April Financial Fitness Challenge�"Specialists" Share Financial Expertise With Spouses

When a friend's father died a few years ago, his wife of almost 50 years began handling the finances for the first time. She signed all the checks in her checkbook, "to save time." She was floored to learn that she'd made all the checks as good as cash, and learned in a hurry that you never sign a check in advance.

How was she to know? Her husband had been the family specialist on financial matters.

That's how David Palmieri characterizes the natural tendency of couples to split household responsibilities; one may specialize in personal finance and the other may be the landscaper, for example. Palmieri is community relations and education manager for Accel, Farmington Hills, Mich., a financial counseling company.

If you are the finance specialist in your marriage, Palmieri notes that you may feel guilty about not sharing these activities and information with your spouse, guilty about not imparting this necessary information to the person who one day may survive you. Palmieri says the antidote is to "make opportunities to teach�even if it's just for five or 10 minutes a month."

Don't try to do too much at one time; go step by step. Before long, your spouse will become familiar, even if in general terms, with what it takes to run the household finances.

Records and last words

Hand in hand with that, help your spouse by keeping good records. Palmieri says, "Annually update your financial inventory of where the important documents are, who are your financial advisers and contacts�even where is the safe deposit box key."

Involve your partner in developing your letter of last instruction detailing how you want to be buried, who takes care of the family pet, and so on. This important document is another project you can tackle�together�a few elements at a time. Make it a shared habit to review this document once a year. The goal is not to risk leaving your spouse financially helpless if something happens to you.

This month's Turning Point feature, Rebuild Your Life After a Life Partner Dies, is full of help for a surviving spouse.

Financial Fitness Challenge

Remember to register for the Financial Fitness Challengeregister for the Financial Fitness Challenge, paired with our Turning Points feature. Each month we'll randomly select five winners to receive $50 Visa gift cards; we'll choose each month's winners only from that month's entries, so enter often.

If your credit union offers seminars about budgeting or managing a checking account, attend them with your partner. It gives new meaning to "date night," but what better gift can you give your spouse?

ST
Susan Tiffany, CCUFC
[email protected]

Published April 1, 2009