Discussing finances can be one of the most difficult things to do, especially if there’s love involved. If you feel that a future is in store for you and your beau, talks about monies are crucial. Have you ever considered how your partner manages their finances? Or what they choose to spend their money on? Or how much they save every month?
If you don’t know the answers to these questions, it’s super important that you ask. The way in which a person spends money says a lot about who they are, and if you two are financially compatible. Let’s stop and think for a second: if you were to be married, do you expect you and your spouse to have a joint bank account? Wouldn’t it be important to know where your half of that account is going prior to committing? I think so…
Yes, love is about more than money. Survival is also about money, and safety, and enjoying life with the person you love.
But if you have expectations for what your future is going to look like, consider asking your partner the following questions:
Debt
Let’s start with the big guns—does your partner have debt? Personal? Student loans? How much is it, and how is your partner managing it? Is it being paid off? Is it being ignored? Or is your partner proactively seeking other options, i.e. deferment, loan forgiveness, etc. You don’t only marry your partner and his family, you also marry his debt…
Credit score
If you want to someday buy big things, like a car or house, having a strong credit score will get you the best offers. If you and your partner are legally linked via marriage, financing agencies will look at both scores. Be sure that your beau is winning the game of adulting with a high credit score.
Spending habits
We all have those silly things that we spend money on, and if it’s not going to destroy your future household, it’s cool. But if your partner needs to have the newest, sportiest, Benz every year when he’s sitting on 100K of debt, you clearly need to have a discussion about how he’s managing his finances.
Addiction
Spending money can be addicting. Does your partner gamble? Use drugs or alcohol? Or shop too much? These habits can get to be very expensive, and sometimes, one is unable to stop. Figure out where money is being spent and if it’s detrimental to the accounts and beau’s health.
Budget
Do you budget your money? Does your partner? Make sure that you’re on the same page re: where money goes and how much of it goes where.
Future spending
The future is something we all look forward to. Do you want a big house with an even larger kitchen, and double sinks in the master bedroom? Knowing that you and your partner are managing money to reach these future goals should be at the top of your list.
Savings
Do you and your partner have savings accounts? Is this money you two plan to never touch? Or money you’ll eventually invest in property, stocks, a CD, or a mutual fund? Talk about where these big bucks will eventually go. If it just so happens that your savings is only there as a security blanket for that rainy day, that’s good to know too…
Are you and your partner also having talks about moving in? Here are some things to address before making a decision…
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xx,
Paula
