Congratulations on your new life together! Here are five ways that you and your spouse can build a solid financial future together.
Make a plan, follow it, and be flexible.
Think about where you and your spouse want to be financially in the next month, next year, and in the next five to ten years. Talk to your spouse about your financial goals, your spouse’s financial goals, and your shared financial goals. Work together to make a plan for reaching those goals, and check in with each other regularly to make sure you’re both on track. At the same time, it’s important to be flexible enough to change your goals as your financial situation changes.
Build a good credit history.
A good credit history is important to a strong financial future. To see where your credit stands, get a copy of your credit report and credit score and ask your spouse for a copy of his or her credit report and credit score. Find out where your credit history stands individually and as a couple. Talk about your goals and determine if you need to improve your credit scores to reach your goals.
You can improve your credit scores by paying down any debts you owe, making payments on time, not applying for any new loans or credit cards, and fixing any mistakes on your credit reports.
Borrowing small amounts of money with a personal loan, for example, may help you build a credit history. Debt consolidation may also help you improve your credit.
Get debt under control with debt consolidation.
You may be able to consolidate your credit card debts and other high-interest bills with a debt consolidation loan. A debt consolidation loan may lower your interest rate and total monthly payment.
Get ready for home ownership.
Home ownership might be a smart move for your financial future. To get ready for home ownership, it’s important to talk to your spouse about planning for home ownership, get debt under control, and make sure you have a good credit history.
It’s also a good idea to get a head start on learning about your mortgage options and which options might be best for you. You may also qualify for government sponsored programs, so ask lenders if you might be eligible.
If you already own a home, look into refinancing.
You, your spouse, or both of you may have purchased a home before you got married. You may be looking to “upgrade” to a home that meets both of your needs. If you both bought homes before you got married, you may be thinking about living in one and renting out or selling the other. Refinancing your current home(s) may be an option for you.
Visit Beneficial.com to find out more about how we can help you and your spouse meet your financial goals.
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