Money is one of the top issues that causes fights between couples. Entering into a marriage where one or both partners has student loan debt can cause severe problems. Luckily, you can follow these tips to avoid conflict and enjoy married bliss.
Who Is Responsible?
Couples must discuss who is going to be responsible for paying off the debt if only one partner has student loan debts. You may decide to have completely joint finances in a shared checking account and simply budget in student loan payments. Perhaps, as a couple, you may want one person to pay for housing while the other partner works on paying their student loans. If both of you make a substantial income, perhaps you will want the person in debt to be solely in charge of paying off their loans. The right solution is going to depend on your views on finances and your income, so it’s important to talk to your partner and decide what you two want to do as a couple.
What Is Your Budget?
Once you decide how you are going to tackle the student loan debt, set a budget. Decide, as a couple, how much of your income you are going to spend paying down the debt. Even if one partner is going to be responsible for making payments, both spouses need to communicate so that you are on the same page financially. You don’t want to plan for a giant vacation if your partner is anticipating using that money to make a big payment on their student loan debt.
Communication is the key to a successful partnership. You won’t be able to follow any of the previous tips if you aren’t communicating with your partner. Sit down and talk to them about the student loan debt. Discuss how it is going to be paid and how finances are going to be budgeted around this extra monthly payment. If you follow these tips and keep the lines of communication open with your spouse, you can avoid stress.
Student loan debt is growing every year. It’s possible that your spouse has tens or even hundreds of thousands of dollar of student loan debt, but debt won’t destroy a marriage and can even make it stronger. You will both benefit from having a budget and learning how to communicate about your marital finances.
Rebecca Jones is a financial blogger and contributing writer for payday loans