5 Crucial Financial Questions You Should Be Asking Your Partner Before Marriage
Do you have more deal breakers than you do deal makers when it comes to your relationships?
We often talk about dating potential, but for many of us, we substitute red flags early on for hope that falls into the should've/would've/could'ves, ultimately leading to larger issues that are detrimental to the relationship in the long run. While some factors contribute to us turning a blind eye, like clinginess, regular communication with an ex, and a combative attitude, other things are considered definitive turn-offs when it comes to dating. We get into the nitty-gritty when it comes to sex, as it's one of the most named determinants that turn both men and women off when not done right, but what about something we all have to deal with, but don't like to delve too much into?
Money.
In a new report, GOBankingRates administered a Google Consumer Survey for all 50 states and Washington D.C. where adults were asked to choose their biggest financial deal breaker. Categorized into six divisions–one party doesn't bring into sufficient income, overspending, poor credit, being secretive about finances, one party being too cheap, and having excessive debt. The results?
Residents in half of the states said that overspending would be their biggest deal breaker. This answer is followed by being secretive about finances, which residents of 19 states and the District chose as a top deal breaker, and too much debt, which was selected as the biggest deal breaker in 12 states. Lastly, for residents of just one state (New Hampshire), poor credit is the biggest financial red flag in a relationship.
In states where residents live paycheck-to-paycheck (Hawaii, California, and New York make the top 3), it's easy to see why a partner who overspends is noted as the top financial deal breaker, whereas states like Kansas, Mississippi, and New Jersey where residents are faced with the highest rates of poverty, have the lowest levels of financial knowledge, the largest credit card debts, and the highest rates of households that live beyond their means, avoid getting into a relationship where the person has too much debt to handle.
If you don't believe these things aren't of any significance in a relationship, guess again, with research showing disputes over finances oftentimes lead to breakups and divorce.
Sonya Britt, a Kansas State University researcher concluded that “arguments about money [are] by far the top predictor of divorce. It is not children, sex, in-laws, or anything else. It's money–for both men and women." That comes as a surprise to me, but money is so much of a big deal in relationships, that financial infidelity is actually a term used to describe couples who aren't forthright about their finances.
Time reports that 22% of husbands and wives have made purchases they didn't want their partner to know about; 35% of those who hid purchases kept quiet to avoid a lecture, and CreditCards.com conducted a survey that found 1 in 5 couples commit financial infidelity, with 6% of Americans (or 7 million out of 120) have a secret bank account or credit card that their spouse or partner isn't aware of. Out of those surveyed, here's what was found:
That number is heavily skewed toward men, with 26% of males reporting a hidden major purchase compared with only 14% of females. But it's not necessarily because men are more dishonest. A previous study showed they're simply more likely to make large impulse purchases than women, meaning guys may just be a little more freer with funds...a surprisingly high number of men–31%–are okay with their partners dropping more than half a grand without notice. Only 18% of women said the same.
Over the course of 11 years in my relationship, I can easily say disagreements on finances have been the most challenging, with me struggling with student loan debt, garnishment of my work wages and income taxes, to say the very least. Every little dime counts and having to scrape pennies together to make ends meet, while being involved with a man who wasn't the breadwinner, definitely added to an insurmountable level of stress in my home.
Sharon Gilchrest O'Neill, author of A Short Guide to a Happy Marriage, suggests something I wish I would have asked at the very beginning–or at least something my partner should have asked me–in order to ensure we were on the same wavelength when it came to money before life coached us in the right direction.
Crucial Questions To Ask A Potential Partner Before Marriage:
- What kind and amount of debt would each partner carry into the relationship?
- How will the debt be dealt with as legal partners?
- Once you are partners in finance, what are your positions regarding how much debt is acceptable?
- How many credit cards do you have in use?
- Will you pool all your money together or have any separate accounts? What amount of savings do you each regard as acceptable?
There's even a financial compatibility test you should take to determine if you and your significant other are a money match. Living a financially double life affects both of parties. In an article for The Guardian, one writer accurately states what all couples should be asking before choosing to settle down.
You may need to decide if you can live with your partner's bad habits or not. Living with secrets, however, is another matter altogether...When you decide that you're going to combine your lives, talk openly about what it means to combine your finances.
Don Grant, a financial advisor at Carey, Thomas, Hoover & Breault Investments, goes on to say that he believes “a reason that these problems arise is that for so many years, we are independent and make our own money decisions," making it “hard for many of us to acknowledge that anyone else has a right to a say over that."
I wanted to pick the brains of three women to get their thoughts on how just how important are finances to them, how it affects their personal relationships and financial deal breakers. Check out their thoughts below.
I believe the right time to discuss finances and credit with your significant other is when you two start talking about moving in together, having children or getting married. It's incredibly important for me to know my significant other knows how to effectively manage his money now. But when he and I got together (I was 21, he was 19), I wasn't that smart. I wasn't thinking about anything like that. I was more concerned with who I had the most fun with, who made me laugh, who was good in bed, etc. We have both grown and made money management a priority, but only after suffering and making so many mistakes over the years. If I were single now, I wouldn't get serious with someone who refused to be candid with me about overspending, poor credit, or debt. Communication and growth are just way too important to me and if we can't know honestly where each other is financially, then how are we going to grow together? So, dishonesty and repeated recklessness are financial deal breakers for me. We all make mistakes, but making no effort to grow is a deal breaker. -
I had a bank account; he didn't. We kept a small hat and when he got a paycheck, in the hat it went. When I got mine, same deal. It was always our money. If I needed something, I would let him know and vice versa. We were very open about how much we made and if I found an extra dollar somewhere, it was ours.
I'm not sure how we got to that point, but we were always very open with everything else, so money was just another thing. He was nervous about getting a bank account because it was so easy to click opposed to actually getting the money out of your wallet and handing it over. This method helped us prioritize and I'm a frugal at heart, so I was glad with that decision. I still had my bank account, but we would literally put enough to pay bills once a month and let it rock with a minimum balance until the next cycle of bills.- GG Renee Hill
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Last summer I left my job and we were back to the broke pair. My bank account was nil and the money we did get from his job was just enough for survival–nothing else. It was rough because our relationship suffered. I blamed him for not being man enough to sustain his family; he blamed me for the same. It was hard to see ourselves growing apart, but we understood that money was the issue.
We knew what had to be done, but had no way to fix it. We couldn't have conversations about it because it was that hard not to point the blame. Eventually when I started working again, in December, we had the sit down. I told him we needed our financial life together and I was recently reading articles about it being possible. He told me he just wants to save–saving for us to build our credit and saving for us to create a bed for Ryder. I watched my parents lose a lot without good credit and I barely made it into my apartment because of it and I needed that to change. We're on a road to financial recovery with a method of saving.
What was really important for us to keep in mind was that we needed to be on the same page. It is always a team effort and even when one is making more than the other, it's crucial to remember that teams win- solo acts don't. If we work together, we can learn how to build our finances together.- Stella
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My husband and I met in college. We were both poor and both eagerly anticipating finishing school, graduate study and beginning our careers. The first few years, money was never discussed and when we moved in together, we realized that we should have been talking about it all along. I lucked out with him because when we began discussing finances, my husband was very knowledgable about credit and mortgages and basic household finances. Since my father was a CPA, I would call on him to give us basic advice about beginning to save and what steps we should be taking as young professionals, but I only asked for advice–I never disclosed details about the money in my home (never do that, keep your business in your house).
However, it was not always easy. Student loan debt, credit card debt from having to have a dream wedding, first job salaries, bills, all make saving extremely difficult, but it makes it easier when you marry a man who can be honest about his finances. We decided to have a joint savings account and separate checking accounts and thus far, money is never a concern because we contribute what we are supposed to and pay bills as a unit. If I could do it all over again, I would have discussed saving and financial goals from day one because not everyone is blessed enough to avoid that conversation and still work out.- Brittany
How do you approach the conversation on credit and what are some of your own financial deal breakers? Weigh in in the comment section below!
ItGirl 100 Honors Black Women Who Create Culture & Put On For Their Cities
As they say, create the change you want to see in this world, besties. That’s why xoNecole linked up with Hyundai for the inaugural ItGirl 100 List, a celebration of 100 Genzennial women who aren’t afraid to pull up their own seats to the table. Across regions and industries, these women embody the essence of discovering self-value through purpose, honey! They're fierce, they’re ultra-creative, and we know they make their cities proud.
VIEW THE FULL ITGIRL 100 LIST HERE.
Don’t forget to also check out the ItGirl Directory, featuring 50 Black-woman-owned marketing and branding agencies, photographers and videographers, publicists, and more.
THE ITGIRL MEMO
I. An ItGirl puts on for her city and masters her self-worth through purpose.
II. An ItGirl celebrates all the things that make her unique.
III. An ItGirl empowers others to become the best versions of themselves.
IV. An ItGirl leads by example, inspiring others through her actions and integrity.
V. An ItGirl paves the way for authenticity and diversity in all aspects of life.
VI. An ItGirl uses the power of her voice to advocate for positive change in the world.
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Age-Gap Dating Is HUGE Right Now. Still...Read This Before Doing It.
If you’re someone who’s been reading my content for a while, you know that I’m pretty big on accountability (with both men and women), and that means sometimes I will call out blatant hypocrisy and double standards. Today? It’s the fact that I find it to be mighty interesting that when an older woman is dating a younger man, she’s usually considered to be a “cougar” yet when an older man dates a younger woman, suddenly he’s a “perv” (short for pervert).
It's important to bring up that super unfair comparison because, when it comes to a particular dating trend that’s on the list of being a really big dating trend right now, it’s both men and women who are looking to get in on it — and if it’s good for one gender (within reason), in all fairness, it should be seen the same way for the other (again, within reason).
So, with that said, whatever it is that I’m about to share on the topic of age-gap dating, just know that I have no bias; I simply think it’s important for men and women, younger and older, to take a very realistic approach to this kind of dating…because as with pretty much everything in life, it has its pros and some, well, cons too.
Popular Doesn’t Automatically Mean Best
GiphySomething that has kind of always fascinated me about our culture is how so many people will abandon all common sense and logic, just to do something that is considered popular. Well, at the end of the day, that’s pretty much what a trend is: something that is currently done by a lot of people for…whatever the reason. When it comes to dating trends, specifically, oftentimes, they are “birthed” out of surveys from dating sites or apps. When the people who conduct them notice that something is overwhelmingly preferred, encouraged, or supported, then it becomes a trend — and that’s just where age-gap dating came from.
Long story short, Bumble kinda-sorta-recently did a survey and discovered things like 63 percent of folks don’t factor in age when it comes to dating, and 59 percent of women said that they would date a younger man; those are pretty large numbers, and so, there ya have it: a trend.
I will say that although the study wasn’t super-duper specific about when an age gap is considered to be too much of one,Glamour published an article a few years back that said, 10-plus years between two people is enough to start causing some issues if one is not careful (more on that in a sec). And so, before you decide to get out here lookin’ for a youngin’ or a more — eh hem — mature man, just because it currently seems like everyone else is open to it, consider if 10 years — backward or forwards — is something that you would want to deal with; especially long-term.
If you’re not sure, keep reading. Hopefully, I will provide some things for you to ponder.
Difference in Age Means Differences Everywhere
GiphyI’ve got people in my world who have big age gaps in their relationships. I’m talking about more than just 10 years. One example that immediately comes to mind is a married couple who has 15 years between them; the wife is older. On some levels, everything seems cool and copasetic. Oh, but there are nuances. Like she can be very condescending when it comes to what he finds to be fun and entertaining. Plus, their sex drives are not even close to being compatible now that she is well past menopause. It’s interesting because, rather than acknowledging that a lot of all of this has to do with their vast age differences, she prefers to see him as being immature. He’s not immature, sis. He’s just a lot younger than you are.
So, when it comes to age-gap relationships, that’s the first thing that you should think about: are you willing to deal with the differences that will probably come about, simply because you are at different stages in your lives due to your different ages?
Example: Because people say that I don’t look my age (‘preciate it), it’s not uncommon for folks to try and set me up with someone who is in their early 30s. For the most part, I’ll pass. For one thing, I intentionally decided that I didn’t want to have kids a long time ago, and I don’t want to have that discussion/debate with someone who may feel otherwise (quite possibly because they don’t have kids or want more of them). Also, I’ve worked with people, in the lane of relationships, for quite some time now.
Men before 35? For the most part, I encourage their focus to be on themselves and building their life (because a lot of guys don’t hit their professional and financial peak until their late 40s or early 50s). As for myself, I’m pretty settled, so I don’t want to be a hindrance when it comes to them up and moving a few times or switching career paths. Do that babe. You should.
I could go on and on when it comes to this particular point. The bottom line is dating someone who has a semi-significant age difference from you and then having a problem with the differences that come along with it is like really enjoying the summertime and then expecting winter to act like it…just because you do. Feel me?
Age-Gap Dating Requires Being a (Patient) Student. And Teacher.
GiphyWhenever people talk to me about the hours that they spend (or is it waste?) arguing with folks on social media, something that I will oftentimes say (for instance) is, “Some of those folks weren’t even born when Freaknik happened. Let them come to the wisdom and insight that you have, due to your age, on their own.” Same thing goes for age-gap dating.
When it comes to these celebrity relationships, so many of them switch up like they change their underwear, so I won’t even give specific examples. If you surf or scroll on a daily basis, though, you know that there are some older women dating younger men and older men who are dating younger women who show all the signs in the world of heading for a real roller coaster ride because…they are simply at two totally different points in their life.
For instance, when you’re in your 20s, it’s not automatically a red flag that you want to go to the club often. Oh, but when you’re in your 40s, you can be tempted to tell them that it is — even though you did the same thing when you were their age. You know, just because you’ve “been there and done that” before, that doesn’t mean you should look down on them because they haven’t (yet).
Yeah, that’s another challenge about age-gap dating and age-gap relationships: you tend to think that you should be someone’s parent instead of their partner.
So, do I think that age-gap dating can never work? No, that’s not the case. What I will say is if you’re not a very flexible person, you are about to be pissed, often. Because when you’re with someone who has a different view of things that you do, and a part of it is because they are a different age than you are, you’ve got to be willing to teach some things that could help them to grow and also learn some things that could help you to become a better person — whether they are the older one or not.
Take two of my clients where, again, the husband is younger (by nine years) and the wife is older. He says all of the time that if he had not come into her life, she would’ve aged faster because she owns the fact that she’s not naturally a very adventurous person. At the same time, because of her influence in his life, he’s better with time management, which has helped him professionally, because she’s a huge planner (something that she learned to become due to “fumbling some balls” back when she was younger). See what I mean: the student as well as the teacher.
Does this apply to all relationships? It should. I’m just saying that when age-gap dating comes into play, lessons tend to pop up often and sometimes, very unexpectedly, simply due to folks being at various places and stages due to their age alone. If you can’t fathom dealing with that, age-gap dating is probably not something that you should get involved with.
Casually Doing It Can Tend to Backfire
GiphyOkay, so what if you’re someone who wants to do some age-gap dating on a casual level? What could possibly go wrong there? Well, from reading some of my other articles (check out “We Should Really Rethink The Term 'Casual Sex'”), you’ll already know that I’m not big on the meaning of casual: apathetic, careless, off-hand, without serious intention. Me? Especially at this age, I have zero energy or interest to be dealt with on a casual basis (whew, chile). And what if you’re the one who wants to take this approach? I mean, you’re grown, right? Do you.
I will just give the heads up when it comes to, say, wanting to have a casual sexual situationship with a younger man, while there is more content out here that says while 20-somethings may be having more sex, it’s the people in their 40s who are actually enjoying it the most (which means that it shouldn’t be assumed that the young guys do it better), science is science — and science says that testosterone levels are at their highest when a man is in his 20s. Meanwhile, for us, we are reportedly able to have the most consistent orgasms while we’re in our 30s. Where am I going with all of this?
I actually didn’t become sexually active until college. My first love was younger than I, and goodness, when didn’t he want to hump my leg? The college period was like a sea of raging hormone vessels with free rooms in the form of dorms. Chaotic and damn near diabolical in hindsight. LOL. And a big part of that is because guys have testosterone surging, and we as women are hella fertile. Getting off stays at the forefront on some level (at least for most of us).
The challenge with that is a lot of people who are hormone-driven may not necessarily be relationship-minded. And once you hit your late 30s-40s, after a couple of months of mind-blowing sex (perhaps), that could get old, especially if the sweet young thang doesn’t have much more to offer than that. And so…where do things have to go? That’s the thing about casual…usually nowhere. Again, by definition.
I will say that if you just read all of that and was like, “Okay…and still, what’s the problem?” — hey, do you, sis. I just think it needs to go on record that once you reach a certain point and place in life, casual experiences with younger men can damn near seem brutal — and you can’t really blame them if you got turned out, yet they barely respond to any texts that don’t have sex on the menu. #justsaying
Make Sure to Be Extremely Honest About Your Needs. And Expectations.
GiphyLet’s swing to the other side of this: you dating an older man. I know someone who is currently doing that as well. She’s in her late 30s, and he’s in his early 50s. He’s stable. He’s smart. She said the sex is bomb. Dating him is fun, spontaneous, and full of surprises. So, what’s the problem? He’s super set in his ways. His values are hella traditional (hers are not).
More than anything, though, she wants to get married, and he’s divorced, so he has more of a “been there, done that” take on it. Does he have a problem with being exclusive? Absolutely not. However, having another wife or more children? His kids are grown. He’s mentally and emotionally past that time, too. And so, at a bit of a crossroads, they are — both are invested, and yet, because they are in different seasons of life, they don’t want the same things.
That’s another thing to consider when it comes to age-gap dating — if you are looking for something serious or substantial, you don’t really have time to waste when it comes to getting your needs and expectations out on the table. That’s why, past the first date to see if there is potential for a real connection beyond just chemistry, when it comes to age-gap dating, you really need to get your needs and expectations out there (on both sides) as soon as possible because — and pardon the pun — time is definitely of the essence.
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A lot to think about? Yeah, perhaps. At the same time, is the age-gap something to be leery of? No. It’s just important to check your motives, be realistic, and not lie to yourself or the person you’re seeing about what you want to get out of it.
Because no matter how hot of a trend age-gap dating may currently be, you need to do what’s right and best for you…not merely what is…popular.
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