Resources to Help You Discuss Family Finances
By: Source: AARP Bulletin Today Date Posted: 2002-06-01 10:31:00-04:00
Discussing family finances doesn't have to be a dreaded event.
Do your contingency planning as part of a weekend getaway or during a nice dinner—as a reward for being proactive, says Ginita Wall, co-founder of the Women's Institute for Financial Education and author of Love and Money: 150 Financial Tips for Couples.
"The main purpose of [estate and financial planning] is to prevent future problems," adds Marin Retirement Advisors' Dave Shore. "Talking about your plans—like pre-nuptials or wills—doesn't have to be a negative, lack-of-trust kind of thing. If you all sit down together, and talk about what has to be accomplished, it can encourage a mature and open conversation about financial matters."
Check out these resources to help you start the conversation:
• American Academy of Matrimonial Lawyers. For a copy of "Making Marriage Last"—which includes a list of "Communication Do's and Don'ts" and tips on "Managing the Marital Money"—call (800) 422-6595, or go to www.aaml.org/marriage_last/
marriagemain.htm.
• FamilyFiles, a commercial website that offers a useful 10-step "Financial Fire Drill" for organizing and updating records.
• Institute for Equality in Marriage. Go to www.equalityinmarriage.org for some useful checklists.
• Iowa State University Extension. "Money Mechanics: Communication" includes guidelines for communication about finances. "Money Mechanics: Talk About Money Worksheet" guides discussions. They're available at www.extension.iastate.edu/
financial/management.html or from Extension Distribution Center, 119 Printing and Publications Bldg., Iowa State University, Ames, IA 50011-3171.
• Women's Institute for a Secure Retirement (WISER). Nearly 50 fact sheets on financial topics—including pensions, Social Security and widowhood—are available at www.wiser.heinz.org or from WISER, 1920 N St. NW, Suite 300, Washington, DC 20036.
• AARP Investment Program from Scudder. Call (800) 253-2277 or go online to www.aarp.scudder.com for a free "Legacy Planner Kit," which offers help in organizing your finances.
preview