Toms River, NJ, February 7, 2013 –It's the season of love, but before couples take the next step in their relationship, they should discuss their personal finances. OceanFirst Bank reminds customers that taking the next step is not only a marriage of hearts but also a marriage of finances.
“It's no secret that people can become blinded by love, but if you stick to a plan, your financial situation doesn't have to be impaired,” said Mark Tasy, Chief Retail Officer.
An important component of any relationship is a solid financial footing. OceanFirst suggests that couples discuss the following:
Find out what's happening in Howellfor free with the latest updates from Patch.
• Be mine, or yours? Will you and your spouse-to-be keep finances separated or combine them? Consider individual money styles and find a system that works for you.
• Love’s Cost. Calculate costs and discuss how bills will be paid. Both may contribute to the bill payment, but who will physically write the check to pay the bills, monitor the investments and take care of the taxes. Consider setting a date every month to review and discuss finances.
Find out what's happening in Howellfor free with the latest updates from Patch.
• Sharing Credit. It’s important that spouses are aware of the others’ credit situation. Marrying a person with bad credit will not drag down your stellar record. However, your other half’s credit will be factored in when applying for joint financing. Knowing ahead of time will help you to plan more strategically.
• Cupid's Arrow. Couples should develop a plan to shoot down existing debt, starting with the balances that carry the highest interest rates. Whether or not the pair works as a team or alone, debt must be tackled.
• Sweet Savings. Saving as a couple fosters teamwork and is essential in times of financial hardship. Decide how much you want to save as a couple and do it automatically from your paychecks.
OceanFirst Bank, founded in 1902 and headquartered in Toms River, is a federally chartered stock savings bank with $2.3 billion in assets and is the largest community based financial institution headquartered in Ocean County. OceanFirst Bank has twenty four branch locations throughout Ocean, Monmouth and Middlesex Counties. For more information, visit www.oceanfirst.com
