Healthy Financial Habits of Senior Couples

Money can be a tricky subject for anyone to discuss, but possibly more so for seniors than many other groups. This is because, as we enter the retirement stage of life and major sources of income (our jobs) are no longer there, money can become a source of anxiety, even among the most close-knit of senior couples. What’s more, not only are retired couples likely to have less discretionary spending, but the roles they’ve played in managing financial matters may also change.

It’s not uncommon, among working couples with busy lives, to divide responsibility for dealing with money. One person in the couple may handle savings, for instance, while the other manages bill payments. One may budget for larger purchases (such as vehicles or home appliances), while the other budgets for more day-to-day expenses like groceries and entertainment. However, with less spending power and more leisure time available to share financial decision-making, it’s quite normal for couples to venture into each other’s financial territories.

It’s also natural for older couples to become more emotionally involved in financial decisions than they were before. While in their younger years, a couple may have been most interested in home renovations or spending recreational time together or with their children, they may now be more focused on their future security or providing a legacy for their grandchildren. And they won’t necessarily share the same views on such subjects.

Senior couples who have a healthy approach to dealing jointly with money matters, haven’t got there by accident. In fact, they’ve often worked hard to establish the habits that support them. If you want to improve your relationship when it comes to dealing with financial matters, check out the following habits:

Dreams and schemes

Hopes and dreams – whether they’re to do with holidays, home improvements, or a new vehicle, change over time This is especially true as we grow older and circumstances become less predictable. Make time to regularly talk about your changing dreams and schemes with each other, and discuss how you can budget for them.

Security

Caring couples with healthy financial habits regularly discuss their changing needs for security, and how to use their finances to help them achieve what they need. Whether it’s downsizing or moving into a retirement living situation, open and honest discussion with each other prevents nasty surprises.

Revisiting wills

Situations change, and this includes family dynamics. A healthy habit of financially attuned couples is to revisit individual wills together, from time to time, and make adjustments as necessary. This can also be a time to discuss providing for grandchildren or leaving a charitable bequest.

Seek advice

Couples with healthy financial habits don’t leave money matters to chance. Whether by following a financial column in a reputable publication or visiting a financial advisor, they seek to make the most of their savings by staying informed.

Grieve and leave

Couples who have the healthy habit of leaving grievances behind, and looking to the future, are best placed to make mutual decisions. If your partner has made a poor financial decision in the past and learned from it, don’t bring it up each time you discuss financial matters.

Financial independence

Couples enjoy many activities together, but individual pursuits are also important to a happy relationship. Allowing each other the financial independence to spend on personal interests, rather than grudging the cost of the other’s leisure activity, is a healthy financial habit which brings couples closer together.

A couple that can be open and mutually accommodating with their finances displays the kind of healthy financial habits that facilitate a happy retirement. If you don’t have these habits in your life, now might be the time to start.