In my last post, I wrote on the beauty of combining finances as a couple and the advantages that come with it, but it isn’t always this rosy, like I said in the last post.
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There are questions that you need to ask your partner before you choose to combine finances with them so it doesn’t lead to frustration at the end. Having a timely conversation on money will help couples avoid conflict later in life; in the same vein, if you and your partner have different personalities about money, it is either you get on the same page or you risk consistently having conflict as regards money.
It is never too early to begin to think about how you want your future to be about money when it comes to finances. These questions will help you come up with a financial game plan, get a hint on potential differences, possibly avoid problems, and stay away from the possibilities of financial headaches.
You can innocently ask what their reaction is going to be if they get a gift of $10,000. Although, you know, this may unlikely never happen, but just to get an idea of what their mindset is and what their money personality talks about.
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Another important financial discussion you should have is about financial obligations. I mean, if you both are going to be joining finances, then I believe it is only fair that you are open to each other on what your financial obligations are.
Knowing what the beliefs of your partner’s parent were about money could help a great deal too, as it could shape the person’s mindset and mentality about money later in life.
Whatever form of agreement you enter into with your partner has to be something you are able to live with on a long-term basis. Either you decide to have a total joint account or a partial one; there has to be discussion on the amount that would be going into the joint account and how you decide to deal with personal needs as they are certain to arise.
Whichever one you choose to work with needs to be something you both are comfortable with.It is also necessary for you to understand the goals of your partner in the next five to ten years, especially in financial terms; it is never enough to concentrate only on the present but also look for ways to make sure you are with someone who has a goal (financially) for the future.
Love is a beautiful thing, but there would be lots of arguments about money in the future if it is not already happening currently; you might save yourselves from future unresolved arguments if only you take a break to speak about those things today. It doesn’t have to lead to a fight but just create an understanding.