Infographic: Marriage Statistics
Cost and Benefit of Love and Marriage
Good news for married couples! Statistics show that they’ll probably be healthier and live longer than their unmarried friends. Now the bad news: They’ll spend some of that extra time arguing over money.
|Infographic: Love and Marriage © CreditDonkey|
The downside of married life is that arguments are bound to happen, and when they do, most will be about money. TV sitcom writers don’t make this stuff up; studies have shown that money is the number-one cause of arguments.
To avoid money-based blowouts, we recommend that newly married couples get ready to compromise on a variety of personal finance issues from day one. They can do this by establishing joint financial goals, creating and sticking to a household budget, planning a savings strategy, and exploring how they can pay down credit card debt.
When people marry, they are combining all aspects of their lives, both the present and the past, and this often includes debt. Couples need to have the tough discussions about how they will deal with their finances if they want to have a long-lasting, loving relationship.
Unfortunately, avoiding financial quarrels is easier said than done, especially when many couples begin their marriages by jointly taking on a huge amount of debt – the cost of their wedding. For couples to give themselves a fighting chance for a lifetime of happiness, we suggest couples consider paring down their perception of the perfect wedding, and look for ways to cut undue costs out of their event.
Just be sure that you’re both in complete agreement about how to keep wedding costs under control; otherwise, your first big argument will probably be about the wedding itself.
(Graphic Research by Kelly; Graphic Design by Dex; Graphic Editing by Maria)
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Kelly Teh is a contributing features writer at CreditDonkey, a credit card comparison and financial education website. Our data-driven analysis has been recognized by major news outlets across the country and has helped families make savvy financial and lifestyle decisions.