Money and Couples Compatibiliity Quiz
Money can be a constant source of friction between couples. When both couples share similar outlooks and goals the financial outcomes can be much better.
Money can be a constant source of friction between couples. When both couples share similar outlooks and goals the financial outcomes can be much better.
Explore each others attitudes and habbits around how each of you spend money
Identify areas where you can work together to achieve better financial outcomes
Use this quiz as a starting point for a discussion relating to saving, investing and other financial goals.
Read each question carefully and answer YES or NO as indicated.
| Do you and your partner both understand the family budget? | |
| Do you and your partner share the same financial goals? | |
| Do you feel as though you and your partner monitor your spending equally? | |
| Do you and your partner both have the same approach to paying off debt? | |
| Do you and your partner have the same attitude towards using credit? | |
| Do you and your partner share the same attitude towards savings? | |
| Do you and your partner share the same savings goals? | |
| Are you and your partner honest with each other about how you spend your money? | |
| Are you and your partner transparent about the amount of personal debt you hold? | |
| Do you and your partner share the same lifestyle expectations (e.g. holiday frequency, clothing, eating out)? |
Below is a list of suggestions or things you might want to consider in order to improve your money and budget management.
Set aside some time to discuss your budget even if it's a difficult conversation. This can be tedious, but a budget is the cornerstone of any good financial plan. Sometimes, a third party such as a financial planner can help to facilitate discussion and offer impartial advice.
Life can be busy, and sometimes it's difficult to find time to discuss your financial goals with your partner. It can be equally as difficult to be on the same page. Do your best to set aside some time to communicate. Your financial outcomes will be better when your goals and your attitude towards money are in alignment.
Often in relationships, one person is more involved in managing the finances than the other. This can work, as long as you communicate often and openly. However, it's best for both parties to be actively involved if you want to make the most of your money and have a shot at achieving your financial goals. The other partner can help by doing simple stuff, such as being aware of their spending and communicating their spending back to base.
Some people don't mind having debt if they can meet the minimum repayments. Others find using credit extremely stressful. In a relationship, it's not uncommon for partners to have different attitudes and comfort levels towards the use of credit and debt. Together, assess the pros and cons of how to manage debt. It's always best to reduce debt as quickly as possible as this will make a big impact to your financial position. Lifestyle is also important, so sometimes a middle ground should be negotiated.
Talk about your approach to using credit and come to an agreement as a couple. Review your cards and readjust your limits where needed. Set limits that are within your budget to pay off in full, instead of just meeting minimum repayments. Discuss when and how credit cards will be used and make sure you're both on the same page.
Find a savings method that suits your needs and aptitude as a couple. Explore alternative methods of saving, such as making extra repayments on your loans, putting money into your mortgage offset account, creating a direct debit to 'untouchable' savings, or committing to saving through investing.
Saving can feel more meaningful when couples share a financial goal. Discuss your individual goals and make sure you understand each other's ambitions so you can work together. Prioritise combined goals so that you are both "pulling on the same rope".
This is a tricky one. Review bank and credit card statements together with an open mind. Try to be forgiving of each other's spending habits, even if they need some improvement. Building trust and transparency is the first step towards making some positive changes. If you don't wish to share specifically what you spend your money on, at least share how much you spend. Establish rules on what you will share, how you will share, and when.
Transparency about personal debt is very important as it ensures both of you are on the same page when it comes to prioritising debts and goals alike. Being open and honest about personal debt may cause short-term stress, but in most cases it will result in long-term success.
Make sure you and your partner are on the same page about your budget for lifestyle expenses such as holidays, clothing, dining out, and pursuing hobbies and interests. Listen to each other's ideas with an open mind and see if you can come to a compromise. You may find it beneficial to seek professional advice from a financial planner to help you agree on a lifestyle budget.
