Comments on: Financially Prepare your Spouse in order to Simplify http://simplefinanciallifestyle.com/financially-prepare-your-spouse-in-order-to-simplify Develop financial peace of mind by simplifying your personal finances to create a healthier and wealthier lifestyle Mon, 31 Jan 2011 20:27:54 -0500 hourly 1 http://wordpress.org/?v=3.0.1 By: Couple Living, in a Small Space | Invest It Wisely http://simplefinanciallifestyle.com/financially-prepare-your-spouse-in-order-to-simplify/comment-page-1#comment-792 Couple Living, in a Small Space | Invest It Wisely Fri, 12 Nov 2010 19:41:00 +0000 http://simplefinanciallifestyle.com/?p=1307#comment-792 [...] the home makes sense for both of you, as a couple. As a couple, you will need to work together to simplify your finances and your life, so that you can get the new situation under control and live at peace and harmony [...] [...] the home makes sense for both of you, as a couple. As a couple, you will need to work together to simplify your finances and your life, so that you can get the new situation under control and live at peace and harmony [...]

]]> By: Do you have a Emergency Financial File to simplify your personal finances? | Simple Financial Lifestyle http://simplefinanciallifestyle.com/financially-prepare-your-spouse-in-order-to-simplify/comment-page-1#comment-669 Do you have a Emergency Financial File to simplify your personal finances? | Simple Financial Lifestyle Thu, 14 Oct 2010 12:06:09 +0000 http://simplefinanciallifestyle.com/?p=1307#comment-669 [...] away? Would the non-CFO of the house know what to do to manage the family finances? In my post Financially Prepare your Spouse in order to Simplify I explain what the non-spouse needs to know in order to manage the family finances. Now its time to [...] [...] away? Would the non-CFO of the house know what to do to manage the family finances? In my post Financially Prepare your Spouse in order to Simplify I explain what the non-spouse needs to know in order to manage the family finances. Now its time to [...]

]]> By: emt training http://simplefinanciallifestyle.com/financially-prepare-your-spouse-in-order-to-simplify/comment-page-1#comment-306 emt training Thu, 22 Jul 2010 19:40:03 +0000 http://simplefinanciallifestyle.com/?p=1307#comment-306 Wow this is a great resource.. I’m enjoying it.. good article Wow this is a great resource.. I’m enjoying it.. good article

]]> By: Carnival of Personal Finance – Gettin’ Hot in Here Edition http://simplefinanciallifestyle.com/financially-prepare-your-spouse-in-order-to-simplify/comment-page-1#comment-282 Carnival of Personal Finance – Gettin’ Hot in Here Edition Mon, 19 Jul 2010 06:33:49 +0000 http://simplefinanciallifestyle.com/?p=1307#comment-282 [...] B Simple from Simple Financial Lifestyle presents Financially Prepare your Spouse in order to Simplify . [...] [...] B Simple from Simple Financial Lifestyle presents Financially Prepare your Spouse in order to Simplify . [...]

]]> By: An Oil-Leak Capping Roundup » JoeTaxpayer http://simplefinanciallifestyle.com/financially-prepare-your-spouse-in-order-to-simplify/comment-page-1#comment-279 An Oil-Leak Capping Roundup » JoeTaxpayer Sun, 18 Jul 2010 12:04:14 +0000 http://simplefinanciallifestyle.com/?p=1307#comment-279 [...] Simple also wrote about spouses in Financially Prepare your Spouse in order to Simplify. B suggests documenting the who, where, why of all your finances, so if the financial CFO of the [...] [...] Simple also wrote about spouses in Financially Prepare your Spouse in order to Simplify. B suggests documenting the who, where, why of all your finances, so if the financial CFO of the [...]

]]> By: Jenn http://simplefinanciallifestyle.com/financially-prepare-your-spouse-in-order-to-simplify/comment-page-1#comment-278 Jenn Sat, 17 Jul 2010 04:32:45 +0000 http://simplefinanciallifestyle.com/?p=1307#comment-278 We have an Excel document with multiple components: spending plan/budget, networth calculations, and most importantly a complete process document on setting up the budget plan for the next calendar year, lists of account numbers and passwords etc. I typically do all the day to day updating and tracking, but we have regular conversations about where we should be focussing the weekly transfers we do with all the excess cash not needed to cover our expenses. Normally we live on about 55% of our take home so every week I transfer the excess to our retirment accounts or make an extra mortgage payment. We regularly discuss if there should be some change to that routine, to pay for a vacation for example. While I love to dive into the details my husband is happy to hear the high level summary and progress on our objectives on a regular basis. He is also an Excel ninja and could easily pick it up should the need arise. In addition to residing on my personal memory stick, the file is regularly backed up on to aother memory stick we keep in a secure location. Worst case he'd have to redo the last week or two of updates if I hadn't just updated our back up copy. We have an Excel document with multiple components: spending plan/budget, networth calculations, and most importantly a complete process document on setting up the budget plan for the next calendar year, lists of account numbers and passwords etc. I typically do all the day to day updating and tracking, but we have regular conversations about where we should be focussing the weekly transfers we do with all the excess cash not needed to cover our expenses. Normally we live on about 55% of our take home so every week I transfer the excess to our retirment accounts or make an extra mortgage payment. We regularly discuss if there should be some change to that routine, to pay for a vacation for example.

While I love to dive into the details my husband is happy to hear the high level summary and progress on our objectives on a regular basis. He is also an Excel ninja and could easily pick it up should the need arise. In addition to residing on my personal memory stick, the file is regularly backed up on to aother memory stick we keep in a secure location. Worst case he’d have to redo the last week or two of updates if I hadn’t just updated our back up copy.

]]> By: B Simple http://simplefinanciallifestyle.com/financially-prepare-your-spouse-in-order-to-simplify/comment-page-1#comment-277 B Simple Sat, 17 Jul 2010 02:29:48 +0000 http://simplefinanciallifestyle.com/?p=1307#comment-277 Kevin, Thanks for the comment. If more people followed your lead many crisises could be prevented. Its hard enough to deal with an illness or death of a spouse then to add an additional issue of the financial situation. Kevin, Thanks for the comment. If more people followed your lead many crisises could be prevented. Its hard enough to deal with an illness or death of a spouse then to add an additional issue of the financial situation.

]]> By: B Simple http://simplefinanciallifestyle.com/financially-prepare-your-spouse-in-order-to-simplify/comment-page-1#comment-276 B Simple Sat, 17 Jul 2010 02:25:21 +0000 http://simplefinanciallifestyle.com/?p=1307#comment-276 Joe, Thanks for the comment. That's an excellent point that you make. That would not be a very good situation. By simply, reviewing the beneficiaries you can prevent a lot of headache. Joe, Thanks for the comment. That’s an excellent point that you make. That would not be a very good situation. By simply, reviewing the beneficiaries you can prevent a lot of headache.

]]> By: JoeTaxpayer http://simplefinanciallifestyle.com/financially-prepare-your-spouse-in-order-to-simplify/comment-page-1#comment-275 JoeTaxpayer Sat, 17 Jul 2010 01:34:30 +0000 http://simplefinanciallifestyle.com/?p=1307#comment-275 Excellent advice here. Some view this as a chore and it may be, but I've seen examples of what you are trying to prevent. A surviving spouse hardly knowing how to balance a check book, and trying to put the financial puzzle in place, not understanding what's where. If I may add one item to your list? Within the paperwork tracked - review and update the beneficiaries on a regular basis. What a shame it would be for an ex-spouse (or her kids by second marriage) to inherit money (via IRA or 401(k)) by your oversight in not being aware of, and updating the beneficiaries. Note that the beneficiary listed on these accounts takes priority over any will in place. Excellent advice here.
Some view this as a chore and it may be, but I’ve seen examples of what you are trying to prevent. A surviving spouse hardly knowing how to balance a check book, and trying to put the financial puzzle in place, not understanding what’s where.

If I may add one item to your list?
Within the paperwork tracked – review and update the beneficiaries on a regular basis. What a shame it would be for an ex-spouse (or her kids by second marriage) to inherit money (via IRA or 401(k)) by your oversight in not being aware of, and updating the beneficiaries. Note that the beneficiary listed on these accounts takes priority over any will in place.

]]> By: Greg McFarlane http://simplefinanciallifestyle.com/financially-prepare-your-spouse-in-order-to-simplify/comment-page-1#comment-274 Greg McFarlane Fri, 16 Jul 2010 19:19:02 +0000 http://simplefinanciallifestyle.com/?p=1307#comment-274 It'd also help to share your financial details with every family member, even though no one does this. "What if Junior tells the neighborhood kids how much money we have? The neighbors will think less of us!" Blissful ignorance never works in personal finance...at least not that I've ever seen. It’d also help to share your financial details with every family member, even though no one does this. “What if Junior tells the neighborhood kids how much money we have? The neighbors will think less of us!”

Blissful ignorance never works in personal finance…at least not that I’ve ever seen.

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