Here’s a good story, or at least a good recommendation, from my February copy of “Moneywise”. This one isn’t up on their website, so I’ll paraphrase it:

Their staff writer Hugh Morris suggests that after couples have had a romantic Valentine’s dinner last night, a dose of financial reality is a good hangover cure. His headline is “Discuss finances with your loved one.”

We are much better at this than in our parents’ day, when one partner (usually the husband) took care of the finances and didn’t really discuss money with the “better half”. However, we know that even today many couples don’t discuss these matters, with tragic results; many men commit suicide because of a debt crisis or a redundancy that they couldn’t bear to tell their wife or partner.

Morris says: (1) “Open Up”: be completely honest not just about current facts but about any nasty surprises that might be just around the corner. (2) “Budget Together” (self-explanatory); and (3) “Discuss the Future”, including the unpalatable fact that you will both die at some point. For example, if you are not married, (and especially if you are not married) do you both have up-to-date wills? And is your life insurance sufficient that one of you could live comfortably without the other; paying off the mortgage, for example?

The article is only half a page but worth a read. If you want the whole thing you’ll have to buy the magazine. From your friendly local newsagent!

WANT TO KNOW MORE?

Hugh Morris’s piece wasn’t on their site when I wrote this piece but you might find it’s there now: www.moneywise.co.uk