How financially compatible are you with your partner? Financial issues are one of the leading causes of divorce yet few couples consider financial compatibility before taking things to the next level. So, how can you predict whether you and your partner will be compatible? Here are five questions you can ask that should help you predict whether your relationship will be smooth sailing or a rocky road.
#1. How Much Do You Earn?
There’s no escaping how awkward this topic of conversation is. However, if you are confident enough to sleep with your partner, why should you feel unable to discuss your incomes together?
Financial issues are a leading cause of divorce because women prefer to verbalize their feelings about financial pressures while men tend to internalize them. Asking your partner to reveal their income is a good way to predict whether you will be compatible financially. An unwillingness to discuss salaries or a huge disparity in earnings may indicate future issues.
#2. How Do You Picture Your Retirement?
While you may already have a sense of whether your other half is a ‘saver’ or a ‘spender’, keep in mind that there may not be many financial stressors in your current relationship. Most financial difficulties arise further down the line, particularly when property or children become involved.
One of the best ways to test financial compatibility is to ask your partner how they picture their retirement. If your partner answers along the line of ‘I have no idea’ then this may not bode well if you picture living out your twilight years on a cruise liner in the Mediterranean.
#3. What Age Do You Plan To Retire?
The answer to this question will show you whether your partner is a saver or a spender. Do they have a plan for retirement or are they simply drifting through their working life without any goal?
If you are someone who likes to spend, it may be comforting to settle down with a committed saver. If you prefer to keep the rainy day fund topped up, settling down with someone who can’t answer this question is unwise.
#4. Would You Take A Financial Consultation With Me?
Most financial advisors offer free consultation to couples. If your partner is willing to go with you, it may be a good predictor of your financial compatibility. A consultation is like a financial health check and this overview can give you a sense of whether you and your partner are a good match.
If you are both savers, you’ll know that the emergency fund will always be topped up. If neither of you put little aside for a rainy day, this may help you decide not to take your relationship further.
#5. What’s Your Credit Score?
If you are willing to get physically naked with your other half, why not get financially naked as well? Your partner’s credit score is a good indication of whether you match. Your partner may appear to be prudent with money but may have high credit card debt or student loans that you don’t know about.
If both of your credit scores are similarly high, your relationship may have a good chance of success. However, a major disparity in credit scores will undoubtedly lead to issues down the line as you will likely have different attitudes toward spending and saving.
If you don’t feel comfortable asking your partner these questions, or if they don’t feel able to respond, your financial compatibility likely isn’t high. Your gut feeling will tell you all you need to know about what you are getting yourself into.