Talk to a debt counselor toll free:800-300-9550
Our Clients Rate Us Excellent
Based on 3234 reviewsTrustPilot Reviews
Falling in love and asking your partner financial questions seems to be at the opposite ends of the spectrum and one the latter can seriously affect possibilities of romance with other people. Though this carries a lot of truth in it, you cannot discount the fact that your finances are tied up to almost all aspects of your life’s journey. There are even dating rulesthat stem from people’s desire to manage their finances properly while looking for that serious relationship. When you were small, you might have memories of a small piggy bank or even putting up a lemonade stand with your friends. As you got bigger, your concerns were saving up for a toy or a game that you really liked. As you reach dating age, finances should be a big part of your decisions and not just what your heart is telling you. Statisticbrain.comshares that for people in the dating scene, personality accounts to about 30% of what is important for people. This should not only be the way he or she makes you laugh or how intently they listen. This should also consist at the very least of sound financial knowledge which can translate to a bright future for the both of you when if that time comes. Dating and falling in love, getting married, having kids and growing old together is a great journey to take with a loved one. What makes it even better is that you get every opportunity to make chase and build your dreams with your finances intact. But how do you get to know these things at the onset? The answer is asking the most appropriate financial questions at every juncture of your relationship.
Financial questions you need to take up with a loved oneIf you are starting to get serious with that person right in front of you, do not be afraid to throw in questions about money management because this will give you an idea how the two of you click as a couple when it comes to money. When you are dating One of the easiest things you can talk about right after deciding where to go and what to do is who pays for what. Traditionally, men always pick up the tab but as time passed by - women started doing the same or at the very least, sharing the cost. There is no right or wrong answer but the important thing is you talk about it. This is a financial exercise not to find out who earns more or who is more generous with money. The main takeaway at this point when asking if you split the bill or take turns (if there is a second date) and even how you buy big ticket items is getting into the exercise of talking about money. You need to get comfortable with it because if and when your relationship progresses, you would have to do it often. When you are getting married Cdc.govshares that in every 1,000 people, about 6.9 people get married and if you are part of this statistic, your financial questions need to start becoming a little more serious. One of the most popular dilemmas couples face before getting married is how they will pay for everything. As romantic as the occasion is, there are payments to be made to make it happen. Do you save up for it for a few months before deciding to tie the knot or do you plan to borrow for it and then pay for it after the fact? You also have to talk about how your finances will be as soon as you start living under one roof. If you plan to save up for it, what do you do with the extra money you get to save after the wedding? If you are paying for it months after the wedding, where do you get the money and how do you split the cost for it and everything else? When you are deciding on a house One of the biggest financial decisions you will ever make as a married couple is where you will live. You might dive right into buying a house and not have a clue that there are some mortgage payments that drags your finances downbecause you did not put much thought into it. There are financial questions you need to ask each other before making a decision. The first part is determining if you are comfortable renting or if you prefer getting a mortgage loan and buying a house. You both must understand that your decision will be affected by your financial ability. Much like your wedding expenses, do you have money saved up front to get a mortgage loan or do you rent in the meantime so you can save for a down payment? Your lifestyle and priorities as a couple will also play a crucial role in this decision and should come together with the financial questions you ask yourselves. If you prefer living near your place of work in the city because you prioritize your career at this point and buying a property is out of the question then renting is the next best thing. These are just some of the things you also have to factor in when deciding on where you should live. On having children Getting a house was a major financial decision but having children is one of the biggest life decisions you will ever make. You need to thoroughly discuss this with your husband or wife and in that conversation, financial questions will come up along the way. After you have talked about your thoughts on having children, you need to consider the cost that comes with it as well. WSJ.comshares that to raise a child born in 2013 from birth to up to 18 years of age, you would need approximately $245,000. That is not just some spare change you can pick up from the couch. As a couple, you need to seriously look into this when making the decision. The matter of who takes care of the kids will also come up. Someone has to stay at home and care for the children and the two of you needs to figure out not only what it can do to your career but to your finances as well. There are a lot of financial questions you have to tackle such as who will stay at home and can your budget survive on one source of income. You might also want to explore how you can earn a little extra money to augment your funds. In planning for your own financial future When talking about financial future, this mostly concerns about retirement fund and how you can sustain your lifestyle at a point when you are no longer working. To determine this, there are a lot of questions you need to ask each other and to even help assess your risk appetite for investments. The bottom line is that you, as a couple need to figure out a game plan to help you enjoy life when you get older.
Falling in love and financesThere are a lot of appropriate financial questions you need to look into at every point in your relationship. You should not come into a first date trying to let the other person know how a credit score can affect a love lifeor asking how much they are making. But you should not get married without even knowing if your partner even understands the importance of planning for retirement. Ask the right questions at the right time so you know if you can move forward or if you should just remain as friends.
Common inquiries about financial questions Financial questions to ask your boyfriend There are pretty simple things to ask when you are just starting out but as your relationship becomes more serious, you need to start asking more serious financial questions as well including your partner’s credit score. As lenders use this to assess risk, you can do the same to understand how they value their finances. But of course, there is always a reason behind everything and if they have a low score, you need to know the reason behind it first. What do you need when getting a mortgage loan? One of the most important things in getting a mortgage loan apart from presenting a good credit score is having enough money for a down payment on the house. You need to put in equity on the house before you can get a mortgage loan. What are the common expenses in child raising? The most common expenses in child raising are providing everything they need to live such as a house to live in and food and clothing, But as they get older, one of the tougher financial questions you need to look into is how you will support their higher education. What are the financial questions to ask before marriage Some of the most important questions you need to ask is how you will pay for the wedding expenses. There are couples who decide to save up for the wedding while there are some who tries to charge it on their cards or take out a loan and then pay for it monthly.