If you are thinking of tying the knot with “The One,” then 9 Year Mortgage suggests that you first learn how they feel about their finances. This has the potent to be an awkward conversation, so to make it easier for you, 9 Year Mortgage has compiled a list of questions that you can ask your partner to instigate the conversation. Having this talk will strengthen your relationship and will also help you form a much more solid foundation when it comes to your financial future together.
9 Year Mortgage’s “Questions to Ask”
1. Do you feel saving money is important?
Saving money for the future is always a good idea. If your significant other is investing or saving for retirement, this might be an indicator that they are thinking about the future and not just satisfying today’s wants. Do they set aside a certain amount of income each month from their paycheck? Do they put that money into the bank and use it a few days later or do they leave it untouched? Asking these questions will help you to make a better value judgment on their spending habits. Another way to find out these answers is to simply be observant. Do they spend exorbitant amounts of money on the latest and greatest gadgets or are they more prudent with their money? By keeping a watchful eye, you can glean a lot of information that will be useful for you to know. 9 Year Mortgage suggests that the two of you come to an agreement on what level of savings you consider to be appropriate for your situation and desires.
2. What would you do with a $1,000 bonus?
Would they spend the money on frivolous things or would they use it to pay off car payments, student loans, and other debt? If your partner is in debt and chooses to spend the bonus in ways that will help pay off that debt, this shows that they are more interested in getting back in the black than deepening their financial pit.
3. What your thoughts are about debt?
If you have not already experienced debt in one way or another, consider yourself lucky. Most people have some form of debt, whether it be from credit cards, student loans, car payments, or buying a home. Despite what we often think, not all debt is bad debt. Debt may be necessary to pay for things in life such as education, real estate, or building a business. Try to only assume debt for things that will later produce income down the road. It is important that when debt is incurred that the priority of you and your partner is to pay it off as quickly as possible.
4. What is your current financial situation?
Find out how much debt each of you have, including loans, credit card payments, etc. Then find out how much you have in savings, investments, retirement accounts, and so forth. This is not a “point blame at the other person” exercise, but more of a realistic view of where the two of you stand financially. The exact numbers you come up with are not necessarily important. The purpose is to find out where your priorities are when it comes to spending and saving.
5. How many accounts do you have and where are they?
Be sure to plan for the unexpected things life might throw your way. Find out where your significant other keeps their assets. In the unfortunate event that something happens to them, you will need to know what bills need to be paid, what credit cards they have, and so forth. Try to combine both of your financial information in one spot so that either of you can access it easily if necessary.
9 Year Mortgage Sums it Up
When discussing your finances together, make sure to be open and honest. Don’t look for the “right” answer just because it sounds good. It is much better to have a realistic idea of both of your finances now then to try to hide it later down the road. Realize that debt and finances are not things many people are comfortable talking about. Be sensitive to your partners insecurities, concerns, and plans for the future. If you two don’t see eye to eye on your finances, don’t think you have to end the relationship. Simply knowing that one of you is a spender and one of you is a saver will greatly help as you two plan for your future together.
To learn more about about this subject, read another 9 Year Mortgage article on Finances and Marriage.
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