9 Questions for a Productive Financial Discussion with 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. 

 

Statistically, one of the top “don’ts” in a relationship is letting 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 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 (or don’t 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? Do you have a preference? Or maybe a hybrid approach? It’s important to align on this together early in a relationship. 

 

#5 – Do you own a home, or is it a goal? What are you doing to save for payments? Homeownership is a big financial commitment. As partners, understand your goals and plan to reach them.

 

#6 – Are kids in your future? If so, how will you financially plan for them? This will come as no surprise; having kids is expensive! If you plan to have a child, make a financial plan with your partner beforehand to help reduce stress.

 

#7 – 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.

 

#8 – What are your retirement plans and goals? Plan your retirement goals as a partnership early to make them a reality later in life!

 

#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. Set your partner up to succeed.