those Bad Guitar Playing HabitsThese four guitar-playing habits are the the most common (and worst) things an aspiring guitar player can develop. Learn to avoid them while you still can!
- How to Make a Hidden Money Belt
- The Simple Way to Save Money
- Should Moms Work Outside the Home If They Don't Need the Money?
- Saving Money: Trick Yourself into Saving Instead of Spending
- Debt Consolidation
- Themes of Marriage Contained in Two Novels: Pride and Prejudice and Our Mutual Friend
- Do's and Don'ts of Marriage
3 Comments
Post a CommentLuckily, this is not yet a problem in Sweden. The only debt we carry is the mortgage. Our CCs are used only for booking travel stuff, and paid in full as soon as the bill arrives.
This is a great article. Good topic.
Congrats! This article ranks among the AC's "Top Rated" in today's showcase!