When discussing relationships, open communication is crucial. One topic that is often overlooked but extremely important is money. In his eye-opening book, Talk Money to Me, Jason Tartick, a former contestant on “The Bachelorette” and financial expert talks about this issue. He says that you should talk about everything about money with your partner so as to lay down strong foundations for your relationship. These are eight vital questions regarding finance which have been recommended by Jason Tartick for discussion with your spouse.
What Are Our Financial Goals?
Knowing what each other’s dreams on the subject of finances are very significant. For example: Do you want to save for a house, have kids or retire early? Talking about short term and long term goals will help come up with an overall plan for money management.
How Do We Handle Debt As A Couple?
Debt can cause a lot of strain in any relationship. Be honest about all forms of debts owed including student loans and credit card balances as well as any other liability numbers involved too such like mortgage payments etcetera.. Share ideas on how best to handle repayments; whether jointly or individually among other things necessary during this talk . Doing so will prevent future surprises while fostering trust between both parties involved .
What Is Our Spending Philosophy?
People have different spending habits; some save while others spend more freely without thinking much about it later on because they believe if one has enough then there shouldn’t be any problem at all but sometimes they do not understand why their partners keep complaining every now then … This section needs both of them to state their views concerning money usage and try reaching common ground at least where possible otherwise conflict resolution skills may be required here too! Create a budget that can accommodate both styles but ensure savings still happen somewhere along the way since it helps avoid unnecessary conflicts over cash which eventually leads towards financial peace in marriage .
How Should We Plan For Emergencies?
Life is full of surprises and so are money related issues which can arise at any given time hence the need for conversations about this topic. For instance, talk about how much should be saved up as an emergency fund; where it should be kept or invested plus many more… Decide whether having one joint account is better than having separate ones etcetera .. By doing these things together ensures preparedness on both sides when unexpected expenses come knocking on our doors thus financial stability becomes achievable more easily than ever before within such unions.
How Will We Handle Major Purchases?
Whether it’s a new car, holiday abroad or renovating your house; big buys call for careful thought process before proceeding with them. Come up with ways to approach such decisions like setting limits/budgets towards specific items; agreeing upon their necessity/urgency levels among other factors that may influence spending habits.. This way no one will just wake up in the morning feeling like buying something expensive without even consulting his/her partner first which might lead into arguments later on especially if somebody had different priorities altogether from what others were thinking initially . Also ensure both parties contribute equally financially too so nobody feels left out during such moments as well.
What Are Our Savings And Investment Strategies?
Saving money and investing for future use plays a crucial role in anyone’s life thus requires serious attention too. Talk about savings goals including retirement plans then figure out ways of achieving those objectives step by step. Review different investment options available taking into account personal risk tolerance levels towards financial freedom realization at all times … Lastly keep monitoring progress made while adjusting course where necessary since circumstances change overtime necessitating frequent alterations within one’s fiscal blueprints.
How Do We Manage Our Finances Day To Day ?
Decide who does what when dealing with everyday cash matters e.g., bill payment systems; checking accounts management etcetera .. You may choose joint bank accounts or have separate ones depending on preferences but what matters most is having clarity over this issue. Additionally someone has to take charge of paying bills regularly while another person tracks expenses made thus promoting accountability within such relationships .
What Are Our Expectations Regarding Financial Independence?
Everyone defines financial independence differently hence the need for talking about it as a couple. For example, one may view being independent from money matters while still not working at all whereas another person might think that unless both partners are working then there’s no such thing called independence .. If incomes fluctuate how will they cope regarding budgeting etcetera; should both work or can the other stay home among many other considerations … Setting clear expectations ensures contentment and comfortability among lovers when sharing wealth together.
Conclusion
Talking about money with your partner can bring the two of you closer together and help you stay aligned. In his book Talk Money to Me, Jason Tartick reveals some important points on how to have these discussions which are necessary for every couple. When we talk through these 8 key financial inquiries, it creates an opportunity to establish strong basis for our finances while moving toward a safe and contented forever as partners. It should be noted that getting along financially is very important if you want your relationship succeed in the long run.
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Good mood and good luck to everyone!!!!!