There are days when I feel a bit more like a counselor than a financial professional when I am talking to my clients about money. That’s because money is an emotional topic. No one talks about it until they absolutely have to and that can make for awkward conversation especially when you’re talking to your spouse about money.
As you’re preparing to talk to a financial professional about money and investing, keep these tips in mind:
- Financial responsibility is for both of you. As a couple, the family finances are the responsibility of both parties. Each person needs to have the information about all the accounts so they understand the complete financial picture to make informed decisions.
- Focus on the future. Where you are today isn’t one person’s fault over the other, it is what it is. We can only move forward to reach financial goals. There’s nothing we can do about the past except make a plan for the future.
- Be responsible. Just because you’re moving forward today doesn’t mean you should ignore the past. It’s important to address old debt and have a plan to pay it off. Then you can invest more for your future.
- Regular discussions. Plan distraction-free time once a month to meet with your spouse to review family finances. This includes the monthly budget as well as investments. It’s important to understand where you stand financially so you can adjust before it’s too late and you’re sitting on a pile of debt without retirement savings.
- Be willing to change. Just because you’re over budget this month doesn’t mean you’ve started a trend. Be willing to change spending habits with the end goal in mind.
- Set financial goals. Now that you’re talking to each other about money and having regular meetings to discuss family finances, you should also be setting and reviewing financial goals like funding the education of a child or grandchild, retirement savings, and succession planning for business.
If you’re not sure where to start when it comes to setting, planning, and reaching financial goals, call Heritage Financial Strategies at 480-397-1184 today!