I Caught My Fish!

Written by on May 2, 2013 in Relationships - No comments | Print this page

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I Caught My FishRinging Up the Cost

Your proverbial rod has caught a fish; you’ve met someone that you might conceivably want to spend the rest of your life with.

There are fireworks from the first date and those that followed couldn’t have gone any better.

This person seems perfect for you and you for them. One year later you are still feeling a special connection and inevitably people are asking questions about marriage. You laugh it off but a few months later one of you proposes and the other accepts.

Inevitably, everybody is excited but you must keep your feet firmly on the ground; weddings are not cheap. There are so many costs to factor into the overall price and it can be quite stressful even if you are both earning a good wage.

A Nest or a Nest Egg?

The wedding went well, the honeymoon was the experience of a lifetime and now all the fun is over there is where everything really begins. You are not keen to acquire more debt with the loans and credit card bills still rolling in but you want to set up home together.

You could rent for a while as your financial situation stabilises but you both feel it is important to have your own place, your own space. You look around for the best mortgage and an affordable house to build your future. You look forward to the inevitable children, the DIY, the entertaining, the Christmases and New Year’s celebrations.

You find a house but it is in need of renovation and you have a few more ideas on how to extend the size of the house, perhaps a new conservatory and to save you money you consider installing solar panels.

You take out low-cost loans in order to finance this, comfortable in the thought that you can manage on your current wages and at least one of you is expecting a promotion in the next year or two.

It’s not you…actually, it is you!

Things get difficult. Perhaps there are problems at work; you’re putting in more hours and that promotion didn’t materialise. Either way, the marriage is suffering difficulties.

A few more months pass; you work on it but with each day, separation looks more likely. One of you moves out of the house which brings the added cost of rent. You still have the home improvement loans to pay off; the mortgage and the house will be the major point of contention if you get divorced.

Worryingly, you still have some credit card and other bills to pay as this is how you financed the wedding and the honeymoon.

You file for divorce and though you tried to be amicable, because you can’t agree on some of these key points, solicitors must be involved. This means further costs to both of you.

The bills are racking up and the prospect of a long and drawn out divorce pleases nobody, except, perhaps, for the solicitors. At the end of it all when the fine details are finalised you still have debt and probably a fair amount of stress. Luckily, there are many debt advice services available for people in this situation.

The financial crisis of the last few years means that many struggle with money worries and need independent advice on managing their debts. There are “debt calculators” around the web to assist you calculate what you can afford.

Katie Latchford is still working through paying off debts she acquired as a student. She understands how difficult it is and realises there is no shame in people seeking help with debt from one of the many resources available.

Image courtesy of africa / FreeDigitalPhotos.net

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