RALEIGH, NC, June 05, 2010
/24-7PressRelease/ -- Marriage is an exciting time for a couple and, along with the planning and preparation for the big day; it's a good idea to sit down and get serious about your finances to build a big future. Before walking down the aisle, Better Business Bureau serving Eastern North Carolina advises newlyweds to take control of their money to avoid a rocky financial future.
According to research by Utah State University, married couples that frequently fight over money are more likely to split up. Even when compared to frequent fights over other issues—such as chores, sex and in-laws—fighting about money was a better predictor of a future divorce.
"When considering a financial future, it's important for newlyweds to realize that taking control of their finances together can be a rewarding experience and not just a source of frustration and fights," said Beverly Baskin, President and CEO of BBB serving Eastern North Carolina. "It's better to have the conversation earlier, rather than later, so that you can develop healthy personal finance habits together."
BBB offers the following advice to newlyweds who want to start their financial life together, the right way:
• Let Financial Skeletons out of the Closet. After marriage, any personal debt becomes "our debt" and it's important to sit down early on to discuss outstanding obligations. Review your credit reports to get a better idea of what you are both bringing to the marriage.
• Build a Budget. Look at your monthly bills to create a realistic picture of how you spend. Discuss your long term goals, including buying a house or having kids, and figure out how much money you need to set aside every month to reach those goals.
• Designate a Driver but Travel Together. In order to avoid confusion, one person should be assigned to paying the bills every month. Have a discussion at least monthly about your financial progress to map your path and nip any bad spending habits.
•Plan for Emergencies. Many young couples fail to save money to get them through hard times such as health problems or unexpected unemployment. Experts recommend you set aside three to six months of salary in a rainy day fund in an interest-bearing account that can be easily accessed.
• Save for the Future. Retirement may seem like a long way off, but setting aside money now means reaping big rewards later on. Take advantage of both employers' retirement matching programs when available, or set up individual retirement accounts.
• Make a Vow to Be Savvy Consumers. Many families have had their life savings decimated after becoming a victim to fraud or identity theft. Check out your BBB's website to find trustworthy businesses, get educated on the red flags of fraud and learn how to protect your identity.
BBB also offers other resources that newlyweds may find helpful, including:
•Seven tips for first time homebuyers
•Tips and charts to create a budget
•Tips on saving and investing
Visit bbb.org.
The Better Business Bureau serving Eastern North Carolina is a 501(c)(6) not-for-profit corporation serving 33 counties in Eastern North Carolina. The organization is funded primarily by membership dues from more than 2,900 local businesses and professional firms. The BBB promotes integrity, consumer confidence and business ethics through business self-regulation in the local marketplace. Services provided by the BBB include, reports on companies and charitable organizations, general monitoring of advertising in the marketplace, dispute resolution services, and consumer/business education programs. All services are provided at no cost to the public, with the occasional exception of mediation and arbitration. Visit bbb.org.
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