6 Tips for Talking About Money With Your Partner

Families must make challenging financial decisions every day. Having proactive conversations about money with your partner can reduce financial stress. While one person may take the lead on managing the money for the household, it is important that both partners are aware of key household financial information. Consider the following six important items so you are both ready should the one managing the finances become incapacitated:

1. Establish a list of accounts and investments, as well as usernames and passwords for shared accounts.
2. Know where records and important documents are kept--including health records, insurance information, birth certificates, marriage license, passports, etc.
3. Create a list of household expenses and debts owed.
4. Share information about how bills are paid and expenses tracked.
5. Determine who will have legal access to accounts and resources if one or both of you become incapacitated.
6. Know each other’s end-of-life wishes, as well as plans for your estate with a will or trust.

When having conversations about money with your partner, always keep your goals in mind and focus on the objective.

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(June 2023)