No matter what your credit score is, combining finances with your significant other can change your credit score - even if your partner has the same spending habits.Before you decide to purchase a home, combine credit cards, or just share your incomes with each other, read on to find out how to protect your individual credit scores and have a happy financial-ever-after.Listen Episode Offering his expert advice on money management, radio host Dave Ramsey explains how couples can avoid conflict by negotiating a budget, and how they can teach their children wise financial principles.(Part 2 of 2) Listen Episode Offering his expert advice on money management, radio host Dave Ramsey explains how couples can avoid conflict by negotiating a budget, and how they can teach their children wise financial principles.Can you afford to damage the relationship with your spouse?Frequently, financial conflicts focus on how each spouse handles money. Before you took the walk down the aisle to wed your new spouse, you were debt-free.
(Part 1 of 2) Listen You might be able to withstand the loss of the money you put into a risky financial investment, but there's another factor to consider — marital risk.
You had low or even no credit card balances, and you were on the right path financially. You’ve married into debt: Credit cards, student loans, the debt you didn’t have, your spouse does have.
How do you handle your new spouse’s debt, and how does it affect you?
You don't each need to have the exact same view on how to spend money, but if you do plan to combine finances, you should set a budget that works for both of you.
Pull money together for necessities, such as utility bills, groceries and rent.