Delegating
responsibilities to others may lead to problems down the road.
Provided by Taylor McClish
When you are putting together a household, it isn’t unusual to delegate
responsibilities. One spouse or partner may take on the laundry, while another
takes on the shopping. You might also decide which one of you vacuums and which
one of you dusts. This is a perfectly fine way to divvy up household tasks and
chores.
One household task it’s valuable for both partners to take part in,
however, is your shared financial life. It’s important, regardless of your
level of wealth or stage of life. Counting on one spouse or partner to handle
all financial decisions can create a gap for the other partner. Should the one
in charge of the money separate, become severely disabled, or pass away, that
may leave the other partner in a bind. A situation like that is probably
difficult enough without adding additional stress.
A study conducted in April 2018 surveyed 1,662 American couples,
covering households where one partner has primary budgeting responsibility as
well as couples where the responsibility is shared evenly. For the latter, 87%
of respondents indicated that they were “confident” in taking full
responsibility, should it become necessary. For the former, only 52% of those
partners who were not actively involved indicated that same confidence.1
Begin the conversation. If you are the partner who isn’t steering the household
finances, ask yourself why. It may be that you have preconceived notions about
how difficult it might be to educate yourself to make informed decisions. Maybe
you know how to do it, but you would simply rather not be bothered. It’s also
possible that you recognize that your spouse or partner has a particular
expertise in these matters and doesn’t need your help.
Regardless of the reason, it’s probably a good idea that you should at
least be able to hop into the driver’s seat, should misfortune strike your
household. In that unfortunate circumstance, you should feel confident that
whatever the reason or the duration, you won’t have any unnecessary concerns
about managing your household’s finances.
For example, what if you have insurance that covers extended care, in
case of a severe injury that causes your spouse or partner to be away from work
for an indefinite period? How will you be certain that the claim is made? Who
will make sure the bills get paid? The job will fall to you.
Getting involved. The good news is that through communication, regular
conversations, and a little effort, you can probably learn what you need to
know in order to help yourself in these situations. Part of this, too, may be
meeting and getting to know the financial professional who works for your
household.
If it’s your first time, start simple. You may find worksheets helpful
in guiding you on how to plan out a monthly household budget. There’s software
that may help, but a budget doesn’t need to involve anything more than pen and
paper, if you prefer. You’ll find several worksheets available online. You will
also want to talk with your spouse or partner about the monthly budget they
use, as it will likely be helpful if you are both on the same page – perhaps,
literally.2
The more knowledge you have, the more
confident you can become. Starting
the conversation is just the first step. It may take you some time to become
comfortable in taking a greater role in the decision-making, but when you do,
you may feel more confident if the responsibility ever falls solely to you.
Taylor McClish may be reached at (503) 239-3060 or Taylor.McClish@cunamutual.com
This material was prepared by MarketingPro, Inc., and does not
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Citations.
1 - nytimes.com/2019/03/01/business/retirement-finances-couples.html
[3/1/19]
2 - thebalance.com/basic-monthly-budget-worksheet-1289585 [3/12/19]
2 - thebalance.com/basic-monthly-budget-worksheet-1289585 [3/12/19]