One of the greatest ways to say “I love you” to your spouse is to make sure they are prepared to handle all financial situations and know where all the important documents are located if you are unable to manage those things temporarily or permanently. In most marriages and relationships, one person tends to take care of all the detailed financial paperwork creation, processing, and filing, which tends to leave the other party in the dark about most of these activities. To meet this problem, my wife and I organized a file cabinet with everything one of us would need if the other is not around to do the day to day business of life. Here is a list of those things that you may want to prepare and organize, so both of you can access any of the following at any time:
1. Easy access to the checkbook and the monthly spending plan (budget). Arguably the most critical item on the list, this requires that you both understand how to balance a checkbook, and have sat down together and created a realistic spending plan for your household income.
2. Know where all the important paper work is located, including your will or trust documents, power of attorney, bank account information, important PIN numbers, all types of insurance documents and contacts, investment advisor’s contact information, investment account documents, etc.
3. Important home information such as home maintenance records and contacts, appraisal records, mortgage papers, security/fire alarm contact numbers and PIN numbers, utilities records, and any other documents specific to your home needs.
4. Auto maintenance records with mechanic contact numbers.
5. Relative, schools and baby-sitter information.
This, by no means, is an exhaustive list, but it will help you to begin to organize important information that allows peace of mind.
