First Comes Love, Then Comes the “Money” Talk! | Cleveland Bradley County Teachers Federal Credit Union

February was certainly the month of love. In fact, did you know that almost 6 million couples got engaged just on Valentine’s Day alone?

Were you one of them? If you’re getting ready to walk down the aisle later this year, our team at Cleveland Bradley County Teachers Federal Credit Union wants to make sure you have one important conversation between the engagement ring and wedding ring—the “money” talk!

Get Your Finances on the Same Page

According to a recent survey, 57 percent of divorced couples stated that money issues were the primary reason for their marriage falling apart. Therefore, personal finance is definitely a topic that needs to be broached long before the wedding day.

Aren’t sure where to start? Let’s take a look at ways you can ensure you and your loved one are on the same page when it comes to money.

First, do you and your loved one both have the same financial goals? Consider when you want to retire and what plans you have for getting there, whether and when you want to have children, and whether you’re spenders or savers. If you disagree, that’s OK. But it’s important to talk through your goals and plans before the wedding day.

Second, do you know your loved one’s credit score? This is an important number to share with one another, as both of your credit scores will impact your future. If you’re looking to buy a house or a car in both of your names, both of your scores will be referenced.

While a credit score isn’t necessarily a marriage deal breaker, by knowing this information, you can both work together to improve your credit scores so that they don’t negatively impact you as a couple—both now and in the future.

Finally, are either of you bringing debt into the marriage? When you get married, you don’t just marry the other person—you marry their debt, too. Are you ready to work together to tackle the debt?

Get your marital finances started the right way by opening up a savings account. Visit Cleveland Bradley County Teachers Federal Credit Union today to learn about our Share Account that can help you in case of emergencies!