It’s important to have open and honest conversations about money with your spouse to ensure that you are both on the same page when it comes to your financial goals and plans. Here are a few situations when it might be a good idea to talk to your spouse about money:
- When you first get married: It’s a good idea to have a financial conversation early on in your marriage to establish how you will handle your finances as a couple.
- When you are making a major financial decision: Whether it’s buying a house, taking out a loan, or making an investment, it’s important to discuss major financial decisions with your spouse to ensure that you are both on the same page.
- When you are setting financial goals: It’s important to have a shared understanding of your financial goals and to work together to achieve them.
- When you are experiencing financial difficulties: If you are having trouble paying your bills or meeting your financial obligations, it’s important to talk to your spouse about it and come up with a plan to address the problem.
- When you are experiencing a major life change: Changes like having a baby, changing jobs, or retiring can all have a significant impact on your finances. It’s important to have a financial conversation with your spouse to make sure you are prepared for these changes.
Couples that openly talk about money behaviors are more likely to build a brighter financial situation.
Overall, it’s important to have regular financial conversations with your spouse to ensure that you are both on the same page when it comes to your finances. By being open and honest about your financial situation, you can work together to achieve your financial goals
Couples who enter money conversations focused on what’s wrong with their financial situation are more likely to have arguments about spending behavior. Instead of coming into the conversation argumentative or aggressive, enter the conversation with an open mind on how the two of you can build a brighter financial future together. If you find that you need tools to help facilitate your money conversations, be sure to check out my FREE budgeting tool and this article on different budgeting tools that could help you work together. If you prefer pen and paper instead of an app on your phone, these tools may also be useful for you.
What Questions Should I Ask My Partner or Spouse?
Here are 50 money questions you can ask your spouse:
- What is our current net worth? Use the free Personal Capital tool to help you track your net worth.
- Do we have any outstanding debts?
- How much do we have in our emergency fund?
- What are our long-term financial goals?
- How much do we currently save each month?
- Do we have a budget? Check out my FREE budgeting tool to get you started!
- How do we handle spending money on discretionary items?
- What is our current savings rate? Do we have a high-yield savings account?
- Do we have a retirement plan in place?
- How much do we contribute to our retirement accounts each month?
- Do we have any investments?
- What is our current investment strategy?
- Do we have a plan in place for paying off our debts?
- How much do we currently pay in taxes?
- Do we have any assets that we could sell to raise cash?
- Do we have any insurance policies in place?
- How much do we currently pay for insurance?
- Do we have a plan in place for handling unexpected expenses?
- What is our current credit score?
- Do we have any outstanding credit card balances?
- How do we currently handle bill payments?
- Do we have a plan in place for saving for our children’s education? Do we have a 529 college savings plan?
- What is our current monthly cash flow?
- Do we have a plan in place for saving for major purchases?
- How do we handle financial decisions as a couple? Check out how Financially Engaged tackled some of their biggest financial decisions as a newly married couple!
- What is our current debt-to-income ratio?
- Do we have a plan in place for handling our financial affairs in the event of an emergency?
- Do we have a plan in place for handling our financial affairs in the event of a divorce?
- Do we have a plan in place for handling our financial affairs in the event of a death?
- Should we get a money coach?
- Do we have a lawyer that handles our financial affairs?
- Do we have a will in place?
- Do we have a power of attorney in place?
- Do we have any joint accounts?
- Do we have any individual accounts?
- Do we have any joint investments?
- Do we have any individual investments?
- Do we have any joint debts?
- Do we have any individual debts?
- What is our current financial risk tolerance?
- Do we have a plan in place for handling financial setbacks?
- Do we have a plan in place for handling unexpected windfalls?
- How do we handle financial disagreements as a couple?
- Do we have any financial secrets from each other?
- Do we have a plan in place for handling our finances as we get older?
- Do we have a plan in place for handling our finances in the event of a job loss?
- Do we have a plan in place for handling our finances in the event of a major health problem?
- Do we have a plan in place for handling our finances in the event of a natural disaster?
- Do we have a plan in place for handling our finances in the event of a market downturn?
- Do we have a plan in place for handling our finances in the event of a major life change (e.g., moving, starting a family, etc.)?
More Helpful Posts…
When Should I Talk to my Spouse or Partner?
Talking about money with your spouse or partner is so important, but at the same time, so few people want to talk about it. There’s can be a lot of shame, confusion and embarrassment around money which can make one partner, or even both, reluctant to open up about this topic.
Typically, in relationships there is one partner who is all about spreadsheets and data… and then there’s the person who starts to gloss over the minute finances are brought up.
Instead of focusing on the data, start by focusing on why you are having the discussion in the first place. What are you working towards, what are your goals, and where will you be in 10 years thanks to your money goals.
Be transparent, be respectful, and make the discussion fun. Grab your favorite beverages, grab some snacks, put on some calm music, light a candle, and keep distractions at bay.
Couples that build their dreams together can accomplish BIG things together.
Wrapping Up
You and your spouse or partner are together for a reason. Find a way to make money conversations fun, regular, and productive. If you find yourself struggling to get through a money discussion, have your partner talk about why they think you two are having difficulty talking about the topic – are they not interested, do they not care, do they feel embarrassed or intimidated, or do they not know the basics enough to have a legitimate discussion with you. You and your partner can have a healthy relationship and build a brighter financial future together, one small step at a time.
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