10 Money Questions to Ask Your Partner Before You Get Married
by Karina Parikh
It’s easy to inundate your soon-to-be spouse with plenty of questions before you get married, yet many couples put off discussing their finances when they’re in the midst of wedding planning. Talking money may not sound like the most exciting thing that you’ll do during your engagement, but the truth is, you’ll learn much more about each other in the process and it’ll make married life go much more smoothly. The below questions are ones you should absolutely have answers to before your big day arrives.
1. Do you have debt? If so, how much? Student loan and credit card debt are quite rampant these days, and they make financial planning for two trickier. Debt can make or break your decision to open a joint account or keep things separate.
2. How much money do you have saved right now? Don’t let the answer to this question be a complete shocker later on. It’s always good to know what you’re starting off with before you make any financial decisions together.
3. Who’s paying the bills? Do you want to divide up the bills, or just have one spouse responsible for the bill paying?
4. What’s our spending limit? What constitutes a wild shopping spree may not be the same for you and your spouse. It’s important to set your budgets together so that no one ends up surprised when the bills come in.
5. What are your major money goals? You may want to save for a dream vacation while your spouse would rather use that money towards building a dream home. Set aside some time to each talk about your financial goals and dreams and make it a priority to work towards the ones that you both share.
6. How much should we save for emergencies? Not every life event can be as meticulously planned as your wedding. It’s important to have some money set aside for any big, unexpected expenses that come your way.
7. Are you investing your money? Investing your money in stocks, bonds, and/or mutual funds is a great way to generate wealth over time. Both you and your spouse should discuss and plan ways to invest your money, whether together or separately.
8. Does your job offer a 401k match? If so, great! If not, do some research about opening an IRA to save up for your future retirement.
9. How many kids do we want to have, and how much should we save for them? While talking about babies right now may seem like jumping the gun, it’s good to get a head start on saving up for your future kids (including their education funds!) should you choose to have any.
10. What should we do if we run into financial trouble? No one wants to imagine themselves struggling financially, but thinking about what you will do if you’re in a financial bind will save you from a lot of agony should you ever have to face that problem. Will you be comfortable asking friends and family for help? Do you want to seek financial counseling? Declare bankruptcy?
Discussing your finances before you get married shouldn’t fall at the bottom of your to-do list. Take time to discuss your financial goals and dreams, and be excited about the prospect of saving towards them together. After all, there are plenty of ways you can use your cash—and have we mentioned a Tendr registry is an easy, elegant way to receive cash gifts for your wedding?
You might also like:
How to file taxes for the first time as a married couple.
How to register your wedding with Tendr
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