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Money Questions To Ask Before Getting Married

When thinking about our perfect relationship, the last thing that comes to mind for most people is how your partner manages money. According to CNN Money, the average American household is strapped down with $10, 700 in credit card debt. This crippling statistic can ruin intimacy and trust in relationship, leading to divorce or a break up. Avoid money pitfalls with your spouse or partner by asking the following questions early on in the relationship.

What type of spender are you?

At one end of the spectrum there is the saver, this person puts his/her entire paycheck in their savings account, less necessary bills. On the other end of the spectrum is the compulsive shopper, who never seems to have enough money to purchase all their wants. When these two types of personalities start dating or get married it can have devastating consequences. Understanding your partners spending habits can help you create a budget that gives you and your spouse's personality some flexibility in the relationship. For instance, if a saver and spender married, a budget that denotes a certain amount per week for spending and the rest for savings and bills is a great way to please both parties without overspending.

What is your credit score?

Your partner's credit score may not seem like an invasion of privacy and something that is not important when you are caught up in love. Your credit score is an individual number, which ranges depending on the credit agency, which tells creditors how good or bad of a risk you are to them. This number is very important for a home mortgage, car loan or a credit card. When you have accounts put into your spouse's name, you both carry the risk; therefore, it is important to know how well your partner handles debts.

How much credit card and student loan debt do you have?

Credit card debt is not something anyone wants to admit. Whether that number is $0 or $54, 000, it is important to know what kind of financial burden you would be liable if you marry your current partner. This number may be underinflated, but keep in mind that this number is based on their spending habits. Are you constantly over spending on luxury items, or do they put their paycheck in the bank? Notice your partner's habits to get an idea of how much credit card debt they have.

With college costs rising every year, it is commonplace for young couples to carry some sort of student loan debt. Student loan debt typically has a lower interest rate than credit card debt, but it can still stress a relationship. If your partner has a lot of student loan debt, create a plan that pays down the debt as soon as possible. Minimum payments can be expensive, so it is important to pay down the high interest loans quickly to reduce your monthly interest payment liability.

What type of budget plan would work for you?

Budget plan worksheets can be found in any personal financial book, and online at Kiplinger. Completing a budget worksheet can be a surprising revelation for most couples because it shows how much extra money you should have, or how much you are overspending. Sit down with a personal financial planner to determine how to build wealth and pay down debt. Budget plans can help you and your partner set financial goals towards your personal interests and a common financial goal. Budget plans reduce money fights because you completed the budget together and cannot argue what you agreed upon.