This “ Money Questions For Couples to Answer “ post lists some of the money questions that can make or break a relationship of couples. It is always best to be able to respond any money questions because this will have a major effect on how couples deal their day to day life with their loving partners. This post contains affiliate links/ads. See disclosure policy.
Pretty much, money is the root of all evil. I have known a lot of couples, many of whom are close to our family, who ended up separating because of money issues, concerns, or questions.
Truly, money can make or break a relationship. This doesn’t mean that you need to go into a relationship with money as the top priority. This is not what I mean.
What I mean is that money is a certain issue that will come up regardless of what your status is, how long you’ve been in a relationship, among others.
When I first dated my wife, we never talked about money. The only time we talked about it was when we were almost getting married. It’s a good thing that my wife and I shared the same principles when it comes to money.
Money talk is a sensitive matter. You may be offended or take it the wrong way if your partner asks you why you only have a couple of dollars in your bank. You may be upset knowing that going into marriage, you two will be bringing in a mountain of debt.
Regardless of where you are in your relationship, there are money questions that will always come up even when you are on vacation or doing something fun.
If the answers aren’t what the other needs or wants to hear, the happy moment can go sour and bitter in seconds.
Money Questions For Couples to Answer
Here are some of the money questions for couples to answer or need to address. These questions for couples are based on what my wife and I have asked before to each other and what my friends and family have had to answer. Some of these questions may or may not apply to your situation.
Having or not having a joint account may cause a strain in a relationship.
The questions related to creating or not creating a joint account may touch the issues of trust and reliability. In short, if you don’t want to create a joint account with your partner, he/she may think that you don’t trust him/her and that he/she is not reliable to manage both of your finances.
These are some of the questions that may arise when couples are talking about joint accounts.
- Are you going to create or not create a joint account?
- Do you need each other’s permission to withdraw money from that joint account?
- Do you put everything in a joint account or have a separate account for you just in case something wrong happens?
This is a sensitive issue as well especially when you are the only one earning a living for the family.
Some people will feel inferior when they aren’t contributing monetarily for the family. My wife and I had an issue with this in the past because my felt like she wasn’t contributing to the family because she didn’t have any income coming. I told her that what she did in the house, for the family, and for the baby were more than enough of a contribution.
These are some of the money questions for couples to answer:
- When earnings are combined, do we have enough money to satisfy our daily expenses? Do you have enough for things that come unexpectedly?
- How come your salary has not increased in the past? Should you be making more?
- Can you find a second job to help us pay our bills and save some more?
- What else can you do to make more money?
Not all of us were born with a silver spoon in our mouth. In our quest to have a better life or earn more money later on, many of us resorted to short-term loans, educational loans, etc.
Coming into a relationship or marriage with a mountain of debt can be troublesome. It is best to answer these questions that may or may be asked.
- What did you do to be in so much debt?
- What are you doing or going to do to make this debt get paid off?
- Do you want me to help you pay your own debts?
- How is this debt going to affect our chances of getting loans for our family such as home loans, car loans, and the like?
- Do you want me to borrow money from our parents?
- What and how much debt are we bringing into our relationship? Who is expected to pay it?
While retirement may be in a distant future, couples need to ask the questions and find answers early on.
They need to define what their retirement goals are early on so they can take actions and make necessary changes to attain such retirement goals.
Some of these money questions for couples, which are money-centric in nature, may or will be brought up:
- Where are you going to live? Are you going for a city-type living or a country living?
- How much do you need during retirement?
- How much do you have right now and how much do you need to save to attain your retirement goals?
- When are you going to retire?
- What are you going to do if you can’t meet your retirement goals or needs? Will you continue to work?
- Will you rely on your kids for support?
Not having money in the bank account is one of the sources of fights or disagreements of couples.
I have witness couples argued about finances simply because they didn’t see any money in the accounts (not even ($100). Working without seeing the fruits of your labor (i.e. savings) can be discouraging for those who are working.
Even worse, these people may question if they are doing what they can to make their lives better, if they are in the right job profession, among others. They may even wonder if they are ready to be in a relationship.
So many things can happen when savings is non-existent or close to being one.
Here are some money questions for couples that may or will be asked:
- What are you spending on? Are those needs or wants?
- Why can’t you save when other people are able to do it?
- Is there something wrong with how you and your partner manage your money?
- Is one or both of you not disciplined enough when it comes to money?
- How much does each of you contribute? Does one (need to) contribute more?
Other financial responsibhilities
Not all of us go into a relationship as a single person without other responsibilities.
I came to the relationship with a ton of debt. Some people go into a relationship or marriage with kids, child support, alimony, etc. We all have other financial responsibilities that we bring into our relationship unless you were born rich and had inherited something from your parents or grandparents.
Here are some of the money questions for couples to address:
- What part of your finances will go to those who you have a responsibility to?
- How long will you be responsible for that?
- When unpredicted financial events occur involving people are you responsible for, what is the better half’s involvement or responsibility?
- When it comes to insurance, how much is designated for your partner and your kids? How about those other people you are responsible for? How much is designated for them?
- Will you be responsible for their health insurance, education, everyday needs, etc.?
- Will you be financially responsible to help your parents when time comes that they need help?
- Will you bring your parents to live with you?
Going into a relationship is a great thing to do but it does come with responsibilities, and these responsibilities have questions attached to them. It is always best to talk about money matters. It’s never a good idea to live someone in the dark.
Coming from a personal experience, it is always best to share your thoughts, ideas, problems, challenges, among others with your partner or spouse. You are in a relationship and keeping secrets is never going to make your relationship any stronger. As a matter of fact, it will do just the opposite.
I say that it is better to ask and get answers than not ask and just assume what the answer is. You’ll never know if what you think is the answer the other person has in mind.
What money questions do you think couples should ask and straighten out? Do you think that some money questions are left unasked or should they be asked to make sure either part is aligned with money matters?