Financial Question Every Couple Should Ask
Most couples before they tie the knot they generally talk about family, children, honeymoon. They note each other's favorite color, taste, cuisine etc. But one thing you fail to ask is your partner's financial details. They may not seem romantic, but a list of questions any couple must ask to have a chance of succeeding in their relationship. This can be a hard subject to talk about, but it's an important one. Because if you reflect towards 90 percent of the divorce cases, you will find the root cause to it is financial problems and quarrels.
Hence asking about one another's finances and spending habits before getting married or moving in together is essential if a couple's relationship is to last. Here are a few financial questions every couple should ask one another.
What is Your Money History?
Some people are taught the value of money when they were kids. They knew the importance of saving in order to attain goals in life. It might not be the case will all. Problems arise in marriage because partners don't always see money from the same perspective. In talking to one another about how you each see money, you will begin to understand one another's money habits. That, in turn, will help you find a common approach for managing money successfully as a couple
What Are Your Assets?
Assets such as banks accounts, investments, retirement plans and a house will help you strive for the life you want. You should see where you are are financially as a couple so that you can map out where you want to go together.
How Much Debt Do You Have?
If you're planning to live together, the household budget and cash flow will be greatly impacted by you and your partner's ability to contribute to joint expenses. So find out if your partner is any kind of debt if in previous occasion he had availed a car loan or student loan. The way you each handle your debt obligations will have a big influence on your financial health as a couple
Do We Combine Accounts
If neither of you know how much money is really flowing through the individual accounts, nor how much is being saved and invested, then it's impossible to plan a future together. So discuss to know whether you should have separate accounts or a combined account. But it is true that marital peace stays when you have separate individual accounts.
How do you feel about budgeting?
Budgeting is key to making success of your finances. Don't just talk about a budget; plan it out and make it work! Initially it may be difficult as a couple to survive on a budget. But talk of comfortable you would to be living on a budget.
How Should We Divide Financial Duties?
After marriage, it often seen that there are times, when the coupled has delayed in payment of important bills. Because the husband was under the impression that his wife would pay it, and vice a versa. in order to avoid this confusion make sure as a couple you divide your financial obligations. Maybe one takes charge of investing and the other balances the checkbook. Play to each other's strengths. Both spouses need to be aware of the household's financial situation.
What are your long-term financial goals
Talk to your partner and get to his plans, his long term financial goals. Where do you see yourselves in the next 20 years. Talk about short- and long-term goals and create a plan to achieve them.
What is your credit score?
The day you opt for a credit card, you know how important it is to maintain a good credit score. Because most of your financial decisions will be based on your credit score. Be it during the time to avail a loan for your house or to buy a car. The bank considers your credit score and offers you a loan. Before you start living together or get married, each of you should pull your credit report, make sure it's accurate, then review your reports together.
Hence asking about one another's finances and spending habits before getting married or moving in together is essential if a couple's relationship is to last. Here are a few financial questions every couple should ask one another.
What is Your Money History?
Some people are taught the value of money when they were kids. They knew the importance of saving in order to attain goals in life. It might not be the case will all. Problems arise in marriage because partners don't always see money from the same perspective. In talking to one another about how you each see money, you will begin to understand one another's money habits. That, in turn, will help you find a common approach for managing money successfully as a couple
What Are Your Assets?
Assets such as banks accounts, investments, retirement plans and a house will help you strive for the life you want. You should see where you are are financially as a couple so that you can map out where you want to go together.
How Much Debt Do You Have?
If you're planning to live together, the household budget and cash flow will be greatly impacted by you and your partner's ability to contribute to joint expenses. So find out if your partner is any kind of debt if in previous occasion he had availed a car loan or student loan. The way you each handle your debt obligations will have a big influence on your financial health as a couple
Do We Combine Accounts
If neither of you know how much money is really flowing through the individual accounts, nor how much is being saved and invested, then it's impossible to plan a future together. So discuss to know whether you should have separate accounts or a combined account. But it is true that marital peace stays when you have separate individual accounts.
How do you feel about budgeting?
Budgeting is key to making success of your finances. Don't just talk about a budget; plan it out and make it work! Initially it may be difficult as a couple to survive on a budget. But talk of comfortable you would to be living on a budget.
How Should We Divide Financial Duties?
After marriage, it often seen that there are times, when the coupled has delayed in payment of important bills. Because the husband was under the impression that his wife would pay it, and vice a versa. in order to avoid this confusion make sure as a couple you divide your financial obligations. Maybe one takes charge of investing and the other balances the checkbook. Play to each other's strengths. Both spouses need to be aware of the household's financial situation.
What are your long-term financial goals
Talk to your partner and get to his plans, his long term financial goals. Where do you see yourselves in the next 20 years. Talk about short- and long-term goals and create a plan to achieve them.
What is your credit score?
The day you opt for a credit card, you know how important it is to maintain a good credit score. Because most of your financial decisions will be based on your credit score. Be it during the time to avail a loan for your house or to buy a car. The bank considers your credit score and offers you a loan. Before you start living together or get married, each of you should pull your credit report, make sure it's accurate, then review your reports together.
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