For Love or Money

Marriage is a lifetime partnership and commitment made by two people with each other. Though love could overlook some flaws about a person’s financial status, there are some financial blunders according to the recent TD Ameritrade survey that could ruin your chances in marrying the love of your life.

In the survey, the respondents were asked what issues about their future partner would make them think twice and call off the wedding. Among the categories they had to choose from were low credit score, few bank savings or none at all, high liabilities in credit cards, large debt for student loan, mortgage foreclosure, unemployment, no savings for retirement, and file of bankruptcy.

Surprisingly, though all the categories may seem like obvious marriage call-offs, many of the couples would choose to overlook these for their love. The most of the respondents however, find bankruptcy the most unappealing of all the blunders.

Only 32% of those who took the survey said that they would call off the wedding, while 27% would opt to postpone the wedding in a future time, while 41% majority of the takers say that neither measures were needed.

According to Carrie Braxdale, a managing director at TD Ameritrade newly wedded couples often struggle with their financial responsibilities. When they get married people tend to get their financial backgrounds and past debts into the marriage.

Thus, Braxdale advices couples to sit down and talk about their future especially their financial matters first before they exchange vows and say “I dos”. Here are some things that would prove beneficial for couples to know about their future partner:

You should know each other’s major debts and find a strategy together to help overcome them. You may also talk about future student loans you will be taking for your children, this talk is not only romantic but it will be a great deal of help for you two.

Know each other’s credit scores; you should know if you are financially capable. This is in case you need to buy a new house or a car because of your marriage.

You two should also have a broader understanding of investments. It is important for you two to have an ending goal and you should help each other work through them.

Habits should also be watched, if you are not a very good saver then your partner may help you with that problem. Your financial differences may be beneficial if only you could give each other the chance to help.

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