Marriage and the Economy

I turn on the news and they tell me the sky is falling into a recession. I look at my boyfriend, and he's still so cute and lovable. Is it a bad idea to get married right now?

No easy answers on that one!

Let's look at some of the benefits to partnering together to face the stormy economy:

-It's easier to cut costs when you're sharing living expenses. You can pay rent or a mortgage for ONE house. Make a payment on ONE car (which means you'll have to carpool, and lose some of your freedom!). Baby-sit each other's kids. Spend Friday night playing board games, instead of at the movies.

-Depending on your money situation, it may reduce your tax load to be married.

-Now you can show up at the parties with ONE gift. Hehehe. Ok, that's a joke. So many singletons get annoyed with the one gift wonder couples. It's not fair! Whine!

The downside of getting together to get it together:

-Many couples get a false sense of security with the sudden second income. Instead of thinking through the early weekend stop for wings and beers, they just DO IT.

-The spender, enjoying the extra income and having an excuse to celebrate, will have an easy time of pressuring the saver--early on in the relationship. [By the time the saver gets the courage to say NO, it might be too late!]

-Being married, you might feel a little restricted. You have to turn the lights out NOW, be home early, stop making that sound, hug me, kiss me, AGH! It never ends. The restrictions that are placed on lovers make it tempting to be impulsive. In an effort to find control, one or both partners may LOSE control on a late night eBay spree.

If you want to plan for economic downfalls AND get married, you can. The key word there is plan. In order to be successful in your marriage it is extremely important to have a plan. The little things need to be covered: who will take out the trash. And the big things, too: where do we want to be in 10 years?

Before you get married, sit down with your cutie-pie and review spending and saving habits. Talk about how your parents dealt with the money subject. How did that affect you? What kind of work ethic do you have? Will you pay your bills no matter what, or are you open to going bankrupt? Get on the same page!

It is very helpful to get a 3rd party involved, to mediate tough topics, and keep you moving toward your goals. Build a relationship with a marriage counselor before you run into major problems. Speak with a financial planner now. No matter what your mother-in-law thinks, a financial planner is much more crucial to your marital happiness than a wedding planner.

This article is sponsored by Nevada Business Corporations, Legacy Wealth Planning and Antique Angel Wedding Chapel.