3 Money Conversations Every Couple Should Have.

 

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Love is in the air, so are your stress levels and they won’t be coming down unless you make up your mind to have those money conversations you have been avoiding.

Money conversations are hard. Talking about money can be uncomfortable, the thought of sitting down with your significant other is a dreadful thought but your relationship is about to take a new turn and this conversation needs to be had. Having money conversations with your significant other will not only bring you two closer but will help you achieve your joint-financial goals.

Since Money is a very delicate subject we suggest you approach it delicately. If you haven’t had it yet, this season is a good time to have that conversation. 

While there are many aspects to this conversation, we are highlighting three important questions to ask your significant other.

What Are Your Long Term Financial Goals?

Here’s the thing about this question, you get an insight to your significant other’s financial priorities without making them feel uncomfortable.

Everyone has long term goals and though these goals may seem far, it’s completely ok to have conversations about them. These goals might include things like going back to school, vacation plans, retirement plans, home ownership etc. but whatever they are, it’s good to know what your significant other thinks about their financial future.

How Much Debt Do You Carry?

Debt is an incredible burden. Majority of adults carry some loan debt so it’s likely that your significant other has some.

Find out how much debt they have and why. Also ask for details on how they’re paying it off. If this is a long-term repayment situation, it will almost certainly affect your life together and while having debt isn’t quite the deal breaker, it’s best to know how much debt someone has prior to joining your lives together. 

If this isn’t a problem, go ahead and decide as a unit how to confront each person’s debt load.

Spending Priorities & Budgeting

You’ve talked about goals and debts, now is the time to get to the numbers part. Budgeting is an important part of the conversation that should not be left out. This is the one where you talk all things finances.

You want to know if you will you be joining finances and will have a joint account for expenses or if you will have separate finances. If you will be joining finances, you’ll want to know how much each person can spend without discussing it with the other person. In summary, it is important that both members are comfortable with the spending priorities and budgeting decisions.

In conclusion, financial compatibility will play a huge role in the success of your relationship.  Identifying your money incompatibilities before a life-long commitment is very important and can save a lot of future pain and heartache.


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