[an error occurred while processing this directive] 7 Money Questions To Ask Before You Move In Together - Steven and Chris

7 Money Questions To Ask Before You Move In Together


Are you financially compatible? Financial expert Gail Vaz-Oxlade is here to talk about how money can impact relationships, and the questions you must ask each other before you make a home together.

Love and Money: Are you financially compatible?

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What Do You Own?

Make a list of what you each bring to the relationship: money, furniture, a home, a great career. These are your assets.

What Do You Owe?

You may each have debt. How much? Count it all: student loans, lines of credit and credit cards, vehicle loans, overdraft, buy-now-pay-laters, even if the pay-now date hasn't arrived. How will you prioritize debt repayment?

What May Mess With Your Cash Flow?

You may work in a seasonal job that brings cash flow issues. You may already have a child from a previous relationship, or an ailing mother, or a dead-beat brother for whom you feel responsible.  These are your family liabilities. You need to put it all on the table to see how you're going to deal with it together.

Do You Share the Same Work Ethic?

If one of you is an ant and the other is a grasshopper, how are you going to use that to your advantage? Will the grasshopper just piss off the ant because of its lazy ways? Or will the grasshopper use the ant's organizational skills to get a little more done, while bringing some chirping to the too-focused ant's life? If you're both grasshoppers, how are you going to make sure that there's food for the winter? If you're both ants, how are you going to make sure you're having some fun?

What Are Your Goals?

Make a list of all the things you want for your new union. Do you want to own a home together? Do you want to travel? How often? Do you want to have children? How many? Go back to school? Drive a fast car? Own a cottage? Will you buy a house before you have kids, or wait until you run out of space in your rental? You both need to be on the same page in terms of which goals are most important and which ones you're going to achieve together or individually. Life is so much smoother when you know where you're going.

Who Will Manage the Money?

You should take turns. One partner does it for three months then the other takes over. That way you're both on the hook for the stress. Abdicating responsibility is easy when one person is good with money and the other isn't; the good guy gets the job. If only one person ends up doing the majority of this job you must have monthly meetings to talk about the money.

What Will Your Money Rules Be?

Maybe you say that you each have a certain amount of money you can blow without discussion. Pick a number that works with your budget (so it has to be money left after all the bills are paid). Or maybe you have to agree on any purchase over a specific dollar amount, say $250.

Read More:

Gail Vaz-Oxlade's Makeup Chair Confessions

Quiz: Do You Know How to Build a Financially Strong Relationship? 

Gail Vaz-Oxlade’s Saving for School Tips


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