Date Night Club (March 2021): Financial Access
Have you ever gotten locked out of an important account (email, bank account, etc.) just when you needed it? Ugh. How exasperating, right? This month we’re talking about financial transparency and financial access. Do you and your partner have access to the accounts you need in case of emergency?
Take a Bite:
No matter how much your finances are joined together you likely still have some financial accounts you keep separate like your retirement or investment accounts. If you keep your finances mostly separate, you have even more accounts you hold separately. Imagine you had a dial you could turn from “fully transparent” to “fully hidden”. How transparent do you want to be with the accounts you hold separately? In the event of an emergency, would you want your partner to have access to these accounts?
DATE NIGHT MATERIALS LIST:
A copy of last month’s budget (if you plan to do a budget check-in)
Computer, tablet, or phone
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15 MINUTE SNACK: PUT IT TO THE TEST
It’s ok to say you want your partner to have access to your financial life, but do they really have access? Let’s put it to the test!
Joint Accounts: Even if your money and your assets are joined together there is likely one of you that’s taking the lead on that account. For instance, in our relationship I take the lead checking in on our banking and savings account but my husband takes the lead on our car and renter’s insurance. Think of one joint account that you “take the lead on” and test your partner’s access to it:
Tell your partner which account you chose. Try to keep it generic like “our bank account” or “our savings account”.
Ask them: “How would you gain access to this account if I wasn’t here to help?”
Have your partner try to gain access to this account without your help and see if they run into any roadblocks.
If they run into roadblocks: Give them a minute or two to work through the challenge before helping them out. Be sure they have access in the future to everything they need to do it alone.
If they pass the test: Give your partner a high five - great work!
Switch roles!
Separate Accounts: Think of an account that you hold separately that you’d like for your partner to have access to in case of an emergency.
Tell your partner which account you chose. Again, keep the description generic “my jewelry insurance policy” or “my work retirement account.”
Ask them: “How would you gain access to this account if I wasn’t here to help?”
Talk through how your partner might gain access to this account.
REMEMBER: Since this is an account you hold separately, your partner will likely need to know information like where the account is held, account numbers, etc. But, since your partner’s name isn’t on the account this isn’t like your joint accounts, even if they have this information that doesn’t mean that they can automatically make use of this account. Consider:
Is your partner the beneficiary on this account?
Is your partner your financial power of attorney?
Does it make sense to add their name to this account just in case of an emergency even if it’s primarily for your use?
Switch roles!
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If you like, you can take this month's topic deeper ...
MAKE IT A MEAL: APPLY WHAT YOU'VE LEARNED TO YOUR CURRENT BUDGET
Make sure that you each have the financial access you need to your joint accounts, any separate accounts, passwords, and key documents. Use this blog post to help you figure out where you might have access gaps.
MONTHLY BUDGET CHECK-IN
Take a moment to look back at last month's budget together.
Did you stay on track?
If you got off track, what 1-2 steps can you each take to get back on track again?
Did any surprises come up - positive or negative?
Take a look over the expenses, did the way you used your money align with your values?
What changes will you make for next month?