Financial Questions for Husbands & Wives

The following is a list of financial questions that my husband and I regularly discuss. These questions help us focus on our goals and ensure that we are both on the same financial page.

1. What is our monthly take home income?

• This can differ for my husband who gets paid by the hour.

How much are our monthly expenses? Do we have any big purchases in the near future?

• We discuss everything from property taxes, mortgage payments, repair bills, to IRA contributions and charitable contributions.

How much do we want to save each month?

• This may be a specific dollar amount or a percentage of our income. It also differs depending on the expenses discussed above.

How much money do we have in our checking account right now? How much in our savings account? Brokerage account? 401(k)s? Roth IRAs?

• Watching over these details ensures we don’t overextend ourselves and that we stay on target with our financial goals.

How much money do we need in liquid assets to make each of us feel safe?

• We currently strive to keep six months of assets in a semi-liquid or easy to liquidate form.

What kinds of purchases must we jointly agree upon?

• Over the years we’ve decided that all home and car purchases must be discussed. Personal items like clothes and food usually don’t require discussion.

How big of a purchase can we make without consulting the other person?

• Usually anything over $200. For us this is really more about the type of purchase than the amount of money.

Who currently pays the bills? Is that working for us?

• My husband, God bless him. He has a great attention to detail and journals all of our monthly expenses. Most of our bills are paid automatically or through online banking services.

Who does the long range financial planning? Is that working for us?

• I do, although I have thought of getting one-time financial advice from an expert. As we add new retirement accounts it’s difficult to ensure our investments are still diverse.