Not my department!

One of the benefits of looking at an individual’s financial planning is that you get to share and have an insight into their lives, past and present.

How they accumulated wealth, or debt, or both. How they spend and save their money and what they aspire to into the future.

With couples, you usually find that each party (willingly or unwillingly) takes on individual tasks within a household in the confidence that the other is dealing with the money, finance, bills, cooking, groceries, holidays, cars, children…the list is endless.

You don't have to have too many 'I thought you were handling that' conversations, with a possible retort of 'not my department', to work out who's meant to be doing what.

Most of the time, the divisions of labour work just fine, with each knowing their tasks, duties and responsibilities and happily undertaking these. It's only when it goes wrong, for example on divorce, significant ill health or death, that the shortfalls of understanding become abundantly clear.

Now, like riding a bicycle, you might remember how to boil an egg, make a risotto and vacuum the house. But when it comes to money stuff, do you remember how to balance a household budget, apply for a credit card, and contribute to a pension? The sort of day to day money stuff that the 'other half' had full control of and you did not need to worry about.

For some this might be obvious. Younger generations are, in our experience, very much more money savvy, indeed never relinquishing control of their own money management (a good thing we think!). But others gave up money planning years ago and can find themselves exposed when their personal circumstances change, sometimes for the worse.

However you handle your money, together or separately, keep your hand in the process to make sure you have a good understanding of where everything is and why. You never know.

Take the vacuum round your money plans soon. You never know what you might find!