7 Financial Questions to Ask your Significant Other Today
If you’re in a long-term relationship, congratulations! With Valentine’s Day coming up, you may be thinking of flowers and chocolates but… if you’re planning to build a life together, you also need to think about your finances. In fact, financial problems are among the top five reasons for divorce, with 36.1% of exes citing this as the reason for splitting up. So, here are seven big questions you should ask your loved one.
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- Can we schedule a time to talk about our finances?
Don’t just spring a financial discussion on your partner. Instead, schedule a discussion. Especially if you’ve fought about money in the past, it’s important that you make this suggestion in a calm, non-judgmental way. - What are your financial goals?
Never assume that you and your partner have the same financial goals. If you’re a saver and your partner is a spender, your goals may be creating an emergency fund or saving for retirement while their goals may involve spending money on experiences, like a dream vacation or wedding. Together, you need to work out a compromise. How can you work together to achieve both of your goals? - What do you think about combining finances?
Combining finances is a big commitment and you should only broach this topic if your partner is fiscally responsible. Combining finances with a spendthrift who has no intention of budgeting can seriously deplete your savings. Also, remember that some people value their financial independence more than others and, if your partner does not want to combine finances, this doesn’t mean they don’t love you. - Do you have any outstanding debt?
Some people may feel ashamed to admit to debt so don’t ask this question in an accusatory way. If you have debts yourself, you can even begin by telling your partner that you’re working to pay off your credit card or a loan. If your partner does have outstanding debt, be realistic about the support you can offer. Even if you can’t assist financially, you may be able to help emotionally or work on a budget together to repay the money. - What do you think about investments?
Keep in mind that not everyone has a clearly defined investment style. However, you can ask your partner if they are risk-averse and therefore prefer safer investments or if they’re more comfortable with risk and prefer actively investing in the stock-market. Are they prioritizing investing for the short-, medium-, or long-term? - Do you have insurance?
Don’t wait until your partner has a health crisis to discover that they don’t have insurance. Especially because this could leave you both struggling to pay a big bill. If they don’t have insurance, try to understand why not. You can also discuss the types of insurance policies that everyone should have. - Should we get professional help?
Sometimes, financial discussions can get heated or hurtful despite our best efforts. If this discussion has uncovered serious emotional issues, then maybe you should talk to a therapist. If you are struggling with debt, a debt consolidation service provider can help you manage commitments via one simple monthly repayment. Sometimes, an expert can help work through the kinks and your relationship may be even stronger afterwards.
- Can we schedule a time to talk about our finances?