Weddings aren’t all about dancing, flowers, and romance. The ceremony is a commitment to blend your life with that of your partner. This, of course, includes your bank account. Let’s face it, this could be daunting if your spouse-to-be displays any financial red flags in marriage.
Before you tie the knot, it’s crucial to be aware of any warning signs when it comes to finances. After all, money is one of the top causes for divorce. Here are 12 warning signs to watch out for before you take the walk down the aisle.
1. Secretive About Finances
Unless your partner is a spy for the secret service, they shouldn’t have a hidden safe or offshore accounts you don’t know about. Ask them why they’re so hush-hush about their finances before you say “I do.”
2. Buried in Debt
Some debt is hard to avoid, but is manageable over time. Think of costs like a mortgage, student loans, or a car payment. However, if your partner is up to their neck in debt, this is a financial warning sign for your marriage.
3. Poor Credit Score
A poor credit score can be a sign of being irresponsible with finances. When you get married, your partner’s credit score is more or less a reflection of your own. It could hurt your chances of securing a loan for a new house down the line.
4. Lack of Savings
One of the biggest financial red flags in marriage is when your partner has a goose egg in their savings account. There are two possible reasons why they have no savings: they live paycheck to paycheck, or they spend frivolously. Proceed with caution.
5. Overuse of Credit
While it may seem crazy, there are people out there who think of a credit card as a bottomless pit of money. Consider it a financial warning sign for your marriage if your partner is part of that group. It can also be a bad sign if they have a ton of credit cards in their wallet.
6. No Financial Goals
Before you get married, sit down with your partner to talk about your financial goals for the future. Your partner should have something to say in this conversation, so consider it a red flag if they shrug and suggest watching TV instead.
7. Unsure How to Budget
Not everyone learns how to budget until they’re well into their adulthood. Still, it could be an early warning sign if your partner has no clue how to manage their money. You shouldn’t expect them to have a detailed spreadsheet with all the bells and whistles, but they should at least know how to allocate their funds.
8. Impulse Shopper
Did your significant other buy a new game console on Black Friday? Are they always coming home with new clothes or gadgets? A shopaholic is a walking, talking financial red flag in marriage. While this doesn’t mean you should break up immediately, it could be an issue that needs addressing.
9. Unwilling to Talk About Money
Finances change throughout our adulthood, so it’s important that your partner is willing to talk about where your money is going. In your marriage, you need to invest in retirement, life insurance, emergency savings, and maybe even tuition if you have children. You need a partner that won’t turn a deaf ear to these important conversations.
10. Dependent on Others
Embarrassingly enough, your soon-to-be husband or wife is still on a cell phone plan with your in-laws. It’s also possible they have kids from another relationship and are giving or receiving child support. Neither of these situations are deal breakers, but they could affect your finances in the future.
11. Past Bankruptcy or Foreclosure
Bankruptcy or foreclosure isn’t the kiss of death, but it does reflect on your partner’s past financial decisions. Talk to your partner about why they went bankrupt or into foreclosure. Hopefully their current behavior shows you they’ve learned a lesson from the experience.
12. Always Overspending
Be warned if your partner is always offering to buy drinks for everyone at dinner or splurges on fancy sports cars that only last a few years. While they may love life and enjoy a good party, their willingness to spend, spend, spend could be a financial warning sign in marriage.
To Have and to Hold
It can be tough to acknowledge financial red flags in marriage. After all, this is the person you love and you want to spend a life together. Good news! You can address these concerns long before you start shopping for a new bridal gown. Speak with your partner now and work together to find a solution.
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