One income becomes two…. What You NEED to know first!

Before you become a couple for life, talk finances!!  If you don’t, it is a guarantee that the subject will come up down the road, and then…. It’s too late!

If the relationship is getting serious, NOW is the time to bare all….. finances, that is.  Before you tie the knot in a marriage, it is imperative that you know all about your intended’s finances… and they yours.  It is very important, and did I say imperative??  Yes, imperative.

This is because we all earn, save, spend differently. And if you say ‘I do’ before you know this, it can cause you major headaches, arguments, and financial stress. So, it’s best to be up front and truthful on what you (both) earn, how you (both) save, and how you (both) spend.

If you’re not on the same page now, you never will be.  If one is a saver and the other a spender, then there will always be friction as to what is spent, and what is saved.  Honestly, if you cannot get past these issues now, then hold off on the wedding plans.

This is imperative because the spender, if he/she is spending more than their income, not on a budget, and doesn’t pay in full and on time for what was purchased, they’ll have a lower credit score than you who prefers to stay within a budget, save rather than spend, and when you do spend, you pay in full and on time to avoid late/finance charges.

You will also have ha higher credit score, and so their lower score now joins yours and will bring yours down.

Also, if they’re paying off college loans, car loans, etc, once you’re married, their debt becomes yours!!

So gather all your financial information, sit down together, and show and tell.  Talk, talk, talk.  Promises of ‘I’m going to do better’, isn’t good enough….. They’ll have to do it….. for a specific length of time.  This isn’t mean, it’s actually a gift to them, a valuable lesson on how to handle finances….   And it’s a gift to you too… you won’t be dragged down into their debt hole with just two words….(‘I do’).

The ‘I do’ also means I do know that what’s yours is mine and vice versa including their debt.

Start showing and talking!