While you and your partner adjust to merging your lives as your relationship progresses, have you considered what merging your financial lives could look like? Better yet, have you asked the right questions so that you know what to expect? Here are some questions to ask for an open and honest financial discussion.
How much do you earn?
While this may seem to be an obvious question, many can’t say they 100% know what their significant other’s paycheck looks like. It’s time to pull out the pay stubs and give them a good look over. Why? Knowing your partner’s income will help you have more realistic conversations about large purchases while also deciding on how to divide up everyday expenses like rent or groceries.
Will we keep separate accounts in addition to our joint accounts?
Many couples choose to keep their separate checking accounts, while others will go all in and only have joint accounts with each other. While there is no right or wrong way to merge finances, both of you should understand what money comes in and what goes out.
What is the goal of our financial life?
Married or not, you and your partner should acknowledge your goals. Are you saving up for something? Are you looking to pay off debt? Are you building your emergency fund? Additionally, what are your long-term goals for the next five and ten years? These are all important questions to ask each other so you can continue down the road to financial success together.
Are you a saver or a spender?
As the saying goes, “Opposites attract.” Likely, your partner will not have the same spending habits as you. You might see your partner’s spending habits on a day-to-day basis, but the bank accounts and a productive conversation about it will tell a larger part of the story for both of you.
What did you learn about finances while growing up?
How you watched finances being handled (or lack thereof) while growing up will affect how you handle them for yourself. Evaluate your habits and have an honest conversation with your partner about what you both could learn from each other.
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