9 Financial Questions to Ask Your Partner

Roses are red. Violets are blue. I’ve got a financial savings plan. How about you? 

 

We love chocolate just as much as the next person. But we think what really screams long-term commitment is being on the same page about your finances. Don’t let a lack of financial communication get in the way of love. Pose these nine questions to your Valentine to help guide you in the right direction.
 
#1 – How do you budget and save? Are you an app user, a spreadsheet planner, or do you prefer a more relaxed approach? Check in with your partner to see if you can meet in the middle.
 
#2 – What debt do we currently have? As adults, many of us carry debt. Being open and honest about debt in a relationship will help avoid issues down the road.
 
#3 – How do you plan for big purchases? Do you prefer to weigh your options while your partner is prone to instant gratification? Set big purchase expectations in advance.
 
#4 – What are your thoughts on combined finances vs. separate accounts?  Or maybe a hybrid approach? Openly share your preferences and align as things get serious.
 
#5 – Do you own a home, or is homeownership a goal? Owning a home is a big financial commitment. Take time to understand your goals and make a plan to reach them together.
 
#6 – Do you want kids? How will you plan for them financially? Having kids is expensive! If you want children, talk about the financial implications beforehand to help reduce stress.
 
#7 – What are your retirement goals? Plan your retirement goals as a partnership early to make them a reality later in life!
 
#8 – Should we get life insurance? Could you afford your mortgage, childcare, or other expenses if your partner were gone? There are many reasons why you should talk about life insurance.
  
#9 – Do you have a will? And have you set up beneficiaries on your accounts? If things have gotten serious, it’s worth having the conversation, especially if you’re not married. Set your partner up to succeed.