Your Valentine’s Day Honey-Do List

February 11, 2022

Romantic dinner with roses and wine glasses

Finally, a Valentine’s Day where we can celebrate with our loved ones, possibly even enjoying a romantic dinner at a special restaurant. Our hope for you this Valentine’s Day is that you get to enjoy this time with that special someone in more normal times. We also hope you take this time to have some important conversations with your lifelong partner to discuss your finances. Discussing your personal finances may not be very romantic, but it is essential to your relationship. What better way to make your honey feel important than by giving the gift of financial security?

Here are our suggestions for your honey-do list:

1. Talk about your finances

Take this intimate time to be open about your income, savings, and investment accounts, and especially debts. Regardless of your individual circumstances, this will lay the foundation of planning your finances together. You are in this together, so it is important to be able to fully share the financial facts of your joint relationship. If either of you has difficulty discussing your finances, it may help to attend a financial seminar together or seek an advisor who is willing to help you navigate the discussion.

2. Review your beneficiaries

You may have set up accounts before you and your significant other became serious. Some of those accounts may have required you to name designated beneficiaries. Your retirement accounts and insurance policies require this information when you set up the accounts. At that time, you may have named a sibling, a parent, or a close family member or friend. This Valentine’s Day, make time to review your beneficiary designations. Be sure to name the individuals you wish to receive those accounts one day. You may wish to name your spouse as primary beneficiary and maybe your children or trusts that benefit your children as contingent beneficiaries. There are ways you can utilize beneficiary designations to also address some of your overall estate planning goals. You may want to review these strategies with your financial advisor.

3. Set-up your rainy-day fund

If there’s anything we learned from the last two years, it’s that we can’t always plan for everything in life. But what if we could! Having an emergency fund may be one way to start. You never know when something could go wrong and being financially prepared can at least alleviate some of the stress. Having at least 3 to 6 months of expenses saved in a joint account can really help. If you don’t already have a joint account set up that is earmarked for those unexpected expenses, take the time this Valentine’s Day to set one up together.

You may also like to check out our Emergency Fund blog for a few tips on how you may begin funding your rainy-day account.

We know these conversations are not always easy to start, but your honey will be so happy when you share with them your completed financial honey-do list. Having financial discussions together is critical for a successful long-term relationship, and this Valentines Day is a great time to start. So, we hope that you not only are able to celebrate this year by candlelit dinner but that you also are able to share some financial togetherness over dessert.

By,
Susie McLane
Vice President, Senior Wealth Advisor