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Marriage & Debt
Whether you’re bringing debt into a marriage or planning a costly wedding, it’s important to talk to your future spouse about money. Make sure you’re both on the same page about handling finances, and be sure to make big decisions together.
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Divorce & Debt
Oftentimes, money matters are the most difficult aspect of ending a marriage. When a couple has debt, it may be difficult to discern whose responsibility it is to repay balances. Even after a divorce is complete, there may still be issues involving alimony and child support.
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Children & Debt
It’s important to teach children about money early on, as well as to teach by example. Arming them with financial skills will serve them for the rest of their lives. It can also be important to tell your kids about your personal debt and your financial situation.
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Parents & Debt
Older Americans are facing larger amounts of debt, in part because of lengthened life spans. Adult children of older parents may want to intervene and discuss money options with their parents, such as setting up and managing a budget, and paying down debt.
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Debt & Your Family
Student loans and credit card debt prompt many young adults to delay major purchases like buying a home, and major life decisions like marriage. When they do decide to tie the knot, that usually adds more debt – including the soaring costs of weddings and furnishing a home. Each child is expected to cost nearly $2 million to raise to adulthood. And all too quickly, parents are forced to make decisions about student loans once again, as their children head off to college. In many cases, unfortunately, divorce occurs – bringing with it even more debt.
Teaching Kids About Finances
Parents face the unique challenge of teaching their children about finances and debt. It’s important to remember that if parents practice bad financial habits — overspending, poor use of credit — kids are likely to follow their example. Luckily, the same is true for wise spending habits. If parents keep their debt low and follow a budget, their kids are more likely to do the same. Parents not only need to keep an eye on their own credit score, but they also need to teach their kids how to build a solid credit history.
