Ideally, you should already know if you are financially compatible even before getting married. However, if you’ve been together for some time, it is never too late.
We’ve been blessed that we’re financially compatible in general. Sure, we still have our differences, and we occasionally have money arguments. But overall, when it comes to financial matters, we’re a great match!
So how do you know if you and your spouse are financially compatible? Discuss these five areas together (or think about this separately and then compare):
Compatibility Area #1: Goals
- What are your dreams for each of you and for your family?
- Do you share the same financial goals?
- Is it important to build your emergency savings?
- How do you feel about saving for long-term goals like retirement? Is it a priority right now?
- Which is more important for you now — saving for your children’s education, buying your own home, or some other goal?
- If you’re in debt, do you want to pay it off first before saving for a vacation or investing for your future?
- What do you want your annual income and net worth to be at five and 10 years from now?
Compatibility Area #2: Background
- Did you come from a lower income, middle income, upper middle income, or higher income family before getting married?
- What did your parents teach you or showed you about money?
- What were your childhood, teenage, and young adult memories when it comes to money?
- Did your parents fight over finances? Why?
- Did you grow up thinking money is not important or conversely getting rich is most important?
- Were you already good at managing you money before you got married?
Compatibility Area #3: Interest
- Do you like learning about making and managing money?
- Do you find money topics like budgeting and the stock market boring?
- Are you interested in personal finance books, magazines, seminars, and websites?
- Is money a taboo topic with your family?
- How much time do you set aside for financial matters?
- Do you always think about how to improve your personal finances?
Compatibility Area #4: Attitudes
- Do you believe that money is the root of all evil?
- How important is money to you?
- Do you think money will make you happy?
- How much money is enough?
- What’s the purpose of wealth?
- Do you find the stock market too risky?
- Is it good to invest in something that promises 10% guaranteed interest a month?
- Do you believe all debt is bad?
- Is insurance something you think is a waste of money?
Compatibility Area #5: Skills
- Do you know how to make a budget?
- Are you good at cutting costs and finding bargains?
- Can you calculate your net worth?
- Do you pay your bills on time?
- Do you pay your credit card balance in full or just the minimum required?
- Are you able to balance your checkbook?
- Can you determine which stocks or funds to invest in?
- Do you know how to save on insurance premiums?
- Can you properly compare loan or credit card offers?
This is not an exhaustive list but it can definitely lead to several nights of intense conversations!
Photo by Brooke Cagle on Unsplash
