A Brighter Way
A Brighter Way
On New Year's Eve, I received a call from a client whose husband had been hospitalized for a couple of weeks. He mentioned to her that he thought a tax payment was due that day. She didn't know how to make that payment, or if it needed to be paid that day.
We worked things through, but a valuable lesson was learned that day that we are now following up on. She realized she doesn't know much about the family finances.
Some spouses have been sheltered from many of the household financial responsibilities, mostly because their spouse was better at that, so they took care of things. I once dealt with a woman who, when she was widowed at age 80, had never paid the household bills, and did not even know where to begin.
Do you know what you need to do when it comes to the family's finances? Does your spouse? Do the children know where things are? It is as simple (and as difficult) as organizing a list and having the discussion.
When it comes to the family finances, consider compiling the following information:
Invest the time and effort to organize this information, and discuss it with your spouse and children. You'll be glad you did.
Rea & Associates offers a workbook to help you with this important task. Be sure to ask your advisor for a copy.
This article was originally published in Facts & Figures, Feb. 17, 2010 issue.
Note: This content is accurate as of the published date above and is subject to change. Please seek professional advice before acting on any matter contained in this article.
