Author: Matt Bell / Source: Wise Bread
It’s a very common scenario. Girl meets boy, they fall in love, and decide to get married. They’re excited about starting their new life together, but they’re also weighed down by student loan debt — a lot of student loan debt. As they drag that heavy ball and chain into the future, what steps can they take to tilt the odds of marital and financial success in their favor?
If that’s your situation, read on.1. Understand the details
Good communication is essential to the success of any relationship, and while money can be a tough topic, you’ll get your marriage off to a great start by getting accustomed to talking about your finances. You might as well dive right in and start with your debt.
No matter which one of you is bringing debt into the marriage, both of you should know exactly how much debt. You should also be clear about the interest rate, the monthly payment amount, and how long those payments will continue.
That will help you to both manage your expectations about when you might be able to buy a house, how much you can spend on vacations, and all the rest. (See also: The 7 Worst Money Mistakes Married People Make)
2. Be one in debt
Marriage is about oneness, unity, and teamwork. You’re not becoming roommates; you’re becoming husband and wife. So, if one of you was wealthy and the other was not before getting married, after you get married, both of you will be wealthy. By the same token, before marriage, if one of you had debt and the other did not, once you’re married, both of you will have debt.
When my friends Scott and Karen Coy got married, Karen had more than $50,000 of nonmortgage debt.
Scott jokingly referred to it as “a reverse dowry.” After getting married, Karen often expressed how bad she felt about “my debt.” But from day one, Scott would correct her, saying it was “our debt.”It took them six-and-a-half years to become debt-free. All that time, they rented even though they would have preferred to buy a house. It took great patience and perseverance.
Karen…
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