Talking about money with a partner rarely makes the list of favorite date night activities.
- Seth Miller, a wealth advisor and Certified Financial Planner at Carnegie Private Wealth, suggests couples make it one anyway, once a year, over a good dinner with no spreadsheets at the table.
- Late fall is ideal timing, since several year end deadlines are still ahead. These are the questions Miller recommends couples ask each other.
What did we spend money on this year that made us happy?
Start with the good stuff. Looking back at the anniversary trip or the bikes that got used every weekend tells you more about your priorities than any budgeting app, and it keeps the conversation from turning into a list of complaints.
What’s one thing we want to say yes to next year?
Maybe it’s a kitchen renovation or a long trip to see family. Naming it together turns it into a shared goal, and once you attach a number to it, you can work backward to a monthly savings target.
Are we using the benefits we’re paying for?
Open enrollment is a natural prompt to compare both employers’ plans side by side. Couples often find one partner isn’t contributing enough to get the full 401(k) match, or that an FSA balance needs to be spent before it expires at the end of the year.
If one of us lost our income, how long could we manage?
This one feels heavy, and answering it calmly over dinner is far easier than answering it during a crisis. The answer shows whether your emergency savings and your disability and life insurance are where they need to be.
Does each of us know where everything is?
In most couples, one person handles the money. That works until that person is unavailable. Both partners should know where the accounts live and how to reach the people who help manage them, including the advisor and the estate attorney.
Final tip: Keep it to about an hour, and book next year’s money date before the check comes.
Securities and advisory services offered through LPL Financial, a registered investment advisor, member FINRA/SIPC. LPL Tracking # 1196131
