You have great plans for your life, same goes with your married life as well. Those days are gone where the girl used to look for a dream boy who would come in a horse to ask for her hand for marriage or vice versa for a guy. In today’s world marriage is complicated and it is really important to understand your spouse’s financial status and also understand their spending and saving patterns. This is the reason why these young people seek their parent’s permission to understand their partner better before they get married.
Let’s take that you got married and you both are working class, you make financial budgets for every month and also make investment strategies and allocate responsibilities for who pays what bills. You will find difficult to comply such budgets, especially when you were financially independent and used to take such decisions on your own when you were single.
As a couple it is really important to exercise this activity for a healthy relationship and also to help improve cibil score of each other, so that in future you are planning to get house of a car you do not face any issues with speedy approvals.
The following tips will help you to make your financial life great when you are newly married,
Know both your credibility
It is important to understand both your financial status, opt for a credit bureau report initially and see how the scores look and try working out together to upraise the cibil score. if your partner has an existing debt or interest which is supposed to be paid, pay it off so that you do not face any inconvenience while opting for a fresh line of credit.
If there is no cibil score of your partner that is your partner has never opted for a loan in their entire life, try getting a loan without cibil check and start making your way to a good and healthy credit score.
If there are some lines of credit left which you need to repay, make sure you have all the repayment dates in your mind, so that you do not skip any monthly installments which would lead to a bad cibil score.
Do not close any preexisting line of credit
Many newly married couples make this mistake, immediately after getting married they understand each other’s spending habits and if one of them is a spendthrift, the other partner will ask to close a credit card or two. Closing a credit card won’t help you to control your spending habits or help you save money but instead it will make an adverse effect on your credit score. Yes, if you close a line of credit, the credit score takes a huge dip which will cause you a lot of problems in future when you are deciding to buy a house or a vehicle.
Always keep your credit card accounts open and instead ask your spouse to control their expenses and do make small transactions on the credit cards to avoid annual fees. This way you will be able to pull off a great cibil score with fewer hassles.
Only apply for a loan when needed
There are some marriages where both the partners are spendthrifts. In this kind of a relationship both spend their money without having any second thoughts and when their heads are sunk under high debts they realize their mistakes and apply for a loan to clear their debts and this pattern continues. Always remember apply for a loan only if you need one. Do not take a loan just for casual sake and end up being in financial crises. Understand your needs and try few traditional options like borrowing from parents, relatives and if nothing is working out go for a loan.
A new marriage demands a lot of things, love, loyalty, integrity and also financial stability. Spend your money well and save a lot because getting married is a huge and your partner will expect a spouse who has financial knowledge and integrity who would lead to a brighter future.