Getting married is exciting for couples, and starting your new life together is even more exciting. While no couple stands at the altar and wonders if their new marriage will last, most couples don’t think about the fact that finances are one of the most common reasons for divorce. Even the happiest couples fight over money, and many financial situations cause couples to drift apart, and marriages suffer. Here are three financial tips every newlywed needs to know to keep their marriage healthy.
Don’t Close Pre-Existing Credit
Even after you are married your credit is maintained at an individual level. If you cancel cards that are in your individual names you are hurting your credit score, and potentially ruining your ability to get more credit in the future. If one parent will eventually become a stay at home parent, this will make it even more difficult for that parent to obtain credit, which is why it is important to maintain your own credit lines.
Apply for Credit Only When Needed
Buying and decorating a new house is a fun part of getting married, and many couples go into shopping overload to do it. Couples tend to want new furniture, new electronics, and new appliances and end up opening new credit cards at a number of different stores in an effort to get the 15 percent discount stores offer when a new customer applies for credit. Since purchases likes this are expensive, 15 percent is a nice discount. However, doing this will only lower your credit score, so only apply for credit when you actually need it.
Pay Bills On Time
This one is obvious, but the fact is that some newlyweds didn’t live together before marriage, which means they’ve never had to share bills before. Now that you have two sets of bills, you both need to make sure the other is paying theirs on time, every month. It is very easy for one to assume the other handled the electric bill, and end up paying it late, which has a very negative impact on a person’s credit.