This is the magical time of year when everything is waking up from a long winter’s slumber. The birds are nesting, tulips are blooming and trees are budding. Spring fever is definitely in the air. It’s also the time of year when some couples consider the next phase of their relationship, like planning weddings or just moving in together. Regardless of how you and your significant other are choosing to strengthen your bond, there are some key financial conversations to have to ensure you’re both on the same page.

  • How will our finances be handled officially? Will this be a joint effort, or will one person handle the majority of the financial responsibilities?
  • If you create a budget, could you both agree to stick to it?
  • How receptive are each of you to the other’s feedback on your spending habits or use of credit?
  • Do you both want to work? If you have children, will one of you stay home or is daycare an option?
  • What kinds of insurance do you need to protect each other? Do you both have basic coverage like home/renter’s and auto insurance? Should you also consider life, health and disability insurance?
  • Do either of you have a current will? If not, have you thought about having one and if yes, have you considered the kind of will to have? And will you do it yourself using a kit or an online service, or do you need professional help?
  • What will the reality of retirement look like for you someday? Can you agree on a date (or age) and make it a tangible goal? Where will you live in retirement and what will you do when you get there?

Don’t forget that if you need help sorting out any of these and other questions, CEIRP members can make an appointment to speak to a Canada Life Health & Wealth consultant — for free. Click here to learn more.

(Question Source: “65 Money Conversations Every Couple Should Have,” National Financial Educators Council)

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