Money Questions You Should Ask in a Relationship
Money is an all-important relationship topic for couples to discuss. Disagreements about money are the leading cause of misunderstanding, stress and break up in a relationship or a marriage. The best time to discuss? After the first couple of dates and as soon as you know you want to seeing the person seriously. You have to know the right questions to ask to make sure you understand and can cope with each other’s finances. Here’s what you need to discuss about money in a relationship:
What is your debt status?
This question should not be avoided. It is important you know if there is any debt because once you get married it becomes a shared liability. You should also come out to tell your spouse about your debt status. Do not lie about it or you’ll be having recurring fights about it for the rest of your life.
Is anyone financially dependent on you?
You both need to be informed if there’s a sibling, parent or anyone else who relies on you for money or to pay bills. You can include this as you create a reasonable family budget for the month.
What is your financial goal?
If you have conflicting financial goals, it can lead to misunderstanding and argument. Ask your partner questions like, where do you intend to live? At what age do you intend to retire? Do you plan on starting a business?
Discussing this will give you an idea of what plans you are both working with and how these goals can be attained.
What is your financial personality?
We all handle our finances differently because we have different personalities. Some are heavy spenders and hardly take out time to think much before spending money. While find it very difficult to spend money they did not plan to spend, and will seriously weigh the pros and cons before making a purchase.
In addition, some find it easy to make life investments with the little they have, while others want to postpone investing until they are more financially buoyant.
Being compatible financially doesn’t mean you have to agree on all things money. You just need to find out how you complement each other, be flexible and reach a mutually beneficial compromise, make a plan and stick to it!