Talking about finances may not be as romantic as talking about future date plans. But it is one of the most important things to be discussed with your partner.
Money issues could be the source of stress for couples. Or worse, it is one of the reasons for divorce. In order to avoid financial conflicts with your partner, you should talk about it and try to land on the same page.
Here are seven financial questions that you can ask your partner.
- Financial Goals
Asking your partner questions about financial goals is an extensive topic. But it is one of the best ways to start the conversation.
You can ask about your partner’s long term and short term goals. From, there you would know how to support them. You may ask about the lifestyle they want to have. Or how they see themselves in the future.
Both of you should also determine the most important goal. Learn to organize them, so that you won’t be confused about which one should you achieve first. Know which of the goals can take longer.
Asking about financial goals could be smooth. Only if your partner is open to this kind of conversation.
- Current Financial Situation
Knowing the current debt situation of your partner may not be a big deal to some. But take in mind that if you are ready for a serious relationship, you should also be ready to share the same responsibilities in paying off debts with your partner.
If you find out that your partner has debts, know their plans about repayments. They should also tell you about the actions that they take to pay off the debts.
Make sure that they only get a loan from a legal money lender with a realistic repayment plan. Based on what’s mentioned by Cashmart Singapore, if issues arise, this could be a serious factor that may ruin your relationship. It is best to be open when it comes to loans and other financial responsibilities.
- Leisure Spending to Give Up
Used to going on dates every week? You may need to cut it down a bit once you are married to prepare for other priorities such as your mortgage and new appliances. As individuals, there are leisure activities or things that we cannot simply give up. It is important that both of you understand each other’s needs.
There are spendings that both of you might not agree with. But if both of you failed to understand each other, this might be detrimental to your relationship.
Although you have to merge your finances, you should still have an allowance that you can spend individually. You can spend it on whatever you want. It is still important to feel that you have control over part of your personal finances.
You don’t have to give up all of your leisure as a couple or as an individual, but there will be times when you would have to find an alternative activity. You simply need to plan things out and be willing to compromise with each other along the way.
- Monthly Expenses
It is always important that you know your monthly expenses. Know how much you need to spend monthly on expenses like rent, insurance, food, and utilities. If you both know your monthly expenses, you will be guided on your spending plans.
Ask about their idea on the monthly budgeting. From there, you would know their budgeting techniques. You would also know how responsible they are with their finances.
Unexpected expenses could occur at any time or any day. So, it is important that you allot a rainy-day fund. You may ask your partner if they are ready for unexpected expenses like medical bills and car repairs.
Knowing that your partner has rainy-day savings will somehow give you assurance. This is helpful when unexpected situations happen.
- Managing Finances Together
If you are planning for a serious relationship, you would likely have to share your finances. The first thing to ask them is their plan for managing their finances.
You can talk about ways you can both manage your money well. Create a method that will work for both of you. For example, you can split your money by 50/50. Or if your income is better than your partner, you can make adjustments. Make sure that both of you agreed on that scheme.
You can ask questions about ways to attain your financial goals. You should both agree on how you will split the budget for your travel or date. Especially on how you will both pay for your rent and utility bills.
- Saving for Retirement
Knowing your partner’s plans for retirement is one factor to know if they have a serious understanding of money. If both of you have concrete and achievable plans about your future finances, you would know what to do.
Those plans that you create together, will guide you on how you will handle your finances. But make sure that you and your partner are firm with your financial plans.
Both of you should know the importance of saving for retirement. This will help you be ready for what is about to come in your old age.
Needless to say, marriage is not all a bliss. It is not just tying a knot and vowing to love each other. It is being financially bonded and being responsible with each other. You need to pool in your resources and decide together.
Talking about money is not easy. Some people may be more sensitive when it comes to this topic. It may take some time to get used to considering your spouse every time you make a big ticket purchase.
As a couple, you should have a regular conversation about money. This will also help you convey your ideas and feelings about your financial commitments.
If ever you encounter financial challenges, having that conversation will be a great help for both of you. This will also help you gain a healthy financial relationship.