In the United States, the average age of a first marriage is higher than ever before at 27 and 29 for women and men, respectively. While there are a number of reasons for this trend, over 1/3 of never-married young adults told Pew Research that “financial security” is the reason why they are not getting hitched.
Times are changing. Almost 60% of engaged couples plan to pay for their own wedding, many of them juggling wedding expenses with thousands of dollars in student loan burdens.
The USDA estimates that it will cost a middle-income family with a child born in 2013 about $245,340 ($304,480 with inflation) to raise the child up to age 18, not including college. (Did it just get hotter in here?…)
Feeling financial pressure without a plan can carry over to married life with unfortunate consequences. The average couple fights about money about 5 times a year. According to a Kansas State University study, fighting about money is “by far the top predictor of divorce” regardless of income, debt and net worth.
That is all CRAZY. Money doesn’t have to be a headache, and it absolutely should not ruin relationships. The earlier you start creating a financial plan, the better.
Let Bodnar Financial help you start planning your future together, as a team.