Is one partner responsible for the household money, while the other is responsible for different activities in your household? If you are like the average household, the answer is “Yes”!
The Money Situation
In every dual-adult household, the adults divide and conquer to ensure everything gets done. One person does the cooking, the other does the dishes. The weekend comes, one sweeps and dusts, while the other vacuums and does the laundry and they split the bathrooms. The adults in the home tag team the kids’ duties if kids are in the picture. Inevitably, only one of those adults does the finances, rarely is this task shared.
The Problem
What happens when the adult primarily responsible for the finances passes? The other adult is left to figure it out. Are the accounts online, do you receive paper statements or only online statements? Are the bills automatically set up to pay, or do you have to write checks? Where are the checks, the stamps, the envelopes?
How many checking and savings accounts are there? Where are the investment accounts? How many retirement accounts exist and when must you start taking minimum distributions? Is there life insurance, who is the insurance carrier, and how do you collect and/or keep paying if it is on your life? Do you still have health insurance? How would you find out?
This is where BRPS Consulting can help you!
Need a Professional Solution!
I excel at figuring out finances and simplifying them to reduce your financial stress.
- Whether it is getting organized;
- Assisting with the setup of online bill paying/paying your bills for you;
- Or ongoing monitoring of your financial world
BRPS Consulting is here to solve your financial organizational problems!
This post was inspired by an AARP Article “Open Up Your Marriage (the Money Part, That Is).