Money Questions To Ask Your Partner Before Getting Married
Among all the conversations a couple needs to have at different stages of their lives with their partner, the most important (or awkward) can be the “money talk”. When we are starting in a new relationship, no one keeps tabs of expenses, especially if it means having a few amazing hours/days/weeks with your partner. However, when you take a big decision like tying the knot or moving in with your significant other or partner, it becomes necessary to have all the financial discussions beforehand. Safe to say, laying out all your cards (debts, assets and liabilities) on the table, right from the beginning can save you both a lot of stress and even bring you closer if you have these financial conversations in the right way.
What are the topics/questions you need to discuss?
Happily, ever after is not as easy as it is often portrayed in movies and books, it is far messier and more complicated with our baggage and burden. Thus, when you have the courage and honesty of discussing your financial needs well before making a huge commitment, it just means you will have one less thing to worry about later in life.
You will be clear on your status, ensure you are transparent to your partner, know of their aspirations and goals and of course, discover that you are on the same page or willing to compromise a little (on both ends) to arrive at it. All of this stems from a financial goal planning that you must have with your partner at the right moment. And it ensures you have a firm footing before making the big decision or getting hitched or moving in together. Here are a few questions that you should keep handy when you finally sit down to talk.
1. Your views and beliefs about money
Before you get down to the nitty-gritty of numbers and understand their financial situation, it is extremely important to understand their belief about money. A lot of our behaviours are deep-rooted in us from our childhood experiences, and the same holds for you and your partner when it comes to money.
Thus, understanding their views on how much they value money, what drives them to earn more or whether they are keen on budgeting and being transparent about it – all of this helps in establishing patterns and conscious behaviour when it comes to money. Of course, once you understand all of this, you both can collectively work towards cultivating better habits or proceed to make plans for the future if you are already in a good and firm place when it comes to money.
2. Your spending and saving habits
If you want to manage money effectively, the first step is to discuss your spending and saving habits. Once you have the weakness and strengths of your partner like what things/sale or products triggers them, and they can’t resist shopping or how aggressively they can save for a particular financial target. All of this will give a good idea as to how much you want to save, spend and budget.
This way, you understand your partner’s financial needs and can easily devise a budget plan that suits you both. Remember, starting a life together or moving in is a big responsibility, and it is better to pick up pace where your partner falters and vice versa. That will constitute a long, happy every after.
3. Your debts and credit card history
You know their impulses, their strengths, but you cannot do away without looking at the not-so-glamourous part of their financial status – their debts and credit card history.
Your credit score and history come into play when you would want to purchase your first home together. For the down payment and availing good loan on both your names, your history is the first thing the bank will ask. Thus, discussing your past debts and credit card dues is a must before you go into matrimony. Huge debts, when sprung upon one spouse after marriage can make things awry and is not the transparency you should have in your marriage. This is why it is significant to discuss all this and see past credit reports of your partner to have a clear picture of what they spend on and how you can work together to clear those dues (if there are any).
4. Your financial goals for the future
Whether you both want to have a child, both want to continue working, or one partner is more interested in being a home-maker, and the question of when do you see purchasing your first car, home or other financial milestones, all of this comes into the picture and forms a part of couple financial goals.
It is not only important to understand the priorities and goals of your partner, but also ensure you are on the same page when it comes to all the major decisions you ought to take as a team.
5. Your financial obligations to family and responsibilities
This includes dependents before marriage. For instance, you or your spouse might be supporting your parents, siblings or in general, helping out someone via lending money. If you have financial obligations or responsibilities that take a huge chunk of your salary, make sure your partner knows about this. This will help in establishing how you both want to proceed on future goals and commitments, along with monthly budgeting.
6. Your combined assets and liabilities
Last but not least, combining your asset. After subtracting the debt on both parts, the final amount you have should be a good solid number to keep you afloat for the next 3-6 months, at least. This should be exclusive of the cost of your wedding ceremony, honeymoon or moving in cost.
Since you are a team now, in the future, make sure you are transparent about everything and put the surplus you have to a combined finance savings account. digibank by DBS is giving an attractive 5% interest rate per annum on your savings account. With its seamless, instant onboarding and online banking, you are in for many more treats and the future of banking. Check it out now!