6 Reasons to Clear Debt Before Marriage

You and your partner want to get married. It’s normal to think that your financial problems will be better if you get married right now. You want to share the debt, or believe you will clear it quicker. This could be one of the biggest mistakes you make. Whether one of you is in debt or both of you, you should wait to clear it before you get married. Here are six reasons to hold it off for now.

It’s Harder to Save Up

When you have debt—especially a lot of it—you could find it harder to save up for your wedding. You know your debt is costing more than your savings make, so it makes sense to clear them first.

You can then put all your disposable income into savings for your wedding. This applies to any major savings goal.

It Can be Harder to Get a House

Getting a mortgage is much harder if you’re already in debt. It shows that you’re not so sensible with your money, and that’s a risk to any lender.

When you’re not married, your finances are not joined and it could be easier to buy a home in one of your names. While there are risks to that, they could be much lower than if you couldn’t get on the housing ladder at all.

You Could Have Emergency Issues

You want to have a savings pot for your emergencies. If you’re in debt, most of your money will go to clearing that. Trying to then save for a wedding on top of that is going to be hell.

It’s best to just get on top of your debt, get rid of it and then handle the wedding costs. You can also save a little for emergencies, so they’re not going to cause a major financial issue in the process.

Your Marriage Can’t Start Fresh

You want a fresh start when you’re married. You don’t want to think about the debt you gained while you were unemployed years ago, or the stupid financial decisions you made when you turned 18.

Both of you deserve to start your life together without past mistakes getting in the way. It means getting rid of all that debt first.

One of You Could Resent the Other

With all the financial problems just around the corner, it could lead to the one without the debt getting resentful.

Remember your finances are tied to each other now, so you’re going to find it harder to get a house, loan or any other type of financial agreement. If this affects your day-to-day life, the debt-free person could end up resenting the one in debt.

Delays Your Family-Starting

Do you really want to bring a child into a house that is full of debt? You’ll find it hard to buy all the baby stuff, and you may need to think about moving home.

Being in debt puts your family-starting behind, so it’s best just to get out of debt before your wedding day.

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