It happens too often.
One spouse takes the lead on all things financial while the other is hands-off. That may seem like a good idea, but it can lead to trouble down the road.
If the financially savvy spouse should pass away, the survivor (usually the wife, but not always) is left in a stressful situation because he or she knows little to nothing about the family accounts or how to access those accounts. Possibly, the surviving spouse never even met the financial professional who handles their investments.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
At Semmax Financial Group, we believe finances should be a family affair. Both spouses don’t need to be experts in all things money, but they should have a grasp of their general financial situation and take part in any decisions that are made.
If finances have been a one-person show in your household, here’s how to transform that into a family affair:
Create a plan
When it comes to financial goals – or probably any goal for that matter – you can’t just blindly throw darts at a wall and hope everything works out. You need a plan, whether you are saving money for retirement, a new house, a vacation or some other expense that doesn’t fit into the daily budget. Everyone who is affected by the plan should be involved.
Also, I recommend putting that plan in writing because once it’s in writing, it becomes a living thing, not some nebulous notion. Write down your goals, create a timeline for achieving them and develop a roadmap for how you will get there.
Schedule dedicated time to work on things together
Wealth-building doesn’t happen on its own. To make finances a priority, regularly set aside time to work on things together, so it's clear that all parties are dedicated to your financial goals, and one person isn’t pulling all the weight while others are out of the loop.
Assign responsibilities
Household finances come with plenty of working parts. Taxes. Monthly bills. Investments. Although it’s important that everyone is aware of the big picture, you should delegate responsibilities for individual tasks.
Perhaps one person feels more confident handling the taxes. Another person may want to take charge of investments because they love to follow the market. Once again, the key is that everyone is involved, even if an individual carries out the specific assignments.
Make sure both spouses meet with the financial adviser
This is one time when you don’t want to split the duties. Both spouses should attend meetings with the financial adviser. Even if one person has no interest, they still need to be there to understand what’s happening with the family’s money and to get to know the adviser. Why? Because that adviser is who you will call if something happens to your spouse and you encounter a problem with your finances.
Make it fun
Money matters can be drudgery and stress-inducing if you let them be. To ease the tension, inject fun into the process. For example, you can create a rewards system for when you reach certain milestones, such as when you manage to knock off another $1,000 off your credit card debt. Treat yourself to a date night, a spa day, a family picnic. That way, this potentially tedious chore becomes more palatable.
Making finances a family affair ensures that one spouse isn’t left in the dark when the other spouse dies. But that’s not all. Financial planning and related financial chores are less burdensome if more than one person is carrying the load.
Financial decisions also may prove wiser when two people provide input. And the odds that the financial plan will be a success and that the goals will be met are much higher if all parties have buy-in.
Ronnie Blair contributed to this article.
The appearances in Kiplinger were obtained through a PR program. The columnist received assistance from a public relations firm in preparing this piece for submission to Kiplinger.com. Kiplinger was not compensated in any way.
-
3M, GM, Blue Chips Lead to the Upside: Stock Market TodayThe S&P 500 followed the Dow Jones Industrial Average into green territory, but the Nasdaq lagged the other indexes because of its tech exposure.
-
Social Security Payment Schedule for 2026Find out when you can expect your 2026 Social Security payments and the date you get paid when your scheduled day falls on a holiday.
-
Should Your Brokerage Firm Be Your Bookie? A Financial Professional Weighs InSome brokerage firms are promoting 'event contracts,' which are essentially yes-or-no wagers, blurring the lines between investing and gambling.
-
Supermarkets Have Become a Pickpockets' Paradise: How to Avoid Falling VictimSome stores regularly rearrange inventory with the aim of increasing purchases, and they're creating opportunities for thieves to steal from customers.
-
I'm a Wealth Adviser: These Are the Pros and Cons of Alternative Investments in Workplace Retirement AccountsWhile alternatives offer diversification and higher potential returns, including them in your workplace retirement plan would require careful consideration.
-
I'm a Financial Planner: If You're Within 10 Years of Retiring, Do This TodayDon't want to run out of money in retirement? You need a retirement plan that accounts for income, market risk, taxes and more. Don't regret putting it off.
-
Five Keys to Retirement Happiness That Have Nothing to Do With MoneyConsider how your housing needs will change, what you'll do with your time, maintaining social connections and keeping mentally and physically fit.
-
Budget Hacks Won't Cut It: These Five Strategies From a Financial Planner Can Help Build Significant WealthCutting out your daily latte might make you feel virtuous, but tracking pennies won't pay off. Here are some strategies that can actually build wealth.
-
To Unwrap a Budget-Friendly Holiday, Consider These Smart Moves From a Financial ProfessionalYou can avoid a 'holiday hangover' of debt by setting a realistic budget, making a detailed list, considering alternative gifts, starting to save now and more.
-
Treat Home Equity Like Other Investments in Your Retirement Plan: Look at Its Track RecordHomeowners who are considering using home equity in their retirement plan can analyze it like they do their other investments. Here's how.
