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5 For Friday: Couples Money Quiz

by J. Money on Friday, October 4, 2013

floating couple

I came across this nifty Couples Quiz by Fidelity earlier this week, and thought it made for a perfect 5 For Friday. When you’re done reading this post, scooch on over there and be sure to take it yourself. And then pass it over to your significant other to see how y’all match up. It’s not like you have anything else going on, right? ;)

Here were 5 of the 9 questions, along with my answers in more detail:

  1. Who manages your day-to-day household finances (paying bills, deposits, budgets, etc)? ME! My wife can’t stand talking or thinking about money… She rolls her eyes even when I go over our net worth once a month! Haha… I’ve tried to make it fun for her and turned it into a game (“Honey – do you think we *made* money this month, or *lost* money?” “Great great… Now, how *MUCH* would you guess?”) but I only think it stresses her out more :)
  2. In case of an emergency, do you know where your financial and legal documents are? YUP! Sure do. In my sexy little safe hidden in my closet (Oh no! I gave it away!)
  3. You inherited $10,000. What’s your first instinct? Invest it!!!! Followed by “Hold onto it for dear life until your cash flow gets back up to par,” haha… So yeah, I’d *instinctively* want to invest it right off the bat, but in practice I’d just stash it away into our savings for now until things get back to normal again… Fantastic question.
  4. Your favorite store is having a blowout sale. What will you do? BUY BUY BUY!!!! I’m a firm believer of picking up as much as you can when something of quality goes on sale AND you can 100% use every last bit of it. Say, if you’re one to never go shopping and/or your clothes are literally falling apart while wearing them. Like myself, sigh… You of course have to *limit* the amount you spend or you’d just go nutso, but in general if there’s a sale of something I really REALLY like/need, I’ll pick up as much as I can – probably not going over $100 or $150 max. That doesn’t get you much at a high end store, but it does at TJ Maxx ;)
  5. You’ve decided to refinance the mortgage on your house. Who will take the lead? Uh… D’uh, me.

According to Fidelity, this makes me an “I•Sa•D” – Informed Saver Driver. Someone who takes charge, knows their way around their finances, and the value of saving (uh thank you). I have a screen shot to prove it:

isad - informed saver driverNow it’s your turn! Answer these 5 questions down in the comments below, or go get your own evaluation from the Couples Quiz and see how you compare. If your boss catches you, just tell ‘em it’s “research” – that usually works every time ;)

Be good, y’all.

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PS: To answer more 5 For Friday questions, click here. All the cool kids are doing it.

[Photo cred: William Christiansen]


{ 45 comments… read them below or add one }

1 Free Money Minute October 4, 2013 at 7:20 am

Not sure I could convince my wife to go through this with me. We talk about all major financial decisions (even the minor ones as low as $25 that are not food related). Unfortunately, she is not as informed on the details of our finances as she really should be. My answers would be pretty much in line with what you said, especially #4 for the items I know we will use.

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2 graduateliving October 4, 2013 at 7:57 am

1. Me. Absolutely.
2. Yeah, but we don’t have many. No dependents (so no life insurance or wills), no home ownership, no car… really it’s just our insurance cards and medical information, plus whatever benefit information the BF has through his job, which is all in one place as well.
3. Pay down debt!
4. Depends on if I need anything or if I will use it in the near future. If it’s a sale at Ann Taylor? Nah. If it’s half off canned beans at Safeway? As many as I can carry on the bus!
5. Yeah, that’s not an issue for us. I think we’d both be involved, but I’d probably keep track of the paperwork.

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3 J. Money October 4, 2013 at 10:59 am

Haha… canned beans is more exciting than clothes?? That’s too funny.

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4 Brian October 4, 2013 at 8:24 am

1. Me, because I have more free time.
2. Yes. Most are in a safe deposit box but we have photocopies in a safe at home.
3. 10k huh. Odds are I would invest it in one, maybe two different stocks.
4. Ignore it I have enough crap right now.
5. Mortgage free right now so I don’t see this happening, but I guess it would be me.

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5 J. Money October 4, 2013 at 11:00 am

You’re mortgage free???? Like renting, or owning a house? Haha… Good for you man.

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6 Jane Savers @ Solving The Money Puzzle October 4, 2013 at 8:56 am

I am happily single now and money was the big reason behind the divorce.

We couldn’t find any money to replace the flapping shingles on our home but a $12,000 snowmobile ended up on the HELOC and I heard about it from the wife of one of his friends.

You need to be united in finances or you will be signing divorce papers.

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7 J. Money October 4, 2013 at 11:02 am

Wowwww that’s sad… I’m so sorry to hear :(

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8 Jane Savers @ Solving The Money Puzzle October 4, 2013 at 2:00 pm

I was never sad but often angry and resentful.

My sons have thrived and my finances are improving with every pay cheque and it was the best decision for everyone.

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9 J. Money October 7, 2013 at 3:27 pm

Glad to hear :)

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10 John S @ Frugal Rules October 4, 2013 at 9:05 am

Nice little quiz. Here are my answers:

1. We do it together. I handle the investing, saving and analyzing the budget. Well, we work on the last one together. She pays the bills and sets up the auto-pays.
2. We have the majority of them in our safe deposit box, but have some of the photocopies and a thumb drive with them locked away at home.
3. If we had $10k fall in our laps we’d likely invest half of it and save the other half…best of both. ;)
4. Assuming we can use it…I’d be buying like crazy – up to a set limit of course.
5. I’d likely handle this one myself.

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11 J. Money October 4, 2013 at 11:03 am

I like that set up – looks you have the FUN part! :)

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12 Ben @ The Wealth Gospel October 4, 2013 at 9:20 am

1. Me. I get her involved each month when we go over the next month’s budget and try to get her to update it when she makes purchases, but I usually end up doing it.
2. Yep! Although I’ve gotten lazy lately and it’s not super organized…
3. Emergency fund baby!
4. First things first, I pee my pants with excitement. Second, I clean myself up. Third, I set a budget. Fourth, I make my wife go with me because she needs to share my excitement. Fifth, I splurge until I hit my limit.
5. Haha. Just asking my wife to update the budget stresses her out, so I’ll be taking the lead on this one.

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13 J. Money October 4, 2013 at 11:04 am

I hope you get a new pair of pants while you’re out there too ;)

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14 Ben @ The Wealth Gospel October 4, 2013 at 1:46 pm

haha that’s assuming I’m wearing pants in the first place :)

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15 Michelle October 4, 2013 at 9:46 am

1. I manage all financial things. W hates it!
2. Yup, I have it all in a certain place :)
3. Save and invest!
4. I’d definitely buy things that I NEED.
5. ME. haha

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16 moneystepper.com October 4, 2013 at 9:59 am

I would expect that the quiz would conclude that I am a boring git! :)

1. Me, with consultation and agreement with partner.
2. Yes.
3. Invest it.
4. I don’t think I have a favorite store!
5. Me, with consultation and agreement with partner.

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17 J. Money October 4, 2013 at 11:04 am

No favorite store at all??? That’s pretty impressive… you must be sitting on a lot of money :)

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18 Dollar Flipper October 4, 2013 at 11:26 am

1. Me, but I do talk with the wife about it and she logs all her transactions into our budgeting software YNAB.
2. Yes, we have it all in two spots.
3. Probably put it in our house fund. Saving up the 20% down.
4. This would be different for me vs her. I don’t really care about this stuff. She loves NY and Company. As long as it was within our budget, I don’t mind her spending the $.
5. Me. We don’t have a house yet, but all she cares what our future kitchen looks like.

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19 Retire By 40 October 4, 2013 at 12:00 pm

Same as you except the Sales question.
I’d probably buy a few things I need currently or soon. I’m too cheap to stock up and we don’t have the storage space.

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20 Brian October 4, 2013 at 12:39 pm

1. Me, but my wife check ins.
2. Kinda, in a safe box and file cabinet. Need to do a better job here.
3. Snowball it. We’re in debt repayment mode!
4. Smile and wave. We’ll sit this sale out.
5. I would, but make sure my wife is on board.

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21 Janine October 4, 2013 at 1:11 pm

1. Surprisingly the boyfriend does, and I check in every month – weird because I’m a PF blogger haha
2. Yes
3. Probably use it to go take a trip the bf has always wanted – climb Kili, or we’d invest it.
4. Probably a hutch to put our dishes. Only things we’ve been considering buying for a while. No impulse purchases!
5. Me

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22 J. Money October 7, 2013 at 3:30 pm

Your bf does??? HAH! You need to blog about that on your site ASAP ;)

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23 Christine @ ThePursuitofGreen October 4, 2013 at 2:29 pm

Here goes!

Who manages your day-to-day household finances (paying bills, deposits, budgets, etc)?
Both of us do actually. Our budgets spreadsheet is in Google docs which allows both of us to access it. When we do net worth monthly and new budgets sheets we do it together. Deposits are generally done by my husband and occasionally by me. Then bills are split up between the two of us!

In case of an emergency, do you know where your financial and legal documents are?
Hmm there are in 2 spots right now but we should have a better system for that.

You inherited $10,000. What’s your first instinct?
Invest it! In reality prolly save half and invest half though.

Your favorite store is having a blowout sale. What will you do?
Go shopping! If it happened right now I’d take my long Christmas list and try to knock some names off of it. Maybe I would allow myself a small purchase for myself, but only if its really really a good deal.

You’ve decided to refinance the mortgage on your house. Who will take the lead?
My husband most likely. We both like to research things and know as much as possible, but he’s definitely better at this stuff than I am. I wouldn’t be able to stand hours of researching this. I’m more likely to take my time and do other stuff in between.

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24 J. Money October 7, 2013 at 3:31 pm

Wow, you already have a Christmas list?? You are good!

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25 Crystal October 4, 2013 at 4:22 pm

1.Who manages your day-to-day household finances (paying bills, deposits, budgets, etc.)? Me.
2.In case of an emergency, do you know where your financial and legal documents are? Yes but they are in 3-4 places. I have a sheet for my husband with passwords and locations too.
3.You inherited $10,000. What’s your first instinct? Put it towards retirement or another rental property.
4.Your favorite store is having a blowout sale. What will you do? Do I need whatever is on sale or will need it in the next month? If yes, I buy what I’ll need for a while. If no, I pass.
5.You’ve decided to refinance the mortgage on your house. Who will take the lead? Me.

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26 J. Money October 7, 2013 at 3:33 pm

I wish I was really into rental properties like you and others :( It’s just way too much for my brain to handle – like with stuff all over the place (aka properties and bills/mortgages/etc). I think I’m slowly becoming minimalistic and with it comes the desire to NOT have another property, haha… which is weird, cuz I can be invested stock-wise into a billion different things and be okay with it, but when it comes to other stuff it stresses me out? Maybe cuz all the stocks are in the same main account?

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27 Crystal October 8, 2013 at 12:20 am

It is more stressful than my Roth IRA. But I really love the idea of owning 5-6 rental properties and being able to live off of just that income (even if we have a kid). All our side hustles and even our online business could be extra that could be divided between retirement savings and fun stuff like vacations. When we are financially independent, I plan to volunteer more and visit all of my close blogging buddies at some point (I’ve visited 2 so far but have a lot to go).

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28 J. Money October 9, 2013 at 10:29 pm

Yeah, all very true indeed… maybe as I get older my mindset will change :)

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29 Kyle | Rather-Be-Shopping.com October 4, 2013 at 4:35 pm

I answer these pretty much the same way as you. In the last few months I started paying the bills and managing the day-to-day stuff. I was kinda dreading it but holy crap does online bill pay make it easy. Only one that really differs is the 10k windfall, my first thought is to invest it in my online business.

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30 Edward Antrobus October 5, 2013 at 6:26 am

For some reason, I can’t get past the first question for some reason. I click “continue” and nothing happens. :( I guess “I SaD” too! :D

1)My wife, because early on, I had trouble saying no if she asked if we could afford something. That’s a bad trait in your money manager!
2)Me. I have a filing cabinet with a folder marked “important”
3)Pay off debt
4)Ignore it. I already have pretty much everything I need.
5)Well, if we had a mortgage to refinance, I would probably take the lead on that.

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31 Micro October 5, 2013 at 9:15 am

Right now I handle the finances by default because of our situation. B is going to school and makes enough to handle education related expenses (books, public transit, etc). So any dealings with rent and bills fall to me for now. Actually, I just recently had my parents tell me where all their important documents were kept…THAT was a depressing conversation.

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32 J. Money October 7, 2013 at 3:36 pm

Why, cuz it’s scary to think of them leaving the world one day? Or cuz it’s scattered all over the place?

I have to go to the bank w/ mine here soon to sign my name on all their stuff in the event they pass unexpectedly :( Def. scary/freaky stuff.

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33 Christine October 5, 2013 at 10:24 am

1. I do.
2. Yes.
3. We actually have received large gifts from a relative more than this. We invested it. We have made about $3,000 and used THAT towards a new vehicle we paid cash.
4. Depends on the store. Yesterday my husband was telling me about the clearance at his store – I didn’t go.
5. No mortgage. PAID IN FULL. Thank the Lord.

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34 Christine October 5, 2013 at 10:26 am

A (sort-of-related) follow up comment regarding question #4. I have relentlessly been decluttering this year. This makes a huge difference in wanting (or rather NOT wanting) to shop clearance. Once the clutter starts leaving your home, it is more peaceful, easier to clean, actually wonderful. If I could get my family members to do the same thing, it would be awesome! :)

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35 J. Money October 7, 2013 at 3:36 pm

Haha, I agree ;) And good job w/ no mortgages! That’s incredible!

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36 Tushar @ Everything Finance October 6, 2013 at 11:38 am

I’m definitely more of the money buff in my relationship. My SO isn’t really interested in it, but then again, they aren’t bad with money so that’s all I can ask! My instinct would be to invest it, too, but I’d probably hold on to a bit of it for awhile as a bit of an emergency fund.

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37 Nic October 7, 2013 at 12:06 pm

1. I do but I key her into how we’re doing regularly….She’s smart enough that she could do it, however she’s stressed enough as is with everything else in life :).
2. Safe….gotta remember to transfer those into the new fireproof safe though.
3. Funny…I did just inherit approx. that and I’m deciding what to do w/ it now. With no CC debt, an emergency fund already saved, I’ve elected to put half towards new floors in the house (wife really wants them and we were going to do them early next year anyways, so it’s more moving the purchase forward than anything) and the other half will go to pay off one of our auto loans….I’ll then roll the additional monthly payment we would have been making towards the other auto loan, and I’ll have that half of the money back in approx 6 months.
4. Stores have sales all the time, I buy stuff when I need it (and look for the best price at that time or wait till there’s a really good price if I know I can wait and get it cheaper)….or want and can justify it.
5. It won’t happen….Can’t beat the interest rate, however I would take the lead on anything in that regard.

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38 Nic October 7, 2013 at 12:08 pm

Have the money back after 12 months (6 months to pay off second auto loan w/ double payments, 6 months of savings both payments to recoup the money*

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39 J. Money October 7, 2013 at 3:38 pm

Nice!!! Congrats on getting the money, though I hope it wasn’t because of someone passing :( I like your plan for it though.

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40 Paulette October 7, 2013 at 9:59 pm

1. Who manages your day-to-day household finances (paying bills, deposits, budgets, etc)? I do. He wants nothing to do with it. He and his deployed friends joke that us wives could be chilling in Monaco and they would never know it.
2. In case of an emergency, do you know where your financial and legal documents are? Big honking safe in the living room. Can’t miss it. :)
3. You inherited $10,000. What’s your first instinct? Save half, spend half. Meet him in the middle for a vacation, most likely.
4. Your favorite store is having a blowout sale. What will you do? Can’t think of what that might be. Book store, maybe. Home Depot. Yea, not a big shopper.
5. You’ve decided to refinance the mortgage on your house. Who will take the lead? Just did this a few months ago. His freaking mortgage (he bought the house before we got married, I have no desire to have a mortgage in my name) and you better believe that I read every one of the 7 gazillion documents that came into the house.

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41 J. Money October 9, 2013 at 10:30 pm

HAH! It would be pretty cool to have a reader of this blog in Monaco actually :)

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42 Taylor October 8, 2013 at 3:59 pm

This is soooo fun!!!! My new husband and I are trying to get or financial life together on my blog and I’m def going to use this!!!! Of course the answers to all of these will be me lol.. I’m the neurotic one… But I don’t have a safe… That gives me an excuse to shop for something cute!

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43 J. Money October 9, 2013 at 10:30 pm

Loving your blog name :) Going now to check out.

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44 Marissa@Financetriggers October 11, 2013 at 10:52 am

What a great idea. Looks like fun! Let me share them to my readers and followers I’m sure they will enjoy this and learn from it!

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45 J. Money October 11, 2013 at 11:22 am

Go for it :) It’s fun hearing everyone’s answers.

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