A dream wedding costs a lot. When I say “a lot”, it means a lot of emotions, feelings, time and money are involved. The celebrations begin with the bachelorette party and end with the “honeymoon period”. For some couples, the “honeymoon period” ends within a few weeks. For others, it continues with parties, vacations, steak dinners, and festivals. But something which many newlyweds forget easily is the debt they brought into the marriage.
Couples may forget debts quickly but creditors don’t forget anything. They keep reminding newlyweds about their pending payments. And, even if creditors don’t remind them, debt collectors will. And, how can one forget the plummeting score?
So, what’s the solution? What can the newlyweds do? How can they destroy debts so as to live happily ever after?
There’s no quick solution to a humungous debt problem. But there are a few tips newlyweds can use to pay off debt and these are:
1. Save more from the paycheck:
If two people are determined to keep their relationship, by all means, they will. Likewise, if two people are determined to pay off debts, then they can. What they need to do is make a smart plan and save money. But what if both the partners love to spend more than what they earn? Well, in this case, they can deposit an amount directly in another bank. If anyone wants to withdraw money from that account, then both of them have to sign a slip.
2. Review and plan the attacking strategy:
Both the partners should sit together and calculate how much they owe in total. Once done, they need to plan a strategy for attacking and destroy debts. They can plan together and use their savings to pay off debts. They can negotiate with their creditors to get a feasible payment plan. They can enroll in income-based repayment plan to pay off student loan debts. In the case of payday loans, the best option is to either go for payday loan consolidation or payday loan settlement. In the case of credit card debts, the best option is to go for credit card debt settlement or credit card debt consolidation.
3. Share tips and tricks:
Both of you can even share tips and tricks to save money. For instance, the husband can share a tip to save on utility bills. Likewise, the wife can share a tip to save on transport on how to live pennies on the dollar.
The final tip
The relationship comes first. So, it would be a mistake for the newlyweds to ruin relationship due to debts. If the newly elected President of the country can get out of debt, then newlyweds can also do it. I’m not suggesting them to file bankruptcy like Trump. All I’m suggesting is to be on the same page when it comes to debt. The ultimate goal is to pay off debt, build a strong marital relationship and future. Paying off debt would help to fulfill that goal.