Do Finances Play a Role in an Engagement?
For love…or money?
We all want to imagine romance—not finances—plays the biggest role when it comes to marriage. However, many couples suggest that how their partner handles money can be a deal breaker. According to a recent survey by BankRate.com, more than 4 in 10 Americans say a bad credit score can end a relationship.
Why the fuss about finances?
Ask any married couple their biggest stressors (or what they fight about the most), and you’ll find finances rise to the top of the list. A majority (77 percent) of married couples share at least one bank account, and many share financial liability for large purchases—such as a vehicle or mortgage. Married couples agree to share in the consequences of good or bad financial decisions made by their partners.
Considering all of this, it’s important to have a fiscally responsible partner. Repeated bad behavior when handling money is a relationship red flag, because it can be an indicator of future financial issues. And, how your partner handles finances can speak to his or her overall responsibility (or lack thereof).
Should money be a deal breaker?
Ideally, you’ll make it a priority to discuss finances with your partner (i.e., salaries, credit score, debts, assets) well before saying “I do.” If necessary, request records and documents to support your partner’s financial claims. Use this information to assess your financial strengths and weaknesses as a couple.
Lack of funds itself shouldn’t be a reason to say goodbye to a relationship, but a pattern of fiscal irresponsibility is enough to hit “pause” prior to marriage. Use your gut! Your partner should be able to prove he or she can successfully manage money, so it won’t be even more of a stressor for your relationship in the future.
with love & style from: Sandy D. (bridal blogger extraordinaire)
(photos from Pixabay, Pexels)