Let’s talk about love and money… (And if it doesn’t work out, be sure to check out my EFT Tapping video for dealing with rejection and heartbreak,
When you’re with your significant other for so long, being open and honest about each other’s finances is mandatory. It’s a path that no couple is ever truly comfortable taking, but it’s something that needs to be discussed at some point or another. A mountain of debt is enough to kill even the most promising relationship. And a good credit score can be as important in the modern dating scene now as a person’s physical appearance, The New York Times recently highlighted. People want to feel financially secure before entering a long-term relationship, and often finances can be a deal breaker.
Enter the dating game and find your one true love by successfully navigating these financial snares:
Credit Score
A credit score is a calculation based on your debts, available credit and payment history. A low score can prevent you from obtaining a line of credit or loan for a home or car. Bad credit has become a major deal breaker among singles looking to find a partner who would want to settle down someday. That’s not as easily attainable if you have a poor track record with your finances.
If you suffer from bad credit, your dating life isn’t hopeless. Strive to obtain a good credit score of 750 or higher. Some financial institutions are raising their standards, so do your best to improve your score and get it as high as possible.
A lot of good people have had their credit ruined by identity theft. A little vigilance goes a long way. Identity theft prevention measures can help protect your your information from being used to open bogus credit cards and loans in your name or even that of your significant other or kids if you settle down in the future. MSN Money also suggests adding an installment loan onto credit reports and monitoring your limits as credit score restoration.
Credit Card Debt
Credit cards make it easy to keep spending beyond your means. Excessive credit card debt can scare a romantic interest because it signifies irresponsible money management. After you’ve been dating someone for an extensive amount of time, debt disclosure is bound to happen. Be upfront and honest about your financial situation. As long as you have a plan to reduce your debt and a goal in mind, your debt doesn’t have to break your relationship.
Student Loan Debt
Education is costly, and many graduates face student loan payments for years after graduating. Missing student loan payments can result in severe financial penalties, ranging from steep late fees to higher interest rates. NPR notes that student loan debt is a common reason couples delay or avoid marriage. To engage in a healthy relationship with a solid future, create a payment plan and budget for repaying those loans. At least pay the minimum payment on time each month.
Salary
Income matters. Salaries can reflect where a career path is headed and how much financial security a couple will have in the future. As unfair as it may sound, unstable wages can be a potential dating turn-off. Both men and women who see marriage in their future want financial security. Think about your job and career trajectory. Are you in a position that meets your financial needs? Are you financially secure enough to be in a serious relationship? If not, re-evaluate your job, skills and career opportunities. With more women being the bread winners of the family, the pressure is just as high on a them to have a successful career and a stable salary. You don’t have to remove yourself from the dating game until you make six figures per se, but you should be financially secure enough to share your life with someone else.
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About today’s blogger: Tricia Parsons is an economist and freelance writer. She writes for many finance journals and loves sharing her knowledge of finance with others.
