Ask These Money Questions to See If You’re Financially Compatible
Money causes a lot of stress for many of us, and it’s no secret that the problem multiplies when you’re in a relationship. From rent to a mortgage, the cost of raising children , or perhaps how you plan to spend your non-child savings, different approaches to money can lead to relationship conflict .
If you want to avoid deal breakers in the future, it’s important to start serious money conversations as early as possible. In the end, these problems will not disappear, but over time will only lead to resentment and tension. Here are the types of money questions you should use to find out if you are financially compatible with your partner.
How do you imagine how we divide bills?
Will you share the costs 50/50, or will the one who earns the most cover the most? Does your partner even plan to merge finances? By asking this question, you also open the door to how jointly you both present your finances.
What are your savings goals?
And an important continuation: what are you doing to achieve them? Maybe you increase your retirement accounts every year, but your partner doesn’t share the same vision of investing in the future. Think about your spending habits too. It may be important for you to drink iced coffee every day , but your partner considers it a huge waste of money. Knowing both your personal and general savings goals can help you figure out what to expect going forward.
How do you deal with debt?
Even if you are not married, your debt or your partner’s debt is likely to affect your relationship. Consider the following questions:
- Do you have a debt repayment plan and how long will it take to get out of debt?
- Will debt get in the way of making big purchases together? Do you travel? Starting a family?
- If you get married, will the debt remain separate or become a joint liability?
What would you do if you lost all your money…
…or if you won the lottery? Asking big hypotheses is a great way to get an idea of the overall financial performance. Things like: What if you don’t want to participate in the lottery, what would you do with the money? Would you rather spend your life in a job that you don’t like but pays very well, or a job that you are passionate about but that will never make you rich? If you had to put aside 50% of your salary for one year, how would you do it?
Be honest if your money philosophy is too different to ignore
In the end, your relationship with money may be more important than your relationship with each other. Are you wasting every chance you get? Is your partner too obsessed with savings? Find out how you both feel about money to anticipate possible problems in the future. In the meantime , here are our tips for strengthening financial intimacy in new relationships .