Combining marriage and debt is common for newlyweds, with at least one partner often carrying substantial debt. While past financial mistakes are normal, now united, you must tackle these challenges together. Embrace debt as part of your journey, and conquer it together.
KEY TAKEAWAYS
Here are a few steps to help you navigate your marriage when debt is involved.
Combine your finances :
- Shift to ‘our money’
- Open a joint account
- Use earnings to pay off debt
- Build savings together
- Shared finances boost relationship satisfaction
Set a Budget Date Night :
- Team up on budgeting
- Schedule cozy budgeting sessions
- Have a budget date night’
Build a $1000 Emergency Fund :
- Save $1000 for emergencies
- Keep it as a financial backup
- Ensure both parties contribute
