Love And Money: How Financially Compatible Are You? In today’s blog post I want to touch on the subject of finances when it comes to relationships. Firstly I’ll be sharing different ways for you to know and point out whether you and your partner are financially compatible.
Love And Money: How Financially Compatible Are You?
I haven’t written many posts on the topic of money and relationships on this blog, but I’ve decided to take the bull by the horn and speak on the topic. Valentine’s Day is a couple of days away and if you’re stuck on gift ideas for your significant other, you can check out this article where I share 8 great valentine’s gift ideas that won’t cost you a penny.
In today’s blog post I want to touch on the subject of finances when it comes to relationships. Firstly I’ll be sharing different ways for you to know and point out whether you and your partner are financially compatible. Financial red flags for you to look out for in a relationship and lastly I’ll share questions for you to ask your partner when you’re dating to how financially compatible you really are.
Part 1 – How Do You Know If You Are Financially Compatible?
Here are a few ways that you can know if you and your partner are financially compatible.
- You can have a conversation about money without it turning into a fight. Money can be a subject of much contention in relationships. If you’re able to have conversations about money without it turning into a fight then you’re on to something good.
- You don’t need to hide your purchases from them. If you’re having to sneak purchases in and out of the house or are having to tell lies to cover up for your purchases then this should ring alarm bells. Why should you have to withhold the truth about your spending from your partner?
- You have similar priorities when it comes to how you spend your money. You both think it’s important to save a percentage of your income every month which is great, that shows you have similar spending priorities. Even if you have different spending priorities, there is always room for compromise and to meet in the middle.
- You share the same future financial goals. You both want to be homeowners within the next 5 years and are saving towards the deposit. That’s a clear indication that your goals are aligned. If you want to save and buy a house within the next few years while your partner wants to go travelling around the world for the next 5 years, then those goals clearly are not aligned. You’ll need to discuss these goals and see where you can make compromises to meet in the middle.
Part 2 – Financial Red Flags In A Relationship
If someone shows you their true colours, believe them. It’s important that you don’t ignore any red flags when it comes to money in a relationship. Ignoring them will eventually come back to bite you where the sun doesn’t shine. If you see any of these red flags in your partner, don’t ignore them. Marriage will not eliminate them it will illuminate them. Here are some red flags to look out for:
- They’re secretive about where their money goes
- They don’t pay their bills on time but always have the latest drip
- They borrow money from you and don’t pay it back
- They have bad credit
- They try to control your money
- They never want to talk about money
- Their money values don’t align with yours
- They can’t keep a job for more than 6 months
Pat 3 – Money Questions To Ask Before Marriage
I think a lot of issues in relationships when it comes to money occur because of a lack of communication about the subject. It’s a taboo topic to discuss but it can quickly become a huge elephant in the room if not tackled head-on.
I’ve written a list of some questions to ask your partner so that you can get the conversation about money started. Hopefully, it will help start the dialogue and the conversation can flow organically from there.
When to ask these questions is totally up to you. Some people are comfortable asking these questions within the first few dates, while for others it may take longer to pluck up the courage to go there. The main thing is to ensure you have these conversations at some point in time and preferably before you say I do.
Here are 9 questions that I think are great to ask. Leave a comment in the comments section below if there are any other questions that you think should be included in this list.
- How much debt do you have?
- How much money do you have saved?
- What is your income?
- Will we combine our finances once we’re married?
- What are your financial goals?
- How do you feel about renting or owning a home?
- Is charitable giving important to you?
- Can you live on a monthly budget?
- What will we teach our children about money?
I hope you found this article interesting and insightful. Let me know in the comments section below what you think of the points raised in the article.
More Like This:
If you enjoyed this post, ‘Love And Money: How Financially Compatible Are You?’, then you will also enjoy my other blog posts on similar topics, check them out below: