Faith Filled Family Magazine January 2017 - Page 12

a difficult thing to recover from .
According to Ann-Margaret Carroza , a legal expert specializing in personal finance ,
“ Of all the couples that I see , the number one mistake they make is spending too much on the wedding . The average cost of a wedding is more than $ 26,000 , and if you live in a metropolitan area like New York City it ’ s almost three times that . Most couples starting out can ’ t afford to pay cash for that so they ’ re going into debt to pay for this one day celebration ,” she says adding “ for many young couples , that ’ s on top of student loan and credit card debt . So they ’ re literally drowning in debt out of the gate .”
Drowning in debt out of the gate ? That is not a good way to start your “ happy ever after ” lives together . Sure , you want your wedding to be beautiful and memorable . Of course , you would like to have these memories sealed in the minds of every one of your loved ones , family members , and friends . But who will be paying for it ? That is what you have to think about . Sometimes parents still help to pay for the wedding . Most times , the couple will have to bear the financial strain .
Then of course , there is life after the wedding day . The bills will come as they are due , whether you are married 3 weeks , or 3 months , they are coming . The key to keeping the debt monster from eating your marriage alive later on , is to put a plan into place for keeping debt down to a minimum as much as possible early on . Paying off the wedding day debt that has not been paid , is a good place to start .
DON ’ T FEED THE DEBT MON- STER
If you feed it , it will grow bigger and stronger . Credit card debt can become a huge monster if allowed to grow . It is advisable to have at least one major credit card to use in case of emergencies . If used for purchases , it is wise to pay it off within the 30 days if at all possible . If not , then try to pay a little bit more than the amount on your statement in order to pay it off more quickly .
When you get married you inherit a lot of things including each other ’ s past debts . With your names being tied together in holy matrimony , your names are also tied together on paper since you now live together and will share finances , and major expenses such as a car , and a home . It is wise to begin the process of sitting down to discuss the debt you have . Then begin taking steps toward correcting it , even if just with just a small payment monthly .
With the two of you agreeing to work together to eradicate the debt , and not sneak behind each other ’ s backs and rack it up again with credit , this debt monster can finally be put in its place . Giants do fall just like in the story of David and Goliath . It is possible to tackle this one if you work together to get it done . Use credit for useful purposes , and keep it at a minimum .
Certain things such as a car and a mortgage have to be paid for within a timeframe . Most people do not have the money to pay for these things out right . However , for the other things that are not needful but are just plain old “ wants ”, they can wait until you can pay for them out right , or until you both agree to make the purchase .
KNOW EACH OTHER ’ S SPENDING HABITS
It ’ s possible you may be the spender , and he may be the saver . It may be the other way around and maybe you enjoy saving every penny , even the ones you find on the street , while he enjoys spending every dime . Either way , it is important to note each other ’ s spending personalities when it comes to finances and how to deal with it with mutual respect . Amos asked the question , “ Can two walk together except they be agreed ?” Amos 3:3 .
You are both adults it ’ s true . However , not everyone is as mature as they could be when it comes to how they deal with their money . For those who are challenged in this area , they may spend without thinking it through . This could be because they were so used to doing this when they had no one but themselves to worry about . A gentle reminder that they now have more than themselves to think about would be in order .
Maybe you could help them by asking them to consider how their spending could negatively impact the family . It would serve as a good reminder for them to