The combination of marriage and debt is not uncommon for newlyweds. Even less unusual is the fact that at least one person in a marriage has a significant debt load.
Yes, you or your future spouse may have made financial mistakes in the past, as have we all, but now that you are a family, it is time to reorganize.
Research from Kansas State University shows that fights over money are more intense and dangerous than other issues, such as children, parents, and sex.
The economic crisis is also a source of increased and worsening financial stress for many couples. How can we deal with this issue in a solid and clear way, without tensions and arguments?
Study about debt and marriage
According to the study, the couples most concerned about money admitted that this was the main reason for their conflict.
Husband and wife usually talk about different topics, but when the subject is money it is difficult to find the right moment to talk.
Researchers from the University of Pennsylvania, the University of Michigan, and Northwestern University have found that irresponsible consumers tend to marry other consumers with bad financial habits.
The problem is that, according to the study, these couples are more likely to get divorced than any other couple because these similarities become a problem in the future.
The solution is to try to reach an agreement to keep the economy in check.
20 Main facts about debt and marriage
To help achieve the much-dreamed-of marital happiness without the burden of debt, it is necessary to reflect on the couple’s financial health.
For this, we have separated 20 facts about debt and marriage for you to rethink a marriage outside the box. Take a look:
#1 Fact about debt and marriage
Although marriage and debt can lead to all kinds of fights over money, couples who work together tend to be closer because financial trust influences trust in other areas.
#2 Fact about debt and marriage
If you are worried about marrying someone who is in debt, know that you can help. However, thinking about the decision to have a person by your side that you need to assist financially is relevant.
#3 Fact about debt and marriage
Many times subjects involving debts and finances seem to be a taboo among couples, turning into big problems later on. In this sense, it is very important to establish conversations that address this type of content, from dating to marriage, in order not to be surprised by embarrassing situations in the future.
#4 Fact about debt and marriage
The key to saving your marriage and your debt is to budget together. This may seem like an easy answer, but it is definitive for most financial problems in a marriage.
#5 Fact about debt and marriage
Paying off debts in order of priority is a good alternative. It can happen that debts arise especially for newlyweds, whether it is because of a wedding party, honeymoon or housing financing, to define priorities and which debts should and can be cleared first.
#6 Fact about debt and marriage
In the financial planning of a couple, it is important to list all the debts incurred and reconcile these payments with other expenses.
If the account is not closed and the resources are not sufficient, it is best to prioritize the payment of debts and eliminate unnecessary expenses.
#7 Fact about debt and marriage
Defining a financial plan is another very important factor. The wise management of a couple’s finances begins with a decision that takes care of managing every part of the resource.
#8 Fact about debt and marriage
Sit down with your spouse and decide whether you or he (or both) will handle the daily transactions, payment of fixed bills and financial reserves, investments, and so on.
If you’ve never done this before, start testing who feels best in which role and swap tasks in dialogue if necessary. To be always on the right track, you need to prepare a financial plan.
#9 Fact about debt and marriage
Use personal financial management, share a password, and keep track of all your expenses. This financial plan will help you determine how much you can spend in each expense category, so you don’t run out of budget at the end of the month.
#10 Fact about debt and marriage
It is worth knowing that the fact that the wife or husband is responsible for financial matters does not mean that the other does not need to be informed about the status of the couple’s bank accounts at all times. Passwords and bank details should be shared, as both need to have access to money in case of emergencies.
#11 Fact about debt and marriage
Eliminate unnecessary expenses, find out where you can cut expenses to pay debts or invest, if you are not delinquent.
Just don’t be too radical and remember that it is important to save part of your income for free time and enjoyable moments together.
#12 Fact about debt and marriage
Know how to invest. If the couple’s financial situation is stable, it is time to invest the remaining money. This way, your capital will appreciate in value over time.
To know which are the best options, the first step is to understand your investor profile.
Some banks already offer this filtering option; it is already an interesting way to integrate financial matters into the marriage.
#13 Fact about debt and marriage
Setting goals is very important for choosing the most suitable investments. Decide what you will do with the money invested.
#14 Fact about debt and marriage
Do you want to travel next year or do you want to pay for your children’s college? What about buying a house on the beach or trading in a car?
Once you have goals, it will be easier for you to commit to the discipline it requires to be a saver in order to achieve what you want.
#15 Fact about debt and marriage
You may never have heard of the term financial infidelity, but it is a very serious matter. It’s about the lies that one partner tells the other about money that can ruin the union.
Examples of attitudes that indicate that you are financially unfaithful are when you don’t tell your husband that you are in debt, or when you spend irresponsibly and buy many things that you don’t need.
#16 Fact about debt and marriage
Try to be honest and transparent when talking about money. This makes your relationship much more intimate and trusting, growing and flourishing as much as you want it to, in times of plenty and in times of scarcity.
#17 Fact about debt and marriage
Save money, financial emergencies can happen to anyone at any time. As the term itself indicates, such a situation could not be foreseen. Therefore, the best way to protect yourself from this situation is to save money.
#18 Fact about debt and marriage
When you save money to form a financial reserve, you can bring peace to your partner in potentially difficult situations.
#19 Fact about debt and marriage
Try to set aside a portion of your monthly income to build up these savings. This amount will be used to cover any unexpected major expenses.
For example, health problems, last minute trips, car repairs, or other unforeseen situations.
#20 Fact about debt and marriage
Marriage is a very serious decision, before you take such an attitude, evaluate all the pros and cons related to joining your financial life to someone else’s and avoid unpleasant situations that may eventually arise in the couple’s future.
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