Credit Tips for Newlyweds

Getting married is one of the most exciting adventures in life. Everything from wedding planning to the honeymoon. It is all a wonderful time. However, an important concept to keep in mind as newlyweds involves planning for your financial future. Serious decisions and large purchases depend heavily on how savvy you are in terms of managing money and credit.

As soon as you have a free minute, you need to have a serious discussion with your spouse. You need to discuss your financial goals are and what your credit looks like. It’s important to have a clear understanding about your combined debt, assets, and plans for future purchases. Starting your new life together with debt isn’t ideal. However, we can help you avoid mistakes and help you fix your credit!

Set Up A Monthly Budget

When you become newlyweds, all your budgeting and expenses are combined. To prevent future disasters and risking your credit score, you both should compile a list of your monthly expenses and set up a designated budget. Spending more than that budget allows should only be reserved for emergencies and unexpected events. Our Rock Credit Repair credit score consulting experts recommend setting a budget to avoid overspending on credit cards.

Start Making Small Investments

Now that you have a general idea of what your monthly and yearly expenses are, now you can explore different means of maximizing your income. Start off by looking into small, low-risk investments that can give you a solid return over time — eventually you can move into larger, more risky investment opportunities. This process is key to making sure your finances aren’t drained and that your credit score stays in a good range.