Talking about money with your partner can help you define financial values, develop strategies to reach shared financial goals, and resolve disagreements about money.
Why should you talk to your partner about money?
Everyone has different financial aspirations and goals. Discussing these with your partner helps ensure that both of you are on the same page. Whether it's buying a house, saving for a dream vacation, or planning for retirement, aligning your financial goals allows you to work together towards a shared vision, avoiding potential conflicts that may arise if expectations are not clearly communicated. These 50 money-related questions can help you start the conversation.
What questions should I ask about spending, saving and budgeting?
These financial questions can help you and your partner establish a household budget, agree on how to split bills and identify weak spots in your saving and spending habits:
Are you more of a spender or a saver?
Do you keep a monthly budget?
What is your annual income?
How much money do you typically spend each month?
How do you typically spend your disposable income?
What's the most money you've ever spent at one time?
Do you feel it's important to ask for my permission before making a large purchase?
Which expenses would you cut to reduce your total spending?
Would you prefer to split utilities and other expenses equally or according to our income?
Should we open a joint bank account or keep our money separate?
How much do you save on a monthly basis?
Do you keep an emergency savings fund?
How do you maintain your long-term savings?
What are your long-term financial goals?
What would you do if you received lottery winnings, an inheritance or any other unexpected windfall?
What questions should I ask about debt and credit?
Each partner's debt and credit scores can have an impact on their shared finances. To better understand how your partner navigates credit and debt, begin with these questions.
What are your credit scores?
Do you regularly check your credit reports and credit scores?
Do you know how your credit habits impact your credit reports and credit scores?
How frequently do you pay for things using credit?
How many credit cards do you have?
Do you know the outstanding balance of each of your credit cards?
Do you know when your credit card billing cycles end?
How much do you pay in interest each month?
How much debt do you currently have?
Do you owe money to friends or family?
Do you have a plan to pay off your debt?
Have you ever fallen behind on payments for a loan or line of credit?
Have you ever defaulted on a loan?
Have you ever had to deal with debt collectors?
Have you ever filed for bankruptcy?
What questions should I ask about children and family?
Money topics related to family and children can be intimidating, but they're critical if you plan to maintain a future together.
Do you owe alimony or child support to a previous partner?
How do you plan to teach your children about money?
Do you plan to contribute to your children's secondary education?
Do you plan to pursue secondary or post-secondary education for yourself — either now or in the future?
Would you accept a loan from a friend or relative?
Would you lend money to a friend or relative in need?
Do you plan to support your parents or other relatives as they age?
How much financial assistance would you offer your sick or elderly parents?
When you were growing up, did your parents discuss their financial challenges with you?
Did your parents teach you any important lessons about money?
What questions should I ask about retirement?
If you and your partner hope to retire together, you'll also need to make sure you're aligned on your expectations leading up to and during retirement.
How do you hope to spend your retirement?
Where are you hoping to retire?
What is your ideal retirement age?
Do you expect to retire when your spouse does or at different times?
Do you have a long-term retirement savings strategy?
What retirement accounts do you have and how often do you contribute to them?
When can you afford to retire based on your current savings?
Do you expect to work at all during retirement?
What are your current investments?
What investments do you hope to make in the future?
Conclusion
While these questions can help guide important financial conversations, they are by no means exhaustive. Talking to your partner about finances is not just about dollars and cents--it's about building trust and transparency. These conversations may not always be easy, but the benefits are immeasurable.
Comments