American Financial Benefits Center Advocates for Regular Money Talks Before Marriage and Beyond
EMERYVILLE, Calif., April 2, 2018 /PRNewswire/ -- Getting married means more than just joining families. The couple's finances will be joined, as well, so it's important that they be on the same page about things such as debt, income, and financial goals. For many young adults today, that may require a conversation about student loans. American Financial Benefits Center (AFBC), a document preparation company that helps its clients with federal student loan repayment plan paperwork, encourages couples to talk about their student loans and come up with financial plans for dealing with them.
"Getting married is exciting, but talking about money almost never is," said Sara Molina, Manager at AFBC. "Getting on the same page when it comes to finances and student debt is important for building a solid foundation for a future as a team."
Couples should remember that, once they are married, financial success or failure affects both parties. Even if the debt is not in both names, taking out new lines of credit may depend on both credit scores, so couples may choose to work together to keep all debt in good standing.
Some experts suggest establishing a habit of regular money meetings. Topics to discuss can include spending habits, debt balances, goals, and, of course, student loans. Rather than having money talks when the financial stress or frustration sets in, regularly scheduled meetings can help reduce stress and keep the couple on the same page in the long term. Financial stress is prevalent in student loan borrowers, so they may benefit from regular check-ins.
To jumpstart such conversations, it may be easiest to begin by discussing financial goals. Talking about traveling or buying a house can be a positive start to a conversation that can then transition to budgeting or the details about how to achieve such goals. Future meetings can check in on progress and may pivot the strategy. Couples may choose to consult with a financial expert about their finances together.
Though it might be difficult to talk about, student loan borrowers who may be struggling with their debt shouldn't hold that back. Couples or individuals who feel their student loans prevent them from working toward other goals due to high payments may consider applying for an income-driven repayment plan (IDR). Offered by the Department of Education, IDRs calculate payments based on income and family size. Any reduction in payment can help borrowers in their other financial goals.
"Student loans and other finances shouldn't get in the way of wedded bliss," said Molina. "In fact, we believe that open conversations about money can be good for couples in the long run. At AFBC, we hope our clients who are in IDRs feel that they have the financial freedom to work toward their financial goals for their families. We help them recertify enrollment in IDRs each year they remain in the program so they can continue to make progress toward such goals."
About American Financial Benefits Center
American Financial Benefits Center is a document preparation company that helps clients apply for federal student loan repayment plans that fit their personal financial and student loan situation. Through its strict customer service guidelines, the company strives for the highest levels of honesty and integrity.
AFBC is a member of the Association for Student Loan Relief (AFSLR), and each representative on the phone has received the Certified Student Loan Professional certification through the International Association of Professional Debt Arbitrators (IAPDA).
Contact
To learn more about American Financial Benefits Center, please contact:
American Financial Benefits Center
1900 Powell Street #600
Emeryville, CA 94608
1-800-488-1490
[email protected]
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SOURCE American Financial Benefits Center
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