Money Questions to Ask Your Finance BEFORE Marriage
The excitement of getting married should be accompanied by frank talks about money even before walking down the aisle. Here is an article which explains what major money questions you should pose to your partner in order to be financially compatible.
Chapter 1: Financial Goals and Values
1.1 What are your short-term and long-term financial goals?
Find out what is important financially like, getting home, becoming entrepreneurs or setting up savings towards old age. Agree on how to make goals coincide with each other in order to attain them.
1.2 How do you view and manage debt?
Comprehend how your mate views indebtedness- student loan, credit card, etc. Effective ways of managing and reducing debt in the firm.
1.3 What are your spending habits and financial priorities?
Talk about your attitude towards spending money, budgeting, and saving. Do some compare of your saving habits, budgeting and discretionary spending. Explore potential areas of compromise.
Chapter 2: Income and Expenses
2.1 What is your current income and earning potential?
Provide details about what you are currently earning such as your salary, bonuses, and others. Talk about future job prospects and salary expectations.
2.2 How do you manage your day-to-day expenses?
Discuss your daily spending habits and methods of budgeting. Talk about merging finance or having separate accounts.
2.3 Do you have any existing financial commitments or obligations?
Disclose all financing arrangements, including child support, alimony, and loans, if they exist. Get a sense of how such responsibilities would affect your financial decision making as partners.
Chapter 3: Financial Management and Planning
3.1 What is your approach to financial planning?
Describe your approach to personal financial planning – savings, investment and retirement planning. Can you join hands in pursuit of a common future? Do you share value?
3.2 How do you handle emergencies and unexpected expenses?
Take a look at how you and your partner overcome sudden financial difficulties. Why it’s important to have an emergency fund, and ways to build it together.
3.3 How will we make financial decisions as a couple?
Create a Financial Decision-Making Framework. Would You Rather Jointly Decide, or Assign Responsibilities?
Honest discussions on monetary issues before getting married are essential for a successful relationship; money is an influential aspect, which may not be discussed between people unhesitantly. Through talking about financial goals, values, income, expenses, and financial management strategies, you can begin building your financial life together. Bear in mind that good communication and mutual understanding form the foundation for a successful marriage when it comes to finances.