Many single Tennessee residents are able to have a stable hold on their financial situation because they know how they are going to spend their income. When a person gets married, however, they can see drastic changes in their expenses. If a couple does not agree on how money should be spent or have a budget, they could quickly find themselves amassing a mounting debt issue and possibly need financial assistance to recover from their burden.
Discussing the financial situation of the couple is a very important aspect of being newlyweds. Without the discussion, income could be going to many different areas of spending without both partners being privy to just where the money is going. When one spouse does find out about the other’s spending, the situation could turn into an argument if the knowledge was not immediately made known. One partner may expect to have a certain amount of money available for certain purchases, but if the other partner has already spent some of that income, overspending could occur and debt could accrue.
When a person is single, it is easy to be able to spend money on whatever he or she wants, such as activities that individual enjoys. After marriage, however, it is important to understand that there are now two people to consider when making purchases. Though money spent on something that could be considered frivolous may not have had a significant effect on the single person’s budget, it could have a considerable impact on the budget of the married couple.
Managing finances as a team is very important for newlyweds and throughout a couple’s married life. Without the discussion and understanding of how money will be spent, the couple could quickly find themselves dealing with mounting debt due to lack of communication. Though the situation is not ideal, it does occur, but luckily, there are options such as bankruptcy that can help those families struggling financially. Gathering information on Tennessee bankruptcy laws could be beneficial for couples dealing with considerable debt.
Source: Fox Business, “6 Tips for Merging Money Styles as Newlyweds,” Wen Yan, Aug. 5, 2013