Financial Housekeeping for 2023
By Jessica Perrone
Ladies, no one ever plans to be sick or disabled. Yet knowing the financial ins and outs of the household can make all the difference in an emergency. Women also live longer than men; according to the U.S. Centers for Disease Control, the average American man will live to 76, while the average woman will live to 81. I don’t want to be a “Debbie Downer,” but imagine a scenario where your partner cannot communicate the ins and outs of your joint finances.
For these reasons, women should speak to their partners about household money matters before an emergency happens. I know, it’s one thing to tell your partner you love them or talk about what’s going on with the kids. It’s another to ask them if they’re financially prepared for an emergency. Also, keep in mind it is easier to talk with your spouse about finances when you’re in a good place than when there is a problem.
Understand and Document Your Financial Records
The thought of these conversations may be daunting – But you can use the below checklist as a starting point!
Record all your debts, including mortgages, car loans, credit cards, and other bills. Also, include how and when they are paid.
Create a record of everything you own as a couple. Include real estate, vehicles, bank accounts, and investments such as stocks or IRAs. Also include contact info, phone numbers, account numbers, logins, and passwords.
Keep track of insurance information – life, health, and long-term care policies with policy numbers and agents’ names and phone numbers; homeowner’s insurance policy number; and renter’s insurance policy number.
Identify the location of the original deed for home, Car, RV, or Boat titles/registrations.
Find out who is authorized to spend money on behalf of the account holder if something happens to them.
Document and locate employee benefits, retirement documents, and wills.
Women often are afraid to talk to their husbands about finances, but it’s essential to know the ins and outs of the household! If you’re ready to dig in, do some financial housekeeping, and ensure you’re on the right track for an emergency in 2023, I hope this article helped you!
If you find these topics interesting, please check out my classes and/or watch an episode of “Her Money & Investing Show” on HerFinIQ.com
Jessica Perrone
Founder, Her Financial IQ
Host, Her Money & Investing Show
Jessica Perrone, Founder
of HerFinIQ.com, is
a Summit mom and
experienced investor who’s
on a mission to empower
women and teen girls
through Financial and
Investing Education. Each
month, she will answer
questions she commonly
receives on money matters