She’s No Shrinking Violet: Financial Tips for the Married Woman

25 Jun She’s No Shrinking Violet: Financial Tips for the Married Woman

One in five Canadian women leave the financial planning to their spouse[1] — and that statistic is from 2018, not from 1958.

Not only is leaving all the planning to someone else not a great idea in general, but it could actually be dangerous in the long term. Since women live longer than men – and with increasing “grey” divorce rates – there’s a good chance you’ll wind up being responsible for your own finances at some point in your life, and it will be easier to manage if you have some prior experience.

Regardless of how devoted you are to your spouse, it’s important to protect yourself. Keep these tips in mind:

1. Have regular money dates. Set up a regular time to talk with your spouse about your finances. Discuss anything that comes up: budget, bills, debt, etc. Make sure you discuss your short- and long-term goals too. It’s important to stay on the same page, money-wise, but it can be a challenge without good communication.
2. Build your own credit. Make sure your name is on the bank accounts as well as your spouse. Apply for your own credit card too. If nothing is in your name, it may be hard to build your own credit if you suddenly find yourself on your own.
3. Read what you sign. If your partner asks you to co-sign something, don’t just sign because you trust your spouse. Read all legal documents, from tax returns to credit card statements to real estate contracts, carefully. Ask questions if you don’t understand. It may be worthwhile to order a credit report so you know where you – and your spouse – stand.
4. Pay the bills. It may be easier to leave the bill paying to your spouse, but knowing how much money is going in and out of your accounts can go a long way toward helping you understand your financial situation. Some couples take turns, switching off annually or biannually, with this responsibility.
5. Stay connected. Many women take time out of the workforce, often for caregiving responsibilities for children or aging relatives. It’s important to maintain your professional contacts and connections during this time, both for your mental health and because you may need them again to reenter the workforce.
6. Attend meetings with financial advisers. Not only is this a great way to learn about your financial situation, but it helps you build relationships with those advisers. This way, if there is ever a problem, they will already know who you are.
7. Consider the future. Those who are financially secure understand that they must expect the unexpected. Work with a lawyer to create a will. Secure appropriate life insurance, especially if you have small children. Consider disability, critical illness and long term care insurance to protect you in case you suddenly fall sick or need help. Perhaps most importantly, make sure you are saving for retirement.

To learn more about planning your estate, contact us.

[1] https://fpcanada.ca/docs/default-source/news/fpsc-financial-independence-survey-2018.pdf

Joel Rose

With over 35 years of experience, Joel Rose helps families – and their businesses – to prepare for the future. He offers guidance and support to help his clients create estate plans and succession plans that meet the needs of the whole family. Through his extensive professional and personal experience, Joel is known for his compassion and his ability to find a creative solution to meet each family’s needs.