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Happy Valentine’s Day to all you budding financial sharks! Love is in the air, you may have fun plans for tonight, and you’re feeling extra close to your other half (unless they forgot what day it is). But how well do you know each other’s financial life? We have created a quick 5 question quiz to get the conversation started about your finances.
Valentine’s Quiz Bowl
- What was your sweethearts’ salary in 2016?
Think this is an easy question? A Fidelity study from 2015 showed that more than 4 out of 10 couples fail to correctly identify how much money their spouse makes. 10% of couples were off by $25,000 or more!
- Does your beau contribute to a 401(k) and, if so, how much? Bonus: How much does their employer match?
401(k) employer match is as close to “free money” as you’re ever going to get. It is an instant return on investment and your contribution is automatically taken out of your check so you quickly don’t even miss it. But did you know employees in the U.S. miss out on an estimated $24 billion of this “free money” every single year? 1 in 4 employees isn’t getting the full company match by not saving enough, and is missing out on an average $1,336 a year! How much money is your family leaving on the table?
- You get $1,500 back in your tax refund. What does your lover think you should do with it?
More than half of Americans plan to be financially responsible with their tax refund and either pay down debt or put the money into savings. Does your lover want to go on a spending splurge or use your refund to improve your financial health?
- When does your better half plan to retire and how much money will they need before they can take the plunge?
More than likely your better half knows when they want to start living the hammock life, but few know the savings target they need to hit to make that dream a reality. If neither of you knows, check out this great Retirement Calculator from Vanguard. It even allows you to add expected social security and pension benefits, but if you’re young, I would leave out social security to be safe.
- What does your honey think is your family’s biggest financial goal?
Do you want to get out of debt? Save for retirement? Buy a house? If you haven’t started following Mama Fish Saves’ Roadmap to Financial Health, this question will help you jumpstart a family discussion on your goals.
Download the Know Your Spouse Money Quiz
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Hi, I’m Chelsea! I’m the founder of Mama Fish Saves and I’m almost embarrassingly passionate about reducing money stress for moms. As an ex-hedge fund investor, I’m an investment pro. I’m also a certified National Financial Education Instructor, mom to two hilarious young boys, and wife to my amazing husband (who’s a stay-at-home dad!). Let’s do great things together!