Til’ Debt Do Us Part
Posted by themoneylearner on January 23, 2010
Fact: Most marriages don’t last “Til’ death do them part.” The sad truth is that many marriages fail over financial matters. It is, afterall, the leading cause of divorce in the United States. Before getting married, many young couples don’t talk much about money because it just seems petty. How many divorces are the result of pettiness? Over half.
I am lucky enough to be getting married this August. I am also lucky enough to be getting married to someone that is not only beautiful, but also very intelligent. One of the first things we did after getting engaged was combine our finances and opened a joint checking account. Now, joint checking accounts have their strengths and weaknesses. I realize that they aren’t the best solution for every couple. It is just what we wanted, for us. Before we even got into the planning of the wedding, we combined our budgets and set some financial goals. This was a necessary step in discovering what we can afford when it came time to plan the wedding.
We both share the same passion for living a debt-free lifestyle. Naturally, we added up our individual debts and came up with a combined amount of debt.
The good news: We have a combined $0 in credit card debt. We have less then $50 combined in auto loans debt.
The not-so-good news: We have A LOT of work to do with our student loan debt.
The bottom line: Our combined debt as of 1/1/2010 is $38,794.64.
Our goal is to finish this year without taking on any additional debt. We are seriously budgeted to be able to pay for both the wedding and honeymoon with cash. This will take an unbelievable level of commitment and self-control over the course of this entire year. The most enjoyable part is that we will already know how great of a team we make when it comes to planning and money before we officially take the plunge.
Survive the number one cause for divorce? Check.
New Total Debt: $38,794.64 (This will be the focal point of our 2011 financial goals.)
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