When it comes to you and your spouse, there are a number of important conversations that should be had at some point in your relationship. However, at least six of them should be about money. While many couples like to handle their finances separately, put one person in charge of it or simply try to avoid the topic altogether, money is too important a factor to not be addressed with the below steps. So make sure you have the following six conversations at some point.
First, there’s the talk about earning money. You both need to be on the same page about what your target incomes are, whether or not you’ll both work and, if so, for how long. At some point, this may also mean considering if someone will stay home with the kids.
Next, you need to talk about spending. The above conversation won’t be worth much if you don’t put together a budget and then stick to it. This conversation should also involve goals you have for the future and how much they will cost.
Third, accounting must be considered. How will the two of you keep track of your money: where it comes from, in what amount it shows up and where it goes? This may mean talking about who will have what responsibility in terms of tracking your personal wealth.
Fourth, address your savings. How much money do you want to have on hand at any one time? Also, you’ll want to know what it is you may want to spend that savings on some day.
Fifth, what about investing? Where will you put your money to ensure it stays ahead of inflation or even grows? Will you hire someone to handle this for you? What kinds of investments will you favor?
Finally, you have to talk about retirement. At what age do you want that time to come and, when it does, how much money do you want to have on hand?
Though their descriptions might be brief, each conversation is an important one that you and your spouse should take your time with and do all the necessary research. Someday, handling each step above could make all the difference.