7 Financial Questions to Ask Your Partner Before Getting Married

Finding the right partner in life can make everything, including finances, easier. You and your partner must determine if your financial styles mesh well before marrying. Money stress can kill your marriage, so make sure you find out how they feel about and handle money.

 

1. Are They a Saver or a Spender?

 

Savers view money differently than spenders. Spenders may always pay their bills or at least meet the minimum payment on time, but savers treat their savings account like an important bill. Conflicts may arise if one of you is a saver and one is a spender.

 

2. What's Their Credit Score?

 

Anyone can have a bad financial patch and a low credit score. If credit scores matter a lot to one of you and not at all to the other, it's a good idea to go through financial counseling before you marry to get on the same page. Working on your credit score is one thing; not caring about your credit score can be a severe problem.

 

3. Do They Owe Money and Where?

 

One of the most important conversations you can have is about how much debt you carry. Is that debt secured with collateral, like a mortgage or a car loan? Is it student loan debt or credit card debt? Again, anybody can get into trouble with debt, especially early in life. Your focus needs to be on your attitude about debt and your ability to use it wisely.

 

4. What Are Their Long-Term Financial Goals?

 

Does your intended want a family? Do they plan to retire early, or do they want to travel frequently? Some people want a big house and many children, which will require carefully structuring your finances. Some want to work remotely and travel the world, which will require a different financial plan.

 

5. How Do They Handle Financial Stress?

 

Financial bumps happen. Managing that stress as a team will be easier if you have the same mindset. Does your partner focus on the problem and work towards a solution, or look at the problem and find someone to blame?

 

6. Do They Have a Budget?

 

A budget can be as simple as a notebook and pen. If you and your partner don't yet have a budget, building one together's a good idea. Managing money together when you have money is a healthy way to develop a cohesive financial style.

 

7. How Do They Manage Their Wants?

 

Sometimes, wants have to wait because you have to cover bills and take care of your needs. Budgeting to allow financial space for wants is a terrific way to build your money communication process.

 

Keeping things equitable in your partnership is key. Joint accounts and open communication will go a long way toward building a healthy relationship. Before getting married, it’s important to discuss finances, as this will have a large impact on your relationship.