How to Know if You’re Financially Compatible with Your Partner
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iStock/Thinkstock(NEW YORK) — To help prevent inevitable arguments about money and have better financial compatibility, there’s one painless thing couples can do together.
“One of the things I talk about is a financial date night,” said Jeff Motske, certified financial planner and author of the upcoming book The Couple’s Guide to Financial Compatability.
“It might sound boring and unromantic, but it’s not about portfolios. Instead, it’s about goals and reviewing some of your finances, such as whether you want to take a vacation. It’s a great way to start conversations,” he said.
Motske, 48, said that a couple can lessen the arguing by talking about their financial compatibility — over dinner, a bottle of wine or even a cup of coffee and dessert.
His book begins with a 34-question financial compatibility quiz to establish how each partner views money-related topics and priorities.
Motkse and his wife of 20 years have a monthly financial date night scheduled into their traditional weekly date nights. The second tip Motske offers couples to create financial compatibility is to create a basic budget.
“Try not to make it too complicated — that’s the biggest issue. Getting the core expenses down is a big step,” he said.
Couples can plug in answers to Motske’s quiz on his website warofthewallets.com to get a compatibility score.
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