Money Conversations Every Couple Should Have - Stage Five

In the last four days I was writing about the money conversations every couple should have at the different stages of their relationships. If you want to find out more about the different stages in the relationship and what money questions are more suitable to be considered at each stage, please read my previous articles - links listed below as follows:

1. Money Conversations Every Couple Should Have - Stage One (Initiation)? ? link here
2. Money Conversations Every Couple Should Have - Stage Two (Experimentation) link here
3. Money Conversations Every Couple Should Have - Stage Three (Intensifying) link here
4. Money Conversations Every Couple Should Have - Stage Four (Integration) link here

Bonding?

The fifth stage in a relationship is the bonding stage.?

In the bonding stage, couples will make their relationship official; usually through an act or ceremony such as marriage. This stage will remain in effect as long as the couple supports one another and does not allow the relationship to fall apart.?

Similar to the previous four stages, truthful and sincere communication will be important here to continue reaffirming the bond and trust you have for one another. However, couples can also use this stage as an opportunity to nudge one another toward making individual improvements. Thus you not only will help one another to become the best versions of yourselves, but also will strengthen the bond between you.?

Six important questions you should ask at the bonding stage

1. What is our budget for getting married? How much can we afford to spend on a ring, the reception, a honeymoon, etc.??
2. How will our finances be handled officially? Will this be a joint effort, or will one person handle the majority of financial responsibilities? If one person does handle the finances, will the other trust him or her to do so??
3. What are our long-term financial priorities? Do we want to save our money for retirement, to pay for college for our future children, start a business, etc.??
4. What expenses are we willing to give up to accomplish these goals? For instance, could we travel less in order to save more for our children’s education??
5. How can we eliminate our debt together? Which loans should we tackle first and how much can we afford to put toward paying them off??
6. How can we improve our credit scores together? Should we apply for a joint credit card account?

Final Thoughts

There are many things you can talk about with your partner as you progress through each stage of your relationship. But when it comes to money, one thing is clear: the sooner you’re open and honest with one another, the better off you’ll be.?

Conversations about your finances not only reveal who you are as individual people, but also what you could be together as a couple. So don’t avoid those conversations. Think about how you might respond to each of these questions and then invite your partner to do the same.?

Who knows – you might just learn something new about your partner. Or you may start building a foundation for greater things to come in your relationship.?