Most young couples looking to get married and newlyweds are usually faced with one similar problem: managing finances for their future. Even with help from the in-laws, affording a wedding and hopefully buying a new home to start a new life and raise a family can be overwhelming. The current cost for the average wedding in Australia costs $36,200 and many couples have to pile on debt just to cover the cost of the ceremony and reception, not to mention the honeymoon. Then after spending savings and having a beautiful and special day it is time to start house shopping. Even with good salaries, two people can struggle when it comes to financial planning for such large costs so early in life.
Couples often have trouble relinquishing financial independence along with their single life. One of the biggest problems that newlyweds have is combining their bank accounts and establishing a financial plan for the future. Planning for children usually starts at this time of the young pair’s life which adds on as more financial stress. And once the baby’s born, most of the time, one of the income earners tend to take time off work to care for the baby; meaning having trouble coming up with finances when there’s only one earner. So proper financial planning ahead of these life changes is essential for newlyweds and young couples.
Newlyweds should also discuss what would happen in the unfortunate event of one of their deaths. It’s a morbid subject to be talking about but one can never tell what’s going to happen the next day. These types of serious discussions may seem like they can be postponed for later in life but they’re nonetheless necessary. And it’s always better to plan ahead, especially when it comes to financial planning. So financial planning should be done first and foremost before planning to walk down the aisle. Serious financial planning is the only way to make sense of it all.
Sitting down and being honest about your finances and your goals can help you settle on realistic path to happiness. If you or your partner have bad credit in your past then now is the time to put it on the table and deal with it together. If you want to have a good loan on a home with any hopes of making it through the minefield of property ownership then it requires working together on financial planning to realise your limits. If you do have any credit problems from your past then contact a professional at Clean Credit Debt Resolutions to see about having them removed from your credit file. This will make it much easier to get affordable loans for your life together as a couple and living a debt free life.