5 Financial Conversations to Have with Your Spouse

Not sure how to talk to your spouse about money? These five financial conversations are a must if you want to plan for the future together.Within the everyday conversations you have with your spouse, long-term finances is probably at the bottom of the list.

Everyday finances and expenses usually only cause arguments; just consider that one of the number one reasons listed for divorce is money issues.

But it’s important to discuss important financial topics so that there are no surprises later on.

Here are five financial conversations you should have with your spouse to get on the same page.

1. Retirement Dreams

Everyone always has a vision of what they want for their retirement, but maybe your vision is watching your grandkids play in your backyard while your spouse’s is owning a bed and breakfast in Costa Rica.

A great way to start discussing finance with your spouse is to ask about how you want to live out your retirement and how much you’ll have to save to make those dreams a reality.

Many people have great dreams about traveling the world. But when they hit retirement, they realize just how much of a fixed income they live on and how their budget is impeding their retirement dreams. Don’t let that happen to you – put a plan in place to make your retirement dreams a reality.

2. Living Trust

What would happen to your possessions if something were to happen to both you and your spouse? For most people without a living trust or will, your wealth would end up in a messy battle of court for years.

It’s important for couples, especially those with young children, to have a living will. This will not only state what would happen to your children should both you and your partner pass, but what would happen to your assets. Whoever you designate as the guardian of your children would most likely benefit from being beneficiaries of your estate.

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3. Adult Parent Care

What do you plan on doing with your own parents when they can no longer take care of themselves? Not only is this a conversation you need to have with your spouse, it would be helpful to also know what your parent’s wishes are.

Many parents are perfectly happy to be placed in an assisted living care facility, while others may want their own children to take care of them. Are you and your spouse on the same page when it comes to how your parents will be taken care of when the time is necessary?

4. Your Own Elderly Care

What kind of care do you see for yourself in your old age when your retirement dreams are fulfilled? Do you and your partner have a plan in place for your elderly care?

I personally don’t want to be a burden on my children and would be perfectly okay in an assisted living home when the time comes, but I know that I’ll have to have a financial plan to make that a reality.

5. Charitable Giving

And lastly, let’s not forget our charitable contributions. Do you and your partner see eye to eye about giving financially to your community?

Get the conversation started on how to give to local charities that you feel strongly about. Sometimes finances feel too tight to give financially, so try to give with your time instead. Do whatever helps you meet your charitable giving needs.

Have you had these financial conversations with your spouse? How did you get on the same page about these topics?