Financial TLC
February is the month we associate with love, caring and cuddling, because of Valentine’s Day. Yet, Love is always in fashion. Love of yourself, your partner, your family and your friends reign throughout the year.
This month I want you to give yourself some Tender Loving Care. Whether you are coupled, single or searching, taking care of yourself is critical. I want to encourage Financial TLC. In the midst of the life, we often forget to take care of the details. True TLC is the key to a solid financial life.
What is financial TLC?
Transparency
Be honest about money: with yourself, with each other, and with loved ones. Write down and review where your financial life stands: income, debt, investments, bills. Looking at the list in black and white often gives you a reality check that no other system can. This is critical to share with yourself first and foremost. You need to know where you stand and what your commitments are.
Your partner needs to know as relationships are tied together. In marriage, you are bound legally. Even if you are not married you may have shared commitments like rent, pets, and family. Knowing about the other commitments your partner has makes assessing your situation a lot clearer.
Link the Details Together
Know what the accounts are and where to find them for each other. And be sure the bills are in both names.
If you are single, you may feel you are only responsible to yourself so there is nothing else for you to do. Your details will matter to your loved one if you were critically ill or die suddenly. They would have to pull the pieces together. So have a file with the details that they would have to know to handle your financial life. Tuck away the details. You do not have to share everything but let someone who loves you know where they are.
Conversation - Caring Conversation.
There is embarrassment, there is past money flaws, there are emotions involved around money. We all have them. The secret is not to let them rule your life. The best way to do this is to share them in a way that works for you. This may be journaling, therapy or a good heart to heart with a friend. If you are part of a couple, talking to your partner is not optional, it is a necessity. Financial intimacy is as critical as any other part of your relationship.
The bottom line is love relationships are impacted by money. TLC is investing some time in your money relationship. TLC and honesty with yourself and others will demonstrate love on many levels.