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Divorce Your Debt Before It Divorces You

Divorce Your Debt Before It Divorces You

Before you get hitched, make sure to ditch your debt along with your ex boyfriends’ numbers. Why? Because according to CNBC, 1 in 8 couples claim student loan debt as the cause for their divorce. I’ll tell you how to prepare your finances for marriage, so you can save your heart and your wallet from unnecessary grief. 

1.)   Get Yourself Financially Ready    

Regardless of if you’ve met “The One” yet or not, you can be working on yourself and your finances. Use that energy you are putting into getting outfit and makeup ready for a night out and get your bank account ready as well. 

Start with your spending habits. You’ve had years of experience analyzing guys, so it should be easy to analyze yourself and your spending traps. Ask yourself, “am I a saver or a spender”? If you need help, ask a close trusted friend where all your money goes. Our friends often know us better than we know ourselves. 

And if all else fails, do some online investigation on yourself instead of your dating prospects. Go to your online bank account and select last month’s statement on all your accounts. Look for patterns around your spending. What does your bank statement say is important to you? If your priorities and spending are not aligned, how can you reallocate your money, so they are in sync? 

2.)   Discuss Money before Marriage  

Have the money talk after you’ve DTR but before you say, “I Do”. Once you’ve identified if you are a saver or spender, ask your significant other (SO) some questions about money. If you’re not on the same page it could be a red flag. Here are some links to discussion questions: 

https://www.lifehack.org/articles/featured/30-money-questions-ask-your-fiance-before-marriage.html 

https://www.netcredit.com/blog/10-financial-questions-to-ask-before-getting-married/

https://www.nerdwallet.com/article/7-money-questions-ask-getting-married

3.)   Plan a Debt Payoff Date before Your Wedding Date  

Before you start planning the wedding, plan to pay off your debt together as a couple. It will require making hard decisions and sacrifices, but if you do it together it will not only strengthen your finances, but also your relationship. And if you need motivation, just think of the extra money you’ll have to spend on your dream wedding once your debt is paid!    

You can copy my plan for paying off student loan debt found in my book. Next, tackle your credit cards. The more debt you can eliminate, the better off you’ll be heading into marriage. 

 

Don’t let student loan debt ruin your dreams of a blissful long-lasting marriage. Get yourself in the best shape financially on your own before your other half appears on the scene. Don’t forget to have the money talk before there is a ring on your hand. And last but not least, get support from your SO to pay off debt before planning a wedding date. 

 

 

 

 

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