Don't Outsource Your Future

Talking about money with your partner doesn't feel romantic. In fact, it can feel awkward and downright uncomfortable. The truth is that now, more than ever, it’s necessary to take charge of your financial future and develop an understanding of where, why, and how your money is working for you. 

In my mind, money equals choice. The ability to choose between staying and leaving a job that I don't love, the ability to choose how and when I want to retire, the ability to buy the purse I've been eyeing on and off for the last month. It's the ability to prioritize self-care and gives me the opportunity to listen to my intuition when it whispers to me to go for it. This desire to have choices has driven me to learn as much about my finances as possible, and let me tell you, it's liberating.

I was surprised, then, to find I was in the minority for my generation. A  recent UBS study found that 59% of Millennial women ages 20 - 34 let their spouses take the lead on financial planning and decisions. I realize the world of finance can feel purposefully confusing. Between the excessive jargon and endless options, it's no wonder many women prefer their partners handle the long-term planning - especially since the majority of women handle day-to-day expense management (on top of everything else). However, 74% of women have a negative money surprise after the death or divorce of their partner, and the only way to combat this is to take an active role instead of outsourcing your financial future.

Learning  about money can be intimidating, but there are a few things you can do now that your future self (and wallet) will thank you for: 

  • Start by working with your partner to consolidate all of your accounts into one dashboard. We recommend Mint.com as it gives you a consolidated view across all of your accounts and detail when you need it.

  • Set some short-  and long-term goals together and discuss which accounts should be paying off grad school loans, funding the next vacation or building to the condo down-payment.  Agreeing on life  goals can lessen the money stress many couples feel.

  • Make a date night out of it! Once a quarter, schedule time with your partner to review day-to-day expenses, debt, emergency savings, brokerage accounts, and retirement accounts to understand how you're trending.

  • Open an IRA (an individual retirement account) for yourself if you don't have one already. You can do this through Charles Schwab, Ellevest, Fidelity, or other institutions.

  • Attend a Smart Sister Finance class (and feel free to invite your partner!). We'll be introducing various financial topics and explaining how to put your money to work for you. 

To your health, wealth, and financial empowerment -

Erin Dunne