It’s the dreaded money chat!

By Marcy Berg

Financial Literacy month is coming in November. It’s also Movember, prostate awareness month. I figure there are two things guys don’t really want to talk about, money and their ... well you know. I’m guessing hubbys would rather talk about bank accounts than a prostate exam. So I think November is a perfect to time have “the money chat”.

All couples need to have the money chat on a regular basis. It’s so important that all parties know and understand what the money situation is for a whole bunch of reasons. The obvious first reason is the “hit by the bus” situation. The surviving party needs to know how to get their hands on things really quickly in the worst possible situation. The second reason is to keep track of the spending. Financial infidelity is a very big reason I see people in my office in the throes of divorce. So many situations should never have come to the point where they ended up.

Let’s say you don’t want to have the money talk yourself. There might be something you don’t want to tell. You need to get over it. Divorce is super expensive and has no winners. Even if there is nothing to hide you can’t help but win by reviewing finances. You and your partner should work out a family budget and do a review on where the money goes. Overspending in one area might mean a long awaited family vacation is possible. Maybe this is a good time to review your mortgage as well and see if you are getting a good deal. Rates are low right now so check it out. It’s also a good time to review life insurance – that policy you bought 10 years ago may have little or no value today. You work hard for your money and it should be in your pocket and not a banks or insurance company.

The Financial Consumer Agency of Canada was put in place to help Canadians become more financially literate. While it may seem like a lot of babble from our government I actually applaud the site. I think you should check it out and try working with their budget sheet. http://www.fcac-acfc.gc.ca/eng/consumers/budgetmoney/index-eng.asp It’s a bit of work but I think its well worth the effort.

I know the money talk is a pain but trust me it will be easy after a prostate exam. Wishing you a happy and healthy Movember.

Marcy Berg

Marcy Berg started a career in Financial Services in 1981. Through the years she has worked for 3 of the 5 major banks and one of Canada’s Leading trust companies. Marcy started her career in credit and in particularly mortgage services in 1988. Along the way she has seen a lot of mortgage trends come and go and come back again. She has seen good real estate markets and slow markets as well. Her experience has taught her a thing or two about managing the biggest asset and debt most of us will ever have. Marcy practices a philosophy of safe and sound lending practices that benefit her clients and help them build wealth. Marcy currently owns Mortgages for Women.com Inc and caters to the female market. Marcy’s clients are married, single, separated, divorced and widowed but they all know “Prince Charming is not a mortgage strategy”.

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