Quiz | February 2013

The Couples and Money Quiz

By Lisa Gerstner
Follow @LGers

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Money is a common cause of conflict in relationships and, sadly, the reason that many couples split up. But money doesn’t have to wreak havoc on your love life. With the right attitude, even financially incompatible couples can live happily ever after. So whether you’re getting ready to take a trip down the aisle or have been married for years, take our quiz to learn tips about how to balance your union -- and your checkbook.

Quiz

The Couples and Money Quiz

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Question 1 of 10

True or False: You should share personal financial details before you’re legally married.

A. True
B. False

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Quiz

The Couples and Money Quiz

istockphoto

Question 1 of 10

True or False: You should share personal financial details before you’re legally married.

You're right! A. True is correct.

Sorry, wrong! is incorrect.

The right answer is A. True.

Early and frequent communication with your sweetheart is critical to help avoid fights down the road, says Cathy Pareto, a financial adviser in Coral Gables, Fla. Most Americans appear to be on the right track: 68% of respondents in a recent CreditCards.com survey said that sharing the same attitudes about money is the most important factor of a relationship. And 57% of women and 47% of men said they would want to know a partner's credit score before becoming seriously involved. Discuss your debts, income, credit history, investments and goals.

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Quiz

The Couples and Money Quiz

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Question 2 of 10

True or False. You’re getting married, and both of your employers offer health insurance benefits. It’s always better to drop one plan and enroll in the other plan as a couple.

A. True
B. False

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Quiz

The Couples and Money Quiz

istockphoto

Question 2 of 10

True or False. You’re getting married, and both of your employers offer health insurance benefits. It’s always better to drop one plan and enroll in the other plan as a couple.

You're right! B. False is correct.

Sorry, wrong! is incorrect.

The right answer is B. False.

Do some research before you make a hasty decision. Which company offers the better plan? How much does it cost as an employee, and how much extra does it cost to cover a spouse? Depending on the plan and your employer subsidy, it may be cheaper to maintain two separate health insurance policies. You can revisit the issue if you decide to start a family or switch jobs.

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Quiz

The Couples and Money Quiz

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Question 3 of 10

He’s carrying $10,000 in credit-card bills. She pays her balance in full each month. Who is legally responsible to pay off the debt once they marry?

A. Both -- you're a team now
B. It's his debt and his responsibility
C. Whoever has the bigger income
D. Neither; debts incurred before marriage disappear when you tie the knot

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Quiz

The Couples and Money Quiz

istockphoto

Question 3 of 10

He’s carrying $10,000 in credit-card bills. She pays her balance in full each month. Who is legally responsible to pay off the debt once they marry?

You're right! B. It's his debt and his responsibility is correct.

Sorry, wrong! is incorrect.

The right answer is B. It's his debt and his responsibility.

However, each couple must decide how to handle the situation in a way that works best for them. Maybe she makes more money than he does and she is willing to help him out. Or perhaps they agree that he should concentrate on paying off his debt while she focuses on saving money for their short and long-term goals. Once they are debt-free, they can decide together how to accomplish their joint financial goals.

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The Couples and Money Quiz

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Question 4 of 10

True or false: The golden rule for a happy marriage is to merge all of your financial accounts from the beginning.

A. True
B. False

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Quiz

The Couples and Money Quiz

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Question 4 of 10

True or false: The golden rule for a happy marriage is to merge all of your financial accounts from the beginning.

You're right! B. False is correct.

Sorry, wrong! is incorrect.

The right answer is B. False.

For some couples -- especially those who have bought a house and had children -- pooling most or all of your accounts makes sense. But until you’ve had plenty of honest conversations with your partner about how you’ll handle your money together, keep your accounts mostly separate. “Better to wait to commingle than to do it too soon and be unpleasantly surprised that you have an irresponsible partner,” says Pareto.

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Quiz

The Couples and Money Quiz

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Question 5 of 10

When there’s cash to spare, she wants to put it in a savings account. He’d rather customize his motorcycle. What’s the best way for a spender-saver match to head off a fight?

A. Avoid talking about money issues
B. Keep some of your money separate
C. Always choose saving over spending
D. None of the above

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The Couples and Money Quiz

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Question 5 of 10

When there’s cash to spare, she wants to put it in a savings account. He’d rather customize his motorcycle. What’s the best way for a spender-saver match to head off a fight?

You're right! B. Keep some of your money separate is correct.

Sorry, wrong! is incorrect.

The right answer is B. Keep some of your money separate.

You may be a couple, but that doesn’t mean you agree on everything. Keeping separate bank accounts for the occasional splurge can go a long way in avoiding ugly fights over money. Consider setting up a joint checking account and credit card for mutual expenses as well as maintaining separate checking accounts and credit cards -- as long as you set boundaries regarding how much each partner can spend without discussing a purchase with the other in advance.

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The Couples and Money Quiz

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Question 6 of 10

True or false: If you and your spouse both have student loans, it’s a bad idea to merge them to streamline your debt repayment.

A. True
B. False

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The Couples and Money Quiz

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Question 6 of 10

True or false: If you and your spouse both have student loans, it’s a bad idea to merge them to streamline your debt repayment.

You're right! A. True is correct.

Sorry, wrong! is incorrect.

The right answer is A. True.

Consider a worst-case scenario: If you end up separated or getting divorced, teasing out each person’s debt balance would be nearly impossible. Plus, if one spouse defaults, the other is left responsible for the loans. Remember that if you’re filing a joint tax return and your combined adjusted gross income is $125,000 or less, you can deduct up to $2,500 per year of student-loan interest (not $2,500 per person); the deduction phases out for those with joint incomes between $125,000 and $155,000.

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The Couples and Money Quiz

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Question 7 of 10

True or false: He buys stocks on hot tips. She keeps all of her money in low-interest savings accounts. This couple is best off keeping their investing lives separate.

A. True
B. False

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The Couples and Money Quiz

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Question 7 of 10

True or false: He buys stocks on hot tips. She keeps all of her money in low-interest savings accounts. This couple is best off keeping their investing lives separate.

You're right! B. False is correct.

Sorry, wrong! is incorrect.

The right answer is B. False.

Together, a couple with different tolerances for risk can make a good investing team because they can play to their strengths and compensate for one another’s weaknesses. Take a big-picture view of your investments, and make sure your overall asset allocation is appropriate for your age and goals. Then look at your investment options. If, say, her 401(k) plan has a stable-value fund paying attractive interest rates, she can stash a portion of her retirement savings in it, while he adopts a more aggressive approach in his retirement plan to complement her conservative allocation.

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Quiz

The Couples and Money Quiz

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Question 8 of 10

You both agree that you need to pump up your emergency fund and save for a down payment to buy a first home, but you come up short of your savings goals each month -- and that leads to fights. Which trick will set you on the road to savings?

A. Tracking your spending for a few months and identifying the leaks
B. Sending money directly from each paycheck to online savings accounts
C. Labeling envelopes with discretionary spending categories and filling them with the designated amount of cash each month
D. All of the above

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Quiz

The Couples and Money Quiz

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Question 8 of 10

You're right! D. All of the above is correct.

Sorry, wrong! is incorrect.

The right answer is D. All of the above.

It’s hard to see where your money is going if you don’t keep a record. Write down each purchase you make, and use a tool such as Mint.com to see a breakdown of your spending. Once you have an idea of where to cut back, you can shave money from the top of each paycheck and have it deposited directly into savings accounts -- you won’t miss what you never saw in your checking account. And there’s nothing like using hard cash for discretionary spending to help you see exactly how much you have to spend and when you’ve run out.

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Quiz

The Couples and Money Quiz

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Question 9 of 10

True or False: Her credit score is a pristine 780, his is a less desirable 610, and they want to apply for a mortgage. The couple’s best bet may be to apply for the loan based solely on her income.

A. True
B. False

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Quiz

The Couples and Money Quiz

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Question 9 of 10

True or False: Her credit score is a pristine 780, his is a less desirable 610, and they want to apply for a mortgage. The couple’s best bet may be to apply for the loan based solely on her income.

You're right! A. True is correct.

Sorry, wrong! is incorrect.

The right answer is A. True.

If one spouse has a considerably higher score, she will snag a much lower interest rate on a loan. And as long as both of your names will be on the title, joint assets can still count, even if you apply for the loan in one person’s name. However, applying based on one income could reduce the amount you can borrow. If you do take out a loan together, one person’s bad credit history won’t affect the other’s credit record as long as you make your payments on time.

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The Couples and Money Quiz

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Question 10 of 10

You want to save money both for your kids’ future college education and for your retirement. Which should be your priority?

A. College
B. Retirement
C. Divide your long-term savings evenly between the two

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Quiz

The Couples and Money Quiz

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Question 10 of 10

You want to save money both for your kids’ future college education and for your retirement. Which should be your priority?

You're right! B. Retirement is correct.

Sorry, wrong! is incorrect.

The right answer is B. Retirement.

Your kids can borrow money for college, apply for scholarships, work to earn extra cash and shop for less-expensive schools. But there are no scholarships or loans for retirement, so put your future first. Make sure you contribute at least enough money to your 401(k) plan to capture any employer match before diverting money to college savings. Or you might designate percentages of your savings to go toward each -- say, 85% toward retirement and 15% toward college.

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The Couples and Money Quiz

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Quiz | February 2013

The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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The Couples and Money Quiz

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