When you get serious with a partner, there’s a lot to consider. Do you have the same hygiene levels and personal values? Do you both want marriage and kids? And, money features in there as well. If you’re going to spend the rest of your life with someone, you need to know they approach money in the same way as you do. Knowing, from the off, if your partner has debt is essential. Like any deceit, hiding money issues can spell the end.
Debt aside, it’s also essential to get a grasp on your partner’s money ethics and judge whether they match yours. As much as varying opinions can ruin a couple’s chances, varying attitudes towards money can do the same. Even if you partner isn’t in debt, you need to have some difficult conversations to judge this situation. Here are some of the questions you should ask yourselves.
Save or spend?
Does your partner save or spends their spare money? A true-born saver will always want to hoard their extra cash for emergencies. Their savings account will always be stocked, and they’ll be in good standing to tackle most issues.
A spender, on the other hand, will have no saving sense. Instead of putting even as little as £10 aside, they’ll waste it on things they don’t actually need. After all, money is there to be spent.
While a divide like this may not ruin a relationship, it’s essential you both go into things with your eyes open. If the saver is willing to step back and let their partner spend as they will, this could work. That said, the saver of the pair will have to adjust to bailing their partner out on occasion, too. It can be a hard pill to swallow.
Increase or settle?
It’s also important to talk about what you plan for your financial futures. It should go without that saying that everyone aims, in some way, towards improved finances. But, there’s no denying that it’s more of a priority for some than others. If they have enough to get them by, some people are quite happy to settle in their current financial situations. Sure, more would be nice. But, it isn’t essential. If one of the pair, however, is determined to increase earnings and quality of life, this could become a real issue.
Rent or buy?
It’s also worth discussing whether you’d like to buy a house in the future or settle for renting. Further than that, you could consider whether you want to work with first home builders, or buy a property. All these decisions impact how much you’ll need to save, so these are all conversations you need to have,
As with all the above, being opposed in these considerations could spell trouble. It may be that you find compromises for each of these issues. After all, we do anything for the ones we love. But, if you’re making compromises which make you feel financially vulnerable, it may be worth reconsidering.