Apr 17, 2024 | Insights

Financial questions couples should discuss


Financial stability is a dream for many, and is often viewed as a cornerstone of a successful relationship. While love and communication are undoubtedly vital, money matters can be a source of tension for couples if not properly addressed. Whether you’re just starting your journey together or have been navigating life’s ups and downs for years, engaging in open and honest dialogues about money can lay the groundwork for a more secure future.

What are our individual financial goals?

Understanding each other’s financial aspirations can help you align your priorities and work towards a common vision for the future. This could include wanting to save for a house, preparing to start a family, or considering when and how you each want to retire. Retirement is a particularly important element as some imagine an entirely different life from their working life, so preparing for what that might look like for you both is essential.

How do we manage our finances together?

Deciding whether to merge finances completely, keep them separate, or adopt a hybrid approach is a decision that couples should make together. Discussing how you’ll handle joint expenses, such as rent or mortgage payments, utilities, and groceries, can help avoid misunderstandings down the road. It also assists both individuals in staying on course with their goals, as they’ll be aware of each other’s financial positions.

Do we have any debts?

Being transparent about any debts you have, such as loans or credit card debt, is crucial. Discuss how you’ll tackle these debts together and come up with a plan for paying them off. Understanding how you both feel about debt is also important. If one partner is strongly averse to debt, while the other heavily relies on leveraging and debt servicing, finding a middle ground or keeping assets separate may be the way forward.Top of Form

What is our approach to budgeting?

Taking the time to create a budget together is an effective way to manage household expenses and work towards achieving your financial goals. This could be tracked manually, using budgeting apps such as Frollo or YNAB, or through setting up automatic transfers. During this process, discussing how you will handle unexpected expenses (medical, house or car repairs etc.) is also important and may involve saving for an emergency fund.

In essence, navigating finances as a couple is about more than just money – it’s about building trust, understanding, and a shared vision for the future.

Information on this site may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product.

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