“Being on the same financial page with your partner isn’t just about avoiding fights over who forgot to pay the Netflix bill. It’s a window into a shared vision of your future: how you value experiences, how you prioritise your family, and how you define success.” Jeff Guenther, a therapist from Portland, Oregon, highlights an uncomfortable yet crucial topic which couples should discuss before marriage: money.
Before tying the knot, it’s important to discuss questions on the topic of money to avoid complications or disagreements further down the road, such as mismatched approaches to budgeting, or conflicting views towards spending. Some discussion points could include:
- “What are your financial goals?”
Individuals in a couple may often be saving for different goals, whether it be for a car, property or dream holiday. It's important to ensure that your goals as a couple are compatible to avoid complexities arising in the future.
- “How are your spending patterns and habits?”
Spending patterns can give rise to arguments if one partner is a frugal saver, and the other is an avid spender. Planning how to reconcile these differences, if they exist, is important in helping couples avoid disagreements and tension.
- “How should we manage our finances?”
How will the income earnt by each partner be managed? Will you choose to keep finances separate, combined, or have a mix of both? Clarifying these questions early on ensures that couples are on the same page and to avoid issues arising when the bills arrive.
- “What are your thoughts on prenups?”
One of the last things couples may want to talk about is divorce. But it's important to be aware of the financial implications which arise from divorce and hence, sharing thoughts on prenups helps each partner take steps towards protecting their accumulated assets if they wish to do so.
- “Let’s keep on talking about this.”
A one-off conversation about money is unlikely to yield valuable insights about how your partner thinks money should be managed. It's important to continuously bring up the topic of managing money as a couple especially when circumstances change, such as when one partner receives a substantial pay rise at work, or you are both thinking of raising children.
If you or someone you know wish to discuss this issue further, then please do not hesitate to contact us on 02 8999 9809.