ChristianPF had an excellent pre-marriage, finances article posted the other day. I decided to go over some of my own responses to the premarital quiz.
How would you prioritize the following choices: getting out of debt, paying off house, investing for retirement, establishing an emergency fund?
- Emergency fund.
- Get out of debt.
- Invest for retirement.
- Pay off house.
How much money would it be OK to spend without discussing it with my spouse?
$29.99 plus tax. :>) Tricky question because it depends on so much: for example, our current finances ($2 vs $20,000 in the bank), where the money is spent (emergency plane ticket vs. emergency, new sofa), and so on. It’ll definitely be something to discuss.
Do you think, upon marriage, you two should have separate checking accounts or joint accounts?
Joint account.
How would you feel about borrowing money from parents?
Not much. Not often. If it’s more than for a meal when I’ve forgotten my wallet, I’d rather borrow from someone else.
Do you currently balance your check book?
Yes. But I don’t use my check book enough for it to be that big a deal right now. I’m all about debit cards.
Upon marriage, which of you should balance your check book?
Probably me.
Do you currently live on a written budget?
No. Shame, shame.
How much debt do you currently have? What kind of debt?
None – I’m debt free right now.
How much debt and what kind of debt would be OK in your marriage?
Mortgage(s). Maybe a month worth of credit card debt (as long as we’re paying it back each month). Debt’s not cool, especially if it’s not earning money, which is why I’m not even a fan of car payments or student loans. They’re not worth it for me – if we can’t afford it, cheaper options are usually available. I’m a bit flexible on this, though – I’ll see how she feels about it.
Are you in favor of a pre-nuptial agreement? If you answered “Yes,” explain your answer.
No. And since I said no, no need to explain, right? Actually, if she is in favor, that’s a turn off.
What is your credit score?
I have no idea. I’m not good with that… but I should start paying attention, eh? …especially if I want to buy a house. It’s probably not good because I’ve not used credit.
Have you ever NOT paid your bills?
No. Well, parking tickets at IUS.
Have you ever co-signed a loan? Had a loan co-signed?
No.
Upon marriage, what would your short term financial goals be?
Wow, a lot of that depends on where we’re at when we get married. I’d say building a six month emergency fund would be front and center (six months worth of “comfortable” living expenses in cash). Also, if I’ve not already done it, buy a house. Both of these goals obviously need to be tightened up a lot.
Upon marriage, what would your long term financial goals be?
Again, that’s a good one for discussion. One fairly long term goal (though not totally distant) is to pay off our house. But yes, I realize this needs to be tightened up too.
What is the stupidest thing you have ever done with money?
Thankfully, I’ve never had enough money at one time to do anything that stupid (and as I said, I’ve avoided debt so far). During college, though, I spent about $1,000 on “miscellaneous” purchases (e.g. gifts, food, gas, “hang out” money). It wasn’t so much the amount that bothered me – it was that it just fizzled away without me realizing it. Not knowing where money is going is bad.
I’ve since tracked my spending more carefully. I’m trying to break the hording mentality, but at the same time stay aware of what’s happening. That’s definitely what I need to work on, that balance.
What financial secrets does your fiancé not know about?
N/A… yet. :>) But if there were, it would probably by my stinginess. Seriously, I hate spending money. As I continue to say, the best things in life are free if you’re willing to choose them (which means they’re not free at all, right?).
Which of these three best describes you: tightwad, average or spendthrift?
Tightwad. Come on, $29.99? What did you expect?
Which of these three best describes your fiancé: tightwad, average, or spendthrift?
Again, N/A. I want to say I’d be willing to change for her, but at the same time I’m realistic enough to know that if I don’t change for her before hand, I’ll not change for her after hand (or whatever).
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