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How to Approach Discussing Finances with Your Partner

Krystal Johns
09 Mar, 2023

Money is often considered to be one of the biggest sources of stress and conflict in a relationship. Whether you're just starting out or have been together for a while, it's essential to have open and honest conversations about your finances with your partner. But sometimes, it can be difficult to know where to start. That's why we've put together a list of important financial questions to ask your partner.

What are your financial goals?

The first step in any financial conversation is to determine what you're working towards. What are your long-term financial goals? Do you want to save for a down payment on a house, pay off debt, or retire early? Understanding each other's goals can help you prioritize your spending and create a budget that supports your shared vision.

What's your current financial situation?

It's important to be honest about your current financial situation. This includes your income, expenses, debts, and assets. You should also discuss your credit scores and any outstanding loans or credit card balances. By understanding where you stand financially, you can make informed decisions about how to move forward together.

How do you like to manage money?

People have different approaches to managing their finances. Some prefer to save every penny, while others enjoy spending money on experiences and luxuries. It's important to understand each other's spending habits and how you both like to manage money. You may need to compromise on some things, but finding a balance that works for both of you can help prevent conflicts down the road.

How do you feel about debt?

Debt is a fact of life for many people, but not everyone feels the same way about it. Some people see debt as a necessary evil, while others try to avoid it at all costs. It's important to discuss how you both feel about debt and come up with a plan for managing it. This may include paying off high-interest debts first, consolidating loans, or setting a budget for paying off debt over time.

Do you have a budget?

Creating a budget is an essential part of managing your finances. A budget can help you track your spending, prioritize your expenses, and save money. It's important to discuss whether you currently have a budget and, if not, how you can create one together. You should also consider using a budgeting app or tool to help you stay on track.

How do you plan to save for retirement?

Retirement may seem far off, but it's important to start planning for it early. You should discuss how much you plan to save for retirement, what types of retirement accounts you want to use, and what your retirement goals are. This can help you create a long-term financial plan that will help you achieve your goals.

What are your priorities for spending money?

Everyone has different priorities when it comes to spending money. Some people value experiences over possessions, while others prioritize saving for the future. It's important to understand each other's priorities and find a balance that works for both of you. You may need to compromise on some things, but finding a shared vision for your spending can help prevent conflicts down the road.

How will we manage shared expenses?

If you're living together or sharing expenses, it's important to have a plan for managing your finances together. You should discuss how you'll split bills, whether you'll have joint or separate bank accounts, and how you'll handle unexpected expenses. You may also want to consider creating a shared budget or using an app to track shared expenses.

How will we handle financial emergencies?

Financial emergencies can happen to anyone, and it's important to have a plan in place for dealing with them. You should discuss how you'll handle unexpected expenses, whether you'll use an emergency fund, take out a loan, or

use credit cards. It's important to have a plan in place before an emergency arises, so you're not caught off guard.

Do you have any financial secrets?

Honesty is key when it comes to managing your finances together. You should both be open about any debts, credit scores, or financial obligations that you may have. It's important to discuss any financial secrets you may have and come up with a plan to address them together. This can help build trust and prevent conflicts down the road.

How will we handle major purchases?

Major purchases can be a source of tension in any relationship. It's important to discuss how you'll handle major purchases together, whether it's a new car, home renovation, or a big vacation. You should discuss your budget, how you'll save for the purchase, and what your priorities are. Having a plan in place can help prevent disagreements and ensure that you're both on the same page.

How do you feel about investing?

Investing can be a great way to grow your wealth over time, but not everyone feels comfortable with it. You should discuss how you feel about investing, what types of investments you're interested in, and what your risk tolerance is. If you're new to investing, consider working with a financial advisor to help you navigate the process.

What's your approach to financial planning?

Financial planning can be complex, but it's important to have a plan in place to help you achieve your financial goals. You should discuss what your approach to financial planning is, whether you want to work with a financial advisor or do it on your own. You should also discuss what tools you'll use, such as budgeting apps or investment platforms.

How do you want to handle taxes?

Taxes can be a complicated topic, but it's important to discuss how you'll handle them together. You should discuss whether you'll file taxes jointly or separately, what deductions you'll claim, and what your overall tax strategy is. If you're unsure about how to handle your taxes, consider working with a tax professional to help you navigate the process.

How will we plan for our children's education?

If you have children or plan to have them in the future, it's important to discuss how you'll plan for their education. You should discuss what types of education you want to provide for them, how much you'll need to save, and what types of accounts you'll use, such as 529 plans. Planning for your children's education can help ensure that they have the best possible opportunities in the future.