How Married Life Affects Your Credit

by John Stevenson on March 13, 2011

There are various ways in which tying the knot might affect your credit score and financial wellbeing. If you think of your wedding as a fund-raising event, you are plain wrong. Read on.

Wedding as a Fund-raising Ceremony

In most cases, a wedding is a happy and long-awaited event in one’s life. And if the hearts of the groom and the bride are brimming over with joy as the big day is coming closer and closer, this is also true for the hearts of their parents. They may become inclined to loosen the strings of their purses and give their beloved children an energizing financial injection at the beginning of their married life.

In addition to the bridal shower preceding the wedding ceremony, the latter itself could be regarded as the perfect fund-raising event. Just remember the wedding in Puzo’s ‘The Godfather’, and you’ll see my point. You should not be expecting that each of the wedding guests will bring a bundle of cash for the young family, but you can be sure that each of them will contribute ‘a little something’ to your budding family budget.

And once you finish counting the revenues the next day, you will probably use part of the money to pay off some of your most pressing debts (if you don’t have a college debt, you surely have a credit card). You may see yourself rushing to the bank on the day after the wedding to pay off and get rid of the same credit card. Some people use their cards to cover a portion of their wedding expenses. But when they are finally husband and wife, the card had become a real pain in the neck.

Spending Tons of Cash on a Wedding Party Is Crazy         

It is quite obvious that your profit from the wedding day is the difference between how much you’ve invested in the wedding party and how much you’ve got from it. In this line of thoughts, if you invest too much cash in organizing the big event, you may end up with zero profit or, even worse, start your married life with a wedding debt on your hands. So, planning a budget wedding is quite essential for the successful start of your married life. The good news is that there are plenty of cash-saving solutions for the happiest day of your life. For example, you can plan your wedding on a working day, and you will save a good amount of money. Ask your family to help you with the organization – you don’t need a wedding planner to tell you what to do. And remember that a glamorous wedding does not necessarily need to cost a fortune.

Drawing a Common Mortgage Loan is a Good Investment

Buying your first home could be just as exciting as your wedding party, if not a little more so. Naturally, since you and your partner are an independent family now, you may want a cosy nest of your own, which you could decorate and furnish according to your personal preferences and which could become the home of your children later in life. So, if your joint monthly earnings permit it, you should look around for some hot mortgage deals. Remember that most mortgage lenders have special conditions for young families and first time home-buyers. Moreover, if both spouses have good career growth opportunities ahead of them, they could pay off their mortgage earlier than scheduled and enjoy the benefits of being home owners even before they have approached middle age.

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