Financial Planning With Your Partner

Dec 19, 2013 | Investing for couples

Couples should be as open and intimate financially as they are physically. Having frequent, candid conversations about money can help bring you and your partner closer. Openness and honesty about your financial lives can build trust and allow you to get to know your partner in a new way. A discussion of money is also a discussion of other, not-so-tangible things – values, goals, beliefs, family histories, and experiences both shape and reflect your approach to personal finance.

For long-term couples, it is very important that both people have an understanding of all the moving pieces of your wealth. Even if one partner takes the lead when it comes to handling your finances, both of you should be involved and active participants in your financial life. Certainly, you should both be aware of and agree on how mutual money will be managed.

There is no need to hit every single financial issue at once. Here are a few ways to start the conversation:

Your financial past:

  • When did you get your first job? What was it like to have your own earnings?
  • How was money discussed in your household growing up?
  • Do you have any standout experiences with money that have changed how you think about spending/saving/investing?

Your financial present:

  • What does financial health mean to you?
  • What does wealth mean to you?
  • Would you say that you’re a saver or a spender? What sort of things do you like to spend money on?
  • Do you have any debt?
  • How do you manage your day-to-day expenses – do you have a set budget?

Your financial future:

  • If you were financially free, what would you want to do with your time?
  • What are your main financial goals?
  • Where do you see yourself in terms of your ideal career path?
  • What does your ideal retirement look like?
  • Do you invest? What is your approach to investing?

Whether you in a relationship with someone new or you have been together for years, it is never too late to get to know your partner better financially.

Share This