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Dave Ramsey is America's trusted voice on money and business, and CEO of Ramsey Solutions. He has authored seven best-selling books, including The Total Money Makeover. The Dave Ramsey Show is heard by more than 12 million listeners each week on 575 radio stations and multiple digital platforms. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com. |
When you get married, your debt becomes one as well. However, it is important to keep in mind, until your are legally married, their debt is not yours. Finances Before, And After, The Wedding Dear Dave, I'm getting married this summer, and I'm on Baby Step 4 of your plan. My fiancé is getting onboard with your advice, too, and she's currently in the process of paying down her student loan debt. Would it be a good idea to go ahead, and put most of my emergency fund savings toward helping pay off her debt now? Aaron Dear Aaron, You’ve got a generous heart, and I know you love this lady, but I wouldn’t recommend being involved in paying any of her debt until after the wedding. At that point, you two are joined together as one, and the concepts of “mine” and “hers” and “his” disappear. It all becomes “ours,” and you can adjust your money situation to reflect your marriage and your financial makeover as a couple. Make sure that “we” have an emergency fund of at least $1,000 in the bank at that point. Then, if you’re both in agreement on the issue, you can throw the rest of what you previously had in your emergency fund at the debt. Both of you can also pile up cash between now and the big day, so that when you’re “official” you’ll have even more cash on hand. Congratulations, and may God bless your lives together! - Dave |
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