Financial compatibility is crucial for couples planning to buy a home together. You need to be on the same page on short- and long-term goals, and to take a collaborative approach to problem solving. Do you and your sweetie have what it takes? Take our quiz to find out if you are a good money match.
Pick the best answer for your situation:
1. You use your personal savings to buy a $500 mountain bike. Your partner is…
- Surprised, but happy for me.
- Angry: S/he feels I should have other priorities.
- Unsurprised – I’ve been planning the purchase for a while now.
2. Your partner would describe your credit card use as:
- A mystery to them!
- Irresponsible, or alternatively, tight-fisted
- Responsible, or alternatively, concerning and in need of managing
3. Can you see yourself buying a home – the biggest investment of your life! – with this person?
- Sure! Why not?
- I hope so, but I wonder if we’d drive each other nuts…
- Yes, we’re making plans towards achieving this goal.
4. Have you seen one another’s credit reports?
- I think so. I can’t remember, actually.
- No, that’s private!
- Yes, they’re stapled together in our house-buying folder.
5. How did planning your last vacation go?
- No planning: One of us surprised the other with the trip!
- So stressful: I needed a vacation after that!
- Great! We had fun emailing suggestions back and forth.
If you picked mostly 1’s: Mystery match
Shared goals—what are those?! You haven’t really discussed your financial goals and whether or not you figure’s in one another’s financial future. Want to buy a property together? Start communicating.
If you picked mostly 2’s: Start the conversation
You have a high degree of financial conflict. It’s not that one of you is right and the other’s wrong, it’s just that you have very different financial values. Money can be a battleground for many couples, so start the conversation early in order to understand and work through any differences.
If you picked mostly 3’s: Match made in money heaven
You’re on the same page as your partner, and you are both committed to shared financial goals. Keep up the good work!
Source: – Genworth.ca