LOUISVILLE, Ky. (WHAS11) - - Wedding season is in full swing and lots of new couples are beginning their financial lives together with something other than marital bliss.
Taking on someone else’s bad credit, debt, and differing money attitude can ruffle those newlywed feathers in a hurry. Rebecca Dolgin of thenest.com, a website for newlyweds says it's important to talk, before you make the walk down the aisle. “You're entering a partnership and you want each other to know everything there is to know about that partnership,” said Dolgin.
The first step towards financial bliss is simple. Avoid too much wedding debt. “The average wedding is about $28,000 to $29,000, and that's a big debt to be carrying at the very beginning and, a lot of times, at the very beginning of your careers,” said Dolgin. You should also know your spouse’s spending style.
Put numbers on the table, everything from credit card debt to student loans, no matter how ugly. Decide whether you'll completely marry all accounts, or keep some separate. “Even if you're not combining your accounts, if one of you is spending a lot more than the other one is spending, it will be a problem because it affects the other person,” explained Dolgin.
A good money project for new couples is joint money management. A financial goal to work on together, like saving for a house, a car, or a first anniversary vacation could teach you a great deal about your new spouse.
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