It’s the time of year for engagements and weddings! While diamonds are a girl’s best friend, they could be a new marriage’s worst enemy. We are stretching your dollar with some money mistakes that could get your marriage off on the wrong foot before it starts.
Before you walk down the aisle, pay attention. Decisions you make now, may impact your future marriage.
Don’t pay too much for an engagement ring. According to The Knot, engagement rings cost on average $6,000. Finding a ring that’s less expensive but more meaningful may get your marriage off to a better start.
Don’t pay too much for a wedding. The Knot says last year, the average wedding cost more than $35,000. Try to save money by getting married on any day other than Saturday. Also, look into renting your wedding dress.
Know how marriage affects student loans as well. The average graduate in the class of 2016 left college with more than $37,000 in student loan debt.
Find out if your partner has student loans and know those loans may make it more difficult to buy a house or contribute early to a retirement fund.
Don’t forget this – talk about money before marriage. Perhaps you determine its best to keep some money separate or you vow to have a conversation before spending a certain amount of money.
Either way, having a plan now will save headaches and potentially your marriage.