Talking finances, the start of all great relationships, right? Well, perhaps not. But it is an important part of any serious relationship. As the first steps towards becoming a mature adult come knocking at the door, these are some of the most important financial questions to ask your partner.
Yearly income
This is the perfect place to start as you can immediately find out how much money there is to play with. Adding up both your incomes means all cards are on the table for what you have available financially. This means you can look at creating monthly budgets, savings accounts, and, of course, know what you have left to use on a little bit of fun.
Savings accounts
Emergency car repairs, losing a job, or having an accident can all mean that we may have to dip into our savings account. If you’re having a financial conversation with your partner, then it is important to discover if they have prepared for such an event. It also gives you peace of mind. It means you can sleep easy knowing that if something happens, you both have the savings there to get yourself out of trouble.
Retirement preparations
While on the subject of savings, you could bring up the discussion of retirement plans. Yes, those golden years may seem an eternity away, but the years soon disappear, and it won’t be long before you find yourself on a sunny Florida beach, or will you? With no savings, there’s no chance of seeing out your years in style. Discussing any retirement plans will also give you an opportunity to see how far your partner thinks into the future. It’s win-win.
Monthly debt
Although talking about debt may seem taboo, it’s an important part of any relationship. Ensure you explain to your partner that you aren’t asking to embarrass them; you just want to know what their financial status is like. Talking debt will give you an idea of how long it will be until you’re able to make a significant payment, such as buying a new car, house, or any other parts of becoming an adult.
Credit score situation
Debt and savings both have a colossal impact on someone’s credit score. Your partner may not know their credit score off the top of their head, which is absolutely fine. However, it will become a major decision maker when it comes to applying for loans or mortgages. If one of you has a bad credit rating, then it could bring the pair of your down. It’s not prying; it’s just preparing for the future.
Budgeting
Another brilliant question to ask your partner is if they have ever put any thought into a monthly budget. Rent, food, and other bills can all add up. That is why it’s important to know how much you need to cover the costs each month. So has your partner done the same, or are they living their life paycheck to paycheck?
Room to play
After getting all of the necessary bits out of the way, it’s time to start enjoying life and putting all that hard-earned money to good use: by going out and having fun! When talking finances with your partner, it’s key to discover whether they have an idea of how much this money is. After all, neither you or your partner want to find yourself spending out on a lavish trip only to discover it wasn’t in the budget!
After this conversation, both you and your partner should be one step closer to starting a life together. After all, now you know how much money you both share to put towards creating this life. Now it’s just time to go out there and start enjoying some of that extra cash!
