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Live and Learn

Personal finance topics with a real world touch... 
and puns, because they make everything more amusing.

Money and your honey, pt.2

Relationships are tough. No doubt about that. Personal finance isn't always a picnic either. Put the two together and, well, money is a top reason for divorce. It's not usually the lack of it that causes the divorce, but the lack of compatibility in the financial arena. If you are new to a relationship, or even if you are working on the happily ever after, it's healthy to learn about each other.

Try asking each other some of the questions below. It will give you a chance to see where you both are with regards to your money.

  • What is the most important thing for you to save for currently (travel, moving, building emergency savings, retirement, etc.)?

  • Are you for or against opening a joint bank account? Why or why not?

  • Are you willing to compensate for each other if we haven’t saved enough for a goal? Why or why not?

  • What non-necessity is the most important for you to have a spending plan for?

  • Do you think it’s important that we talk about “big purchases?” If so how much do you consider being a big purchase?

  • Are you willing to support each other if we choose to go back to school?

  • Do you track your spending? If so how?

  • How do you feel about combined finances? Does being married or otherwise legally attached affect how you feel?

  • How often should we review our goals (both short- and long-term)?

  • What is the backup plan in case one of us becomes unemployed?

If you would like some helping sorting out money issues in your relationship, I'm here to chat. Let's hop on a video call to see how I can get you, your honey, and your money all on the same page.

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