15 Dec 2023
One of the top reasons for couples getting a divorce is said to be because of money-related problems. Still, many find money a very awkward conversation to have with them to-be-spouse. Many families even consider it to be a “taboo”. Disagreements and arguments over spending habits, debt and financial contributions can create big problems for a married couple. Hence, it's much better to clear the air on finances and each other’s financial situation upfront, before taking a relationship further. We help make the conversation a little easier by guiding you through the money-related topics you must touch upon with your future spouse before you say “I do”
Here are some topics you should cover:
SPENDING HABITS
Ask about spending habits. Do they maintain an expense budget and do they manage to stick to them? You want someone who has inculcated or is willing to inculcate financial discipline in their spending habits.
CREDIT PROFILE
Enquire about their credit score and debt profile. What is their current score? Have they defaulted on any large loans, credit card payment etc? And what are their current outstanding debts? A negative credit profile could hurt any big financial decisions that you would take as a couple. If you decide to jointly borrow for a home in the future, your spouse’s bad credit history could make that difficult.
GOALS AND ASPIRATIONS
What are the long-term future financial goals and how are they preparing or planning to achieve them - Retirement plan, lifestyle goals. This question could reveal a lot about the person’s personality as well. If somebody is goal-oriented and organized, they will have set aspirations and a systematic plan to achieve that goal too.
FINANCIAL EMERGENCIES
Are they prepared to handle financial emergencies and do they have sufficient savings? Basically, do they have an emergency fund?
SHARING EXPENSES
How do they want to handle shared expenses in the future? This is an important question to ask because it sets expectations regarding each other’s financial contribution to the household. A particularly important question in a double-income household.
This is just a suggestive list, you can add more questions based on previous conversations with them. Asking these questions helps reveal a lot about their personality as well. Be ready to share your answers with them too. Financial compatibility is just as important a component of any healthy relationship and goes a long way in ensuring a happy and successful married life.
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