It’s very important to have conversations about money with your partner, especially as the partnership grows stronger, and definitely before marriage, should you choose to take that step. Start having these conversations as early as possible, as it helps to avoid later conflict. Everyone eventually has conversations about children, about loyalty, about relationships with the other person’s family, and about so much more…so why not also about money? It might make you uncomfortable at first, although if that’s the case, then you really need to be talking about it!
Conversations about money can certainly come from a place of love and concern for the other person. If you can manage to succeed at being guided by your interest in each other’s money mindsets, habits, and financial goals, the relationship will likely grow stronger from it.
Here are a few questions you can explore with your partner in time. Don’t try to do it all in one evening – that would be too much of a good thing!
· What significance does money have for each of you?
· What are your first thoughts when you think about money?
· What do you prioritize when making financial decisions?
· Do you have a budget, and do you save money?
· Do you invest?
· Do you have financial goals? If yes, what are these goals?
· How do you want to split your expenses up?
· Do you want to have a joint account?
· What assets are you each bringing into the partnership or the marriage? Is it okay with each of you to split the gains from these assets in the event of separation?
· Would you and your partner prefer to draw up a prenuptial agreement, which would control how your assets are divided upon divorce?
· What happens if you decide to have children together?
· How will you handle parental leave? What happens if one of you earns more than the other?
· Go through some hypothetical financial decisions together, such as: Do you want to buy a house or apartment together one day? Is that equally important for both of you?
Money secret No. 23: One of the most important conversations you can have in your life is the one with your partner about money. It can save you a lot of heartache, and it’s helpful to be sharing a home with someone you love who can support you in your financial goals or the ones you have together. What a wonderful feeling!