18 Questions for Newlyweds to Discuss About Money

by Gina Blitstein · 0 comments

Becoming engaged and married is an exciting time in a couple’s life. Like most couples, as you begin your life together, you’re undoubtedly focused on your own version of “happily ever after.” In addition to the rush of being newlyweds, this is a time of thinking about important milestones like making a home together and setting off on a life that is commingled with that of another.

One of the most critical issues for newly-hitched couples to hash out is that of their finances. Money can be an emotionally-laden subject which may bring up deeply-seated issues for individuals and couples alike. That’s why it’s so important to openly discuss the topic with your partner early on in your life together. Like other important conversations you’ll have with your significant other, sharing attitudes, issues and concerns about finances with one another will lead to mutual understanding. Such knowledge ensures a secure groundwork, allowing you to visit this issue from a shared perspective and make informed joint decisions concerning spending, saving and financial goals.

If you’ve planned and/or paid for some or all of your own wedding, you have more experience with money management than you may think. You’ve already dealt with such issues as determining how much what you want costs, creating and staying within a budget, financial allocation and compromising with your significant other (and possibly other interested parties). These issues are not unlike the “real life” ones you’ll encounter as a couple as you manage your money.

Couples starting out without a lot of individual wealth can probably sort out the basics on their own. If, however, there is significant money, property or investments brought into the relationship, accountants or attorneys should be consulted to ensure everyone’s interests are protected.

Some of the issues that are important to discuss with your spouse in order to keep your financial life as blissful as the rest of it include:

1. What are our individual money philosophies?

  • Who’s a spender?
  • Who’s a saver?
  • Who’s frugal?
  • Who’s generous/charitable?
  • Who’s comfortable with an occasional wager or trip to a casino?
  • Would you rather spend on “things” or “experiences?”
  • What does money represent to each of us?
  • What should we do with an unexpected windfall?

2 How much do we make?
3. Taking into account any existing assets, how much do we have?
4. Are we going to combine our income completely or continue having “yours” and “mine?”
5. Who pays for what?
6. What can we afford?
7. How do we spend our money collectively? Individually?
8, Do we need a budget?
9. How do we pay off existing debt (like school loans)?
10. How much should we be saving?
11. What should we be saving for?
12. What are our short-term financial goals?
13. What are our longer-term financial goals?
14. How will we handle financial emergencies like unemployment or disability?
15. How do we feel about borrowing money from family or friends?
16. How will we handle expenses like birthday, anniversary and holiday presents for each other, friends and family?
17. How will we handle financial disagreements?
18. How much life insurance/investments do we need for the future, retirement and to protect our spouse from financial tragedy in the event of our death?

Do be advised that it’s very important to update any legal documents and/or insurance policies immediately upon becoming married so that beneficiary information can be accurately recorded.

No matter how uncomfortable or awkward you may feel having the conversation, it’s very important to discuss money in some detail with your spouse so as to be on the same page as you approach your shared finances.

How did you and your spouse discuss finances as newlyweds?

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