Before you say “I do”, there’s another question that must be answered.
|November and December – the most popular months for weddings in South Africa – are rapidly approaching.
Without wanting to rain on the parade of the thousands of happy brides and grooms as they prepare to walk down the aisle, a question which has to be asked is: do you know exactly what you are getting yourself in to – financially?
If a recent survey conducted by TransUnion in Hong Kong is anything go by, the answer is probably “No”.
This survey of 250 engaged couples found that over 58% said they had little or no knowledge of their partner’s finances; nor did they trust their significant other with details of their own finances.
In fact, 19% of respondents believed that personal finances should only be discussed after they were wed, although 22% of respondents said they wanted to remain financially independent even after the big day.
TransUnion recommend that engaged couples openly discuss their finances and debts in order to mitigate any financial risks post-marriage.
Understanding your partner’s credit history can help you to avoid surprises and plan better for a secure future.
Work together to ensure that your bills are paid on time. This will help you reduce interest payment and avoid over-stretching yourselves. Starting your new life together could be a lot smoother with a solid financial and debt management plan as well as a monthly budget in place.