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    • MSE Martin
    • By MSE Martin 11th Oct 16, 12:40 PM
    • 8,103Posts
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    MSE Martin
    What's the best way for a couple to keep in financial contact... your tips wanted
    • #1
    • 11th Oct 16, 12:40 PM
    What's the best way for a couple to keep in financial contact... your tips wanted 11th Oct 16 at 12:40 PM
    Over 60% of couples say one person deals with all the home's money issues. If you're reading this, you may be that one.

    Yet, I'll never forget three women coming to speak to me, by chance one after another, after an Ideal Home show talk. All were 40-50s, all had lost their husband in the last few months, and all were desperate; "I'm in dire straits, where do I start?"

    Their partners had 'saved' them from dealing with the finances, but that kindness was now a curse, heaping financial misery on grief, leaving them unequipped for a future on their own. One whose husband was will-less, couldn't access 'his' money to pay the mortgage. And this isn't a gender issue, it happens to all.

    So I always suggest creating a financial factsheet naming all product providers - from roadside recovery to investments, boiler cover to bank accounts. Keep it somewhere safe, but don't put too many security details in just in case. Then have a kitchen table briefing every few months to update and discuss.

    Yet I'd love to know how you make sure everyone is informed, and knowledgable about what's happening with the family money?
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.

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    • KBurb
    • By KBurb 14th Oct 16, 7:21 AM
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    I am a single mum with three teenage children. One year ago I created a spreadsheet with contact details (not policy numbers) of all policies, monthly/annual bills and any miscellaneous matters such as driving licence, passport, EHIC card etc.

    I have told my brother, sister and children where the spreadsheet is along with associated paperwork and diarise to update the spreadsheet annually.

    Yes it sounds morbid but a simple checklist of who to contact is a no brainer.

    I also have a will (which I did a few years ago via the Will Aid scheme), Power of Attorney, life insurance and critical illness cover.
    • Andrew Ryan 89
    • By Andrew Ryan 89 14th Oct 16, 9:07 AM
    • 378 Posts
    • 227 Thanks
    Andrew Ryan 89
    Wow, good topic and something I never thought about. My wife knows nothing about the mortgage or our finances. Who insures the car and the house and even whether the latter is insured. Our life insurance and pretty much everything else you could think off.
    • EssexHebridean
    • By EssexHebridean 25th Oct 16, 4:27 PM
    • 5,862 Posts
    • 33,488 Thanks
    I've insisted MrEH knows what's going on with our finances. he knows how to get into my online banking - I know how to get into his, although neither of us would dream of doing so in normal circumstances. Currently for various reasons the majority of our savings are in accounts in my name - but in the event of anything happening to incapacitate me he could access, and in the event of me passing away everything would fall to him anyway. As a pinch all priority expenditure could be covered by either one of us from our own earnings for a short time in any event - we have no mortgage at the moment.
    MORTGAGE FREE 30/09/2016
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