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| Credit Answers > Debt-Management-Articles-2009 > Love and Money |
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Paypal conducted a recent survey entitled "Can't Buy Me Love." Results indicated that young couples argue over money at least once per month. Below are some
tips that may help newlyweds, fianc�es, and couples manage their finances has they save for debt settlement.
Have The "Money Talk"
If you have recently gotten engaged or married, you may be uncomfortable talking about money issues. It is not the most important aspect in a relationship, but it is definitely
a major factor. Most activities and choices that you make as a couple will involve money. For example, if you want to go on vacation or buy holiday gifts, you have to have the
funds available.
During this conversation, it is best to be brutally honest about all of the financial "skeletons" in your closet. Be truthful about your amount of debt, spending weaknesses,
and poor financial decisions. In order to introduce the topic, you may want to take an online quiz entitled, "Test Your Marriage Money Skills." It is offered by the Women's
Institute for Financial Freedom (WIFE).
Obtain A Copy Of Your Credit Report And Credit Score
As you and your significant other discuss money issues, you may consider obtaining a copy of your credit report. Getting financed for a mortgage or car loan will usually depend
on a couple's credit score. This may also provide a road map to see which debts are still outstanding and any credit report errors that need to be corrected.
AnnualCreditReport.com provides consumers with the secure means to request and obtain a free credit report once
every 12 months from each of the three major credit reporting bureaus in accordance with the Fair and Accurate Credit Transactions Act (FACT Act). Visit
www.annualcreditreport.com for more details. Your free credit report obtained via this site only contains your
credit disclosure, not your FICO score.
Organize Checking Accounts
Many couples grapple with the idea of whether to have a joint checking account or keep individual accounts. We can not give you a definite answer to this question because
it depends on your situation and personal preferences. The Paypal survey indicates that about half of American couples have joint checking accounts. You may consider having a
joint account in which both of you can deposit money to pay for household expenses such as rent and utilities and each keep a separate account for miscellaneous costs like
gas and lunch money. Balancing all of these accounts may require a lot of organizational skills. If you both agree on having just one joint account, keep the lines of
communication open so both of you know when someone else is writing a check or using a debit card.
Money Does Not Equal Love
Some couples enjoy showering each other with expensive gifts. This can become a problem if gifts are bought with credit or if basic household expenses are not met. For
birthdays and other special occasions, consider making homemade gifts such as poems or framing special photographs.
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