We all know that weddings can be costly affairs, but you have to see past your wedding day when it comes to thinking about the cost of marriage. This means understanding the finances involved for both parties when they embark on their lives together.
Every girl knows that when the man of her dreams asks her to be his wife, it is one of the most gorgeous moments of her life. For days she will be walking on air and already planning her future, including walking down the aisle on the big day. Every girl does it, and it should be this way; after all, it is an exciting time when a girl embarks on the adventure called ‘Marriage.’
Without meaning to put a dampener on these wonderful feelings, there is one aspect of saying “I do” that has to be thought about – and it needs to be thought about seriously. Although couples get married because they’re in love, the sad truth is that many get divorced over money issues. Financial problems within a marriage is responsible for more divorces than any other reason for couples to split up.
Make Sure You Realize the Cost of Getting Hitched
We all know that weddings can be costly affairs, but you have to see past your wedding day when it comes to thinking about the cost of marriage. This means understanding the finances involved for both parties when they embark on their lives together. Here are a few things you need to think about:
- There is what is known as ‘opportunity cost’, which in brief means what you are missing out on financially by getting married. Marriage is a huge responsibility because it means two people have to take care of each other, and this includes their finances. If your loved one has some debts, are you prepared, and more importantly, are you in a position to help them out? If they fall ill, can you stay at home and look after them? Can you afford to?
- Make sure you are aware of any tax implications of getting married so that you don’t get any unwanted surprises. Make sure you can afford to pay any extra tax if getting married means you have to.
- Have you got health insurance? Has your partner got it too? What about life insurance, home insurance, and all the other insurances you need to have in place? Have you thought about making a single insurance out to cover two people?
- If you are buying a house together, which is one of the biggest investments you will make as a couple, then make sure you both have good credit ratings, but you also need to see if as a couple, you don’t get penalized with higher rates of interest. These might be only slightly higher, but when you consider the amount of money borrowed to buy a house, then you soon realize this could translate to thousands of dollars extra you will have to pay back.
Money issues within a marriage can be a real problem, so knowing exactly where you both stand financially is the key to whether or not things will run smoothly for you both. Make sure the cost of the wedding is also something you can really afford, especially if it is being paid for on credit. The last thing any couple needs is to start their married lives out together knowing they will spend awhile paying for the big day, so if you can avoid this then I strongly recommend that you do.
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