Jan 29, 2022
The theme this week on the Retirement Quick Tips Podcast is: How To Include Your Spouse In Financial Decisions
Today, I’m asking you an important question: Have you ever asked your spouse if they want to be more involved with the management of the household finances? Would they like to take a more active role in filing your taxes, paying bills, managing your household investments, deciding how much you should keep in savings or how you’ll pay off your mortgage early, or anything else?
At a bare minimum, if you’re the one who manages the household finances, your spouse must have the 30,000 foot view of what I laid out this week, so hopefully, even if they want to be hands-off, you can still both come together a few times a year to discuss finances, review your tax return, meet with your financial advisor, review the household balance sheet inventory list, and both of you can understand the money related tasks that need to be done monthly and annually, as well as the ins and outs of your household finances. That’s essential for both a better relationship, and taking care of your spouse, should something happen to you and you can no longer manage the finances for your family.
I’ve often seen situations where decisions are made unilaterally by one spouse, which can create resentment or one spouse to feel excluded. But when you’re involved together, it increases the likelihood that the spouse who doesn’t manage the day-to-day finances will have more influence over how decisions are made and feel less like the decisions were made for them.
That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.
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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance