Talking finances might not be the most romantic topic in the world, but it is something that could make or break a relationship and because of this, it’s important that you and your partner know when you stand, financially speaking, before you make a long term investment in each other. Knowing what to ask is as important as asking the questions themselves.
What’s Your Annual Income?
The first thing you need to know about a prospective living partner is how much they earn a month. This amount will determine everything from where you live to how often you can go on holiday. Not everyone puts a lot of stock into high earnings so the amount that is acceptable will depend entirely on your own personal preferences.
How Much Savings Do You Have?
You never know when something could go wrong – you could have an accident, or your home could burn down – and if this happens, you might want to have something to fall back on. If you are serious about savings, you might want a partner who takes it as seriously as you do.
Are You Planning for Retirement?
You don’t want to be the ant who saves up all summer preparing for the winter only to find that you’re hitched to the cricket that spent the summer resting on his laurels. It’s important to ask your partner what they plan on doing for their retirement, as well as how they are preparing for this.
How Much Do Your Monthly Debts Add Up To?
It doesn’t matter if your partner earns a bucket load if they aren’t able to afford their monthly debts – or if their debts account for most of their earnings. Make sure you know exactly what they owe each month so that you can adjust your spending accordingly.
What is Your Credit Score?
Your partner’s credit score will impact everything from the interest rates on the home you purchase together to how much finance they can get for a vehicle. It’s also an indicator of how well they manage their finances, so make sure that you take this seriously.
What Does Your Budget Look Like?
Does your partner budget and if so, what does that look like? A budget will show you how your partner prioritizes their finances and it will also show you if they are able to cover their monthly expenses.
How Much Do You Allocate For Spending Money?
Spending money on the fun things in life is great, but you need to make sure that you and your partner can afford to do this. For this reason, it’s important to ask your partner how much they spend on activities and items that fall outside of their monthly bill payments.
Being financially compatible is important if you want a strong and healthy relationship and with that comes a few important questions you need to ask. These questions might be tough to ask at first, but they could be the foundation on which you build your future home.