Money has long been known to be a leading cause of stress in relationships, and should be discussed before getting married. However, most couples still shy away from the talk on finances until it’s too late.
It’s easy to be swayed by the sweet gestures and romance, but here are 6 money questions to ask your partner before making that long-term commitment:
- How much money do we need to live comfortably?
- Can our combined salaries cover our living expenses?
- What percentage of the bills does each person cover?
- What debt do we have? and who is expected to pay?
- How much do we have in savings and investments?
- How much should be in our emergency fund?
1. How much money do we need to live comfortably?
Before getting married, make sure your expectations align and plan your finances together accordingly.
This includes budgeting for regular expenses such as rent or mortgage payments, groceries, utilities, and other necessary expenses.
It also includes planning for long-term goals such as retirement savings, buying a house, or starting a family.
2. Can our combined salaries cover our living expenses?
Once you’ve figured out how much you need, you can both create a realistic budget and plan accordingly.
Also, you’ll identify areas where you can save money and make necessary adjustments to your individual lifestyles.
This way, you’ll have enough money to cover living expenses, save for the future, and have some money for personal spending.
3. What percentage of the bills does each person cover?
Answering this question before getting married will ensure you and your partner are on the same page financially.
For example, if one partner earns significantly more than the other, they may be expected to contribute a larger percentage towards the bills, and vice versa.
This helps avoid feelings of resentment or unfairness and makes it easy to set goals and priorities.
4. What debt do we have? and who is expected to pay?
Discussing debt and who is expected to pay before getting married is important in order to avoid misunderstandings and conflicts in the future.
Answering this question makes it easier for you guys to work on debt repayment strategies by creating a budget, prioritizing debt payments, and finding ways to reduce expenses.
Working together to manage debt, will help you build a stronger and more secure financial future.
5. How much do we have in savings and investments?
Discussing savings and investments before getting married is important to understand your financial standing as a couple, create a plan for achieving your financial goals and plan for unexpected expenses.
Openness and honesty in this area will help you avoid future financial conflicts in your marriage.
6. How much should be in our emergency fund?
This question will help you and your partner build a plan for emergencies and unexpected expenses that may arise during your marriage.
The value of your emergency fund depends on several factors, including your monthly expenses, your income, and your financial obligations.
Financial experts recommend having at least three to six months’ worth of living expenses saved in your emergency fund.
final thoughts
It’s important to have an open and honest conversation about financial goals and expectations because this helps to prevent future misunderstandings and conflicts related to finances.
Establishing clear and transparent communication about finances is important. Be open to each other how much you earn, your goals and what your current financial obligations are.
Planning is bringing the future into the present so that you can do something about it now.
-ALAN LAKEIN
What other money questions do you think should be asked in a relationship? Tell us in the comments.
Love yourself enough to plan for your tomorrow. Visit www.bravewood.ng today to secure your future.
recommended articles:
5 tips to help you stay debt-free
Give your money the chance to work as hard as you do. Easy, automated investing on the Bravewood App.
