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Our Family’s Money Conversations are Better Than Ever #OwnMyFuture #AD

This is a sponsored post for SheSpeaks and Prudential.

In the last two months, the money conversations I’ve had with my husband have changed dramatically. I credit this mostly to our no-obligation meeting with our Prudential Financial Professional, Aiming Allen. You can read about how we prepared by bringing important documents and explaining our family’s immediate financial challenges. Although we were a bit apprehensive going into the meeting because we weren’t sure what to expect, we learned that simply talking eliminates many of the assumptions couples make about money.

I’ll tell you exactly how our money conversations have changed thanks to a deep-dive into our financial future.

Our Family’s Money Conversations are Better Than Ever #OwnMyFuture #AD

Frequency

My husband and I talk about money more. We have more in-person conversations about bills and planning. We catch up with each other and chat about money on the phone when he’s at work. We even text about money to remind each other to pay bills or alert us about important mail we’ve received.

Long-Term Goals

We talk about our student loans, saving for retirement and how long it will likely be before we buy a home.

Our Family’s Money Conversations are Better Than Ever #OwnMyFuture #AD

A.J.’s college savings is also on the horizon, but we have to tackle our own debt first.

My employment status could change as we move forward to increase our family’s income. I’ve been preparing A.J. for the possibility that he may hang out at a friend’s house or go to his school’s after care if my work hours require it. I know it will be an adjustment for us all since I haven’t worked full-time in nine years.

Did you know that the average woman working full-time earns 79% of the income earned by her male colleague?1. Factors that influence this income difference include how women, like me, have taken time away from the full-time workforce. You may recall I shared how my work at home mom experience affected my retirement savings.

Our Family’s Money Conversations are Better Than Ever #OwnMyFuture #AD

Safety and Security

If something happens to me, “the keeper of all things important,” my husband, would have had a hard time finding our family’s documents. I found our lockbox in the guest bedroom. Then I organized it to include our life insurance policies, passports, our home’s lease, then put the keys in a safe place.

Our Family’s Money Conversations are Better Than Ever #OwnMyFuture #AD

Budget Changes

We changed cell phone providers and saved more than $100 from our monthly expenses. My only concern is that our smart phone devices need additional replacement insurance, instead of being eligible for complimentary upgrades. But the immediate savings added some breathing room to our family’s budget.

We’ve also had money conversations with our 8-year-old about why we aren’t eating out as much, how our summer travel plans are scaled back and how we’re cutting the cable cord as soon as the latest agreement is up.

Looking Ahead

The one thing that’s been looming for a while is getting a will written and determining guardianship. Although we’re not homeowners, a will can make our wishes known in case of an emergency. If anything happened to the both of us, we’d like to make sure A.J. is taken care of by a responsible, healthy family member.

Our Family’s Money Conversations are Better Than Ever #OwnMyFuture #AD

If your financial struggles include budgeting, retirement planning and college savings, I highly recommend that you make a no-obligation appointment with a Prudential Financial Professional. You can find one by filling out this form and someone will follow up with you about meeting locally.

  1. Source: U.S. Census Bureau, Historical Income Tables Table P-40: Women’s Earnings as a Percentage of Men’s Earnings by Race and Hispanic Origin, 2016

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About Joyce Brewer

Creator & Host of Mommy Talk Show. Emmy award-winning TV journalist.Wife & Mommy; Mom Blogger; Social Media Coach; Long Island, New York transplant living in Atlanta, GA. Follow Joyce on Twitter @MommyTalkShow Author of Use What You Know: A Business Idea Guide for Moms featuring interviews with mompreneurs who created businesses using their skills & backgrounds.

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21 comments

  1. Sounds like you are doing all the right things.

    And I need to update my lockbox!

  2. It sounds like you’re on the right track. We should all approach our money with a mix of both short-term savings options and long-term plans for overall savings as well as socking that savings away.

  3. It sounds like you and your husband are taking all the right steps. A good fire-proof lock box is a must for extremely important documents.

  4. I geneerally let my husband handle the finances and we are good as far as i can see. I know it will be hard but I will try to get more involved so we can work togetheron finances.

  5. This is great sounds like you’re on the right track! I really need to do this too~

  6. These are awesome tips! I think an open communication about money saves you from trouble.

  7. I love this! It looks like I need to get more organized in my affairs. You’ve really made me think about all of the necessary things I definitely need to do and should be accounted for. Thanks so much for sharing.

  8. Talking about money has always been hard, but for the first time a few weeks ago my husband and I were able to have a healthy on conversation about money. And we agreed to have a discussion every two weeks. It took a while to get our groove, but once we found what works it seems everything just clicked.

  9. Greet information as always. Sounds like you’re on the right path to reach your financial goals.

  10. Annemarie LeBlanc

    It is always good to be able to talk with a professional when it comes to financial planning. We did this years ago and we are thankful we did! I will put in a good word for Prudential Financial to my friends and workmates.

  11. You’re definitely on the right track. A mix of both short-term savings options and long-term plans is the way to go for financial freedom

  12. This is a very important topic! And you and hubby seem to be on the right track!
    I’ve been starting to but things in prospective myself, as bills are raising but no extra money is coming in. Planing for the future is a most!

  13. It’s a really good idea to keep the lines of communication open regarding financial matters and important documents. Many times only one spouse has the deets on important information affecting the family’s assets. It’s good for BOTH to know what’s going on

  14. Love these ideas. Married or single financial planning is crucial to a stress- free life. I need to get me a lock box!

  15. Great tips! As a family of 3 as well, tbese converations are had in our home also. Our important docs are in a place where my husband put theme but I need to organize them in a fashion like you have here!

  16. I’ve been on point about financial planning for me and my kids. I have also started discussions with them about finances and credit. Now a lockbox… I need to get on that asap.

  17. I REALLY need to get a lockbox. Great post! These are all important factors that set a good example for your son when he becomes an adult and/or husband.

  18. I need to get a fireproof lock box. I’ve takked about it for years but I’ve still not done it.

    I have 1 single piece of debit that I’m trying to clear. Otherwise we have no student loans or anything else.

    We have solid college funds for the kids but I need to do more with retirement. I don’t full understand if I’m doing enough in that area.

  19. We got a water and fireproof safe, too! All the important documents and keepsakes go right in!

  20. My husband and I are pretty good and not having debt, but last year we really started to focus on our future. We hired a financial advisor we could trust and started to implement real changes so that the future of our children will be set if something were to happen to either one of us. I feel that hiring the financial advisor was the best decision that we could make especially because I am entrepreneur and one day I may have to return to a traditional job.

  21. My mom has a firebox lock box where she’s always kept important documents. I need to follow that example.

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