The 5 People You Need To Talk To About Money Now

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1) Your Spouse Or Partner

breakup and divorceIf you’re sharing a life with someone, you’re likely sharing expenses, too. That can range from splitting the grocery bills to planning for long-term health care insurance and your children’s education.

Experts recommend having a conversation about money as early as possible so both partners are able to clarify their financial goals as a couple. Both individuals need to be transparent about their spending histories and any debt they might be carrying.

Gabrielle Clemens, a financial planner in Boston, suggests identifying values and goals rather than speaking solely about money.

“Money is emotional,” Clemens said. Talking about values and goals “takes the edge off money and turns a relationship into a more meaningful one.”

If a couple wants to take a cruise every year, for example, that means talking about what it’s going to cost and who will contribute the funds.

When it comes to more longterm plans, couples need to talk about who might have to stop working or work part-time to take care of children. As a couple ages, health care becomes critical, and there should be a mutual financial commitment to services like assisted living and nursing homes.

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