Personal loan tips newlyweds can use to save money.
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May 22, 2019
Marriage, Ahh! It’s the merging of two hearts, two souls…and two bank accounts. Marriage is all about teamwork, and for its success, every aspect needs to be sorted out. Here, the major aspect we are pulling out is the financial angle. The financial matters should not muddle with your emotional aspects. We have personally observed that money is one of the top reasons couples have disagreement after a few months of getting married.
And, we know that conversations like combining finances after marriage doesn't sound as much romantic as honeymoon talk, but it’s way more important. Knowing and understanding each other’s cash outflow is the principal key to driving your marriage, and rightfully it should deserve a top spot on your wedding planning checklist. Well, here in this article we enlist some of the personal loan tips that can help you to manage your finances in a better way “as a team”, remember we mentioned that it’s teamwork.
Consolidate your debts:
Chances are you will enter married life with some form of debt. This could be the case with your partner too! Maybe you took out a loan to buy the engagement ring, maybe she took out a loan to buy the dress she always wanted. Either ways, it makes sense to take a personal loan to repay your combined debts and pay just one single EMI. Along with making life easier for you both, it should also help you save a lot of money.
Power of Co-applicant:
Going forward, there’s every chance that either one of you might require some financial assistance. In times like these, a personal loan could be just the thing you need. However, our advice is to always co-borrow. Applying for a personal loan with co-applicant can make your life much more straightforward. Firstly, it will help you with quick loan approvals as two earning member applying for a loan is a smaller risk for the lender. Moreover, if you both have good credit scores and high monthly salaries, you can also try negotiating higher loan amounts, longer tenures and lower interest rates.
Pre-Payment:
Someone once said, “Whatever is mine is yours now” and this promises to hold true especially in marriage. The same principle, if applied correctly can help you get out of debt faster and save money as a couple. Let’s say one of you gets a bonus or an appraisal at work, you can choose to spoil yourself or you could use it to prepay your loans; the latter will help you cut short the tenure of your loan and save a substantial amount of money in the process.
Well, living debt free life might not be a luxurious life, but it will definitely help to put your marriage on the right foot in the longer run. Hence, with the tips mentioned above, you can smoothen your financial lives. Signing off!
