Hey, you! Yeah, you! The one reading The Broke-Ass Bride! We know how you feel. Your wallet’s feeling a little light, and your bank account is a few commas short of where you’d like it to be. And you’re about to get hitched. So, yeah, it makes sense that you might be a wee bit concerned about starting your married life on the right financial foot.
First thing’s first: Get your shizz in order. Once you’re hitched, if you haven’t done so already, you will need to establish a joint approach to managing your finances. Sit down with your partner and decide on the best strategy. You might want a joint account for bills, which makes tracking those shared expenses uber easy, but still maintain your independence with individual accounts. And make sure whatever you decide upon is feasible for the two of you. If you can only save a couple hundred each month, then stick with that. Be real and honest about what’s doable and important.
Give debt the boot. You and your partner may have come into married life with savings and little debt, but the majority of couples have existing financial commitments such as credit cards, car financing arrangements, personal loans and student debts. Why not consolidate them into a single secured loan, rather than allow credit balances to grow over time? A single loan will be far easier to manage, allowing you to focus on a realistic repayment date that you can keep in mind as the date you both become debt free.
Find the right partner. Look for a specialist finance provider such as Evolution Money, which will consider customers who have negative equity in their home. The company bases lending decisions on a range of criteria, not merely credit ratings. Companies such as this will have a range of financial products to offer, and will help make very personalized decisions based on individual circumstances.