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If you were hit hard financially by COVID-19 in 2020, many experts recommend knowing the status of your finances before you say, “I do.” Even though the pandemic is supposed to be winding down, many are still recovering from the pandemic hit with soaring prices of food, gas, and rent. There is merit to knowing where you stand with your money. Romance without finance is a nuance and the number one fight among couples. Before you take that big step, each person should always have his or her financial state of affairs in order.
Before committing to marriage, if you have a big credit card debt, need your salary to pay for costs, or borrow one loan to pay another, give yourself a moment to think it over. Money dilemmas will not disappear after the marriage. If you do not resolve money problems first, the cash flow troubles will only get worst.
This does not mean money problems will not develop. As newlyweds, you want to start out with a fresh slate. The last thing you want is to go into a marriage with accumulated debts from your single days or end up being responsible for someone else’s bad arrears, which can put a strain on the relationship. If you are a saver and plan to marry someone who is a major spender, you will want to protect your assets, especially if you have minor children.
Whether your income is low, medium, or high, the best defense for reducing money quandaries is to manage your money wisely, right from the start. If your money troubles have gotten out of control and you cannot see your way out of a financial mess, you and your future spouse may want to meet with a Certified Financial Planner (CFP).
You can verify a financial planner and get information on how to manage your money by visiting https://www.letsmakeaplan.org - While these qualifications do not guarantee that someone is indeed working in your interest, they show a certain level of education and skill.
Managing your money sensibly begins at an early age. It is never too late to oversee your finances. After saying, “I Do,” you and your spouse will not end up working hard for your money. Instead, your money will work hard for you.