Research tells us that just over 3/4's of spouses know what the others income is.
Research tells us that only one spouse knows the login/password to the power bill in just 2/5 homes.
Most families rely on one spouse to pretty much handle all the household bills and the other spouse to handle all the investing decisions. While this is surely democratic, its not healthy, nor wise. 9/10 times, the surviving spouse is the wife and more than half the time, she knows little about any of this!
Talking about budgets, saving, debt and investing is not all that comfortable a conversation but it has to happen. I suggest couples plan a meeting quarterly to discuss the following;
- where all the assets are located; banks, brokerages, 401k's, IRA's, insurance, etc
- how the investments are invested; get together on risk tolerance
- what the logins and passwords are to all household online accounts
- what the plans are for retirement; where, when, etc
This checklist is far from complete but will certainly go along way to getting you started thinking about your finances together. Two heads are really better than one and as you get older, the assets grow and the decisions become more important.
Don't wait. Start now. Remember, I am a money coach and would be happy to help. You can email me at email@example.com.