Financial Problems in Young Marriages
Marriage can be an exciting but stressful time for newlyweds. After saying "I do," couples might be living together for the first time and suddenly sharing their finances. For any couple, these financial changes can be an adjustment, but for some couples, they can cause strain on the marriage. Couples who spend time stressing about financial problems have less time focusing on building their young marriage, according to James P. Marshall and Laura Connerly at the University of Arkansas Extension.
Other People Are Reading
-
Sharing Money
-
The simple concept of opening joint checking and savings accounts and sharing money can be a struggle for some newlyweds. Suddenly, every purchase a person makes affects another person. Couples have to think for two when making their purchases now, which can be difficult for some. If both partners in the marriage work, the couple also must adjust to budgeting their combined income on a weekly or monthly basis. As a part of that, couples might struggle to spend money equally. Moreover, they might miss the independence that came with managing their money individually, which can put strain on a young marriage.
Eliminating Debt
-
Tackling debt is often a priority for newlyweds, particularly for those couples who have amassed a great deal of debt. If the couple financed their wedding themselves, they might spend the first months or even years of their marriage paying it off, which puts an immediate strain on their finances. Moreover, if one spouse has debt related to school loans or credit card bills, the other spouse suddenly assumes an equal responsibility for those bills, which can lead to resentment. The spouse who has to inherit debt might blame her partner for impacting the couple's overall financial stability.
-
Planning for the Future
-
The wedding is the first step on a long journey for the couple, and it is likely that the couple has goals for their married life. Some couples might hope to start a family right away, while others might want to buy a house or travel. All of these goals are an expense, so newlyweds might immediately start saving so that they can plan for the future. Saving money, which often leaves little disposable income, can frustrate the newlyweds in addition to other financial strains.
Taking on Bad Credit
-
Responsible consumers should know their credit score, and if the credit scores of the newly married couple vary greatly, it can lead to financial problems in a marriage. For example, if the wife has a high credit score of 830, and her husband has a lower credit score around 580, the couple's finances could be impacted for years to come. The next time they try to open a credit card or buy a car or home, the couple will feel the negative financial effects of the husband's lower credit score. The wife might blame her husband, and the husband might feel guilty that his past financial indiscretions put the couple in this position.
-
References
- Photo Credit couple image by cherie from Fotolia.com
