You've picked the reception hall, ordered the flowers and cake, and booked the honeymoon. But have you and your soon-to-be significant other discussed your financial future?
Financial planning experts recommend all couples who are planning on marrying take careful stock of their current financial situation. Does one have substantial credit card debt or school loans? Is one a spender and the other a saver? What are your financial goals as you build a life together?
If one person has credit card debt, experts recommend you both tackle that first. Examine the debts and assets you are both bringing into a marriage. Look at bank statements, car loans, student loans, etc.
Also, consider buying life insurance now. It can be less expensive for a couple when they are young.
Sound overwhelming? It can be and that's why it's recommended couples sit down with financial professionals to work on a strategy that is tailor-made for your specific needs.
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