Did you know that 43% of adults say they have committed a financial deception in their relationship?
Before you walk down the aisle, get married, or even live with a significant other, it’s important to have an open conversation about money. It’s the only way to ensure that you’re on the same page and able to avoid some of the common financial pitfalls associated with marriage.
If you are wondering what finance questions to ask before you get married, this short and simple guide is for you.
1. Will We Have Separate or Joint Accounts?
The answer depends on whether you’re a spender or saver. Some people like having their own money to spend on whatever they want, while others prefer to have their partner dole out cash when necessary.
The solution is to have a joint account that contains enough money for both of you to spend on whatever you want. You also need to have enough cash set aside for paying bills, buying groceries, and other necessities.
The key is finding the right amount of money in the account so that neither one of you runs out before payday or feels like there’s not enough for everything else.
2. Where Is Our Money Going?
Even if you have little savings right now, you should at least know what your monthly expenses are so that you can create a budget and stick to it. If you’re not sure where all of your money goes each month, it’s time to get organized.
Start by creating a spreadsheet with all of your monthly bills and their due dates. Then, figure out exactly how much money is left over each month so that you can start tracking where it goes.
3. How Much Debt Do We Have?
It’s not uncommon for people to carry credit card debt, student loans, or other debts into their marriage. Often, you’re even responsible for your spouse’s tax debt.
The good news is that it’s also relatively easy for couples to consolidate their debts and pay them off together. However, if one person has more debt than the other, the balance could be an issue for years to come.
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4. What Are Our Plans for Retirement?
This is a question that should come up early in the marriage planning process, but it may not always be an easy one to answer.
If you want to retire in five years and your spouse wants to work for another 20, this could be a problem. If you are planning on moving somewhere else, does your spouse want that too? And if so, when?
This may seem like a minor detail, but it can make or break a marriage.
Finance Questions: Start Your Marriage the Right Way
There are many finance questions to ask before marriage that can help you better understand the overall financial situation you are getting yourself into.
These questions can help you determine if you are ready for marriage, as well as your spouse’s financial situation. This will help prevent unnecessary stress and financial heartache down the road.
