Valentine’s Day is the perfect time to show your spouse how much you care. But what if the best gift you could give them is to make sure they are financially secure?
If you are the one who handles the family finances, it is important to make sure your spouse knows where everything is and how to access it. This way, if something happens to you, they will be able to take care of the finances without a problem.
Here are some tips for keeping your spouse involved in your finances:
- Draw up a list of your important financial contacts. This includes your financial planner, insurance agent, accountant, and attorney. Make sure your spouse knows their names, phone numbers, and email addresses.
- Delineate what assets you have and where to find them. This could include your investment accounts, retirement accounts, and real estate. It is helpful to create a master directory listing all your accounts and account numbers.
- Give your spouse a big-picture view of your finances. This includes how much money you have, how much is liquid, and whether you are on track to meet your financial goals.
- Identify which assets are liquid and which are not. This will help your spouse know which assets they can access quickly in case of an emergency.
- Don’t try to rule from the grave. Let your spouse know your investment philosophy and who they should contact for help if they need it.
By following these tips, you can give your spouse the gift of financial security. This is the ultimate Valentine’s Day gift that will show them how much you care.
Here are some additional tips:
- Start by talking to your spouse about your finances. This could be a difficult conversation, but it is important to be open and honest with each other.
- Make sure your spouse understands the basics of your financial plan. This includes your goals, your investments, and your risk tolerance.
- Be patient. It may take some time for your spouse to get up to speed on your finances. But with your help, they will eventually be able to manage them on their own.
Keeping your spouse involved in your finances is the best way to ensure their financial security. This is a gift that will last a lifetime.