Tuesday, January 29, 2013

First Date Finances.

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This is the first of (hopefully) many financial tidbits.

I was working out this morning (yes you read that right) and while running on the treadmill was watching the Today Show. They were showing a clip about a credit score dating website, based on(you guessed it) finding a match for you based on credit scores. WEIRD. Anyways their financial expert did state one thing that I thought was very important and that every couple should do. I believe this is somewhat common sense, but for those of you who hadn't thought of it yet....youre welcome.

This is not necessarily first date material....but I would have this conversation take place sometime between then and getting married. You should know the following things about your significant other:

1. How much they make?

2. What they own?

3. What they owe?


I think all of this questions are important. The first one is kind of something I think that you would know naturally. But if not, it is going to be necessary is order to form any sort of budget/ spending habits. The second is important so that you will know what assests are actually theirs (paid off and all) and which ones that are still purchasing (financing). And lastly, I personally believe this may be the most important, is knowing what they owe and on what. You don't want to blindly be taking on lots of debt that you are unprepared for. Once you know what they owe, you can (together) come up with a plan in regards to repaying the debt. Also, it wouldnt be bad to know their credit score. Eventually you will may have to buy something on credit, and knowing that at least one of you can get a loan approval may be neccessary.

Finances play a big factor is the happiness/stress of one's relationship. Airing the much needed out in the open is one way in which you may be solving a problem before it ever becomes an issue.

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