In honor of Valentine’s Day, it’s time to think about love – and money.
Spending money can be a powerful attractor when seeking a mate, but money is also the leading cause of divorce in the U.S., so it’s good to think twice before being swept off your feet by financial displays of affection.
The suitor who always arrives with flowers and whisks you off to exclusive clubs may be sinking deep into debt to do so. And the girl who always wears an expensive new dress for your dates may be doing the same.
The fact is, financial compatibility is one of the most important factors in selecting a life partner. If you save and he spends, or if you want to indulge yourself and he says “No way,” the honeymoon will end quickly.
So, if you’re beginning to think that your current flame may be “the one” it’s time to get serious – and talk about money, even if it’s difficult. As open as Americans are about every other detail of their lives, this seems to be the one subject that people don’t want to discuss.
But discussing it now can mean the difference between a long-lasting relationship and one that blows up as soon as the monthly bills roll in. So before you commit to a life together, sit your sweetheart down and have “the talk.”
Find out how he feels about saving – for your future children’s educations, for your retirement, even for vacations. Talk about budgeting and learn how she feels about doing without something today in order to have something else tomorrow – rather than having it all right now via credit cards.
Find out if your future partner is in debt right now, and if so, to what extent. Does he carry balances on a handful of credit cards? If so, is he getting them paid down, or are the balances growing? Has she paid off her school loans?
Ask your sweetheart to show you his or her credit scores – even though that is a closely guarded secret for many people.
If those credit scores are poor, you might want to put off the wedding while your future partner works to raise them. You may not have a desire to use credit right now, but at some point in the future you’ll probably want to own your own home – and if your fortunes are tied to someone with low credit scores, you may not qualify. And if you do, you’ll pay a much higher interest rate on your home mortgage loan.
Learn your own credit scores right now – order your free credit report today and see where you stand. You never know, your Valentine might ask to see your scores.
Author: Mike Clover
CreditScoreQuick.com your resource for free credit reports, credit cards, loans, and ground breaking credit news.
