Ask an Advisor: How to talk to my husband about money

by - September 08, 2016

Busi: My husband and I have separate bank accounts. He is the primary breadwinner right now; I’m only working part-time because I’m raising our 2-year-old. When my paycheck isn’t enough to cover my expenses, I ask for more money and he transfers it to my account. I don’t really know how much he has in savings or invested for retirement. I’d like more visibility into our finances, but I’m hesitant to bring it up. How do you recommend having that conversation?

Advisor's Answer: 

 Siba Njoba - financial planner, Alexander Forbes Retail 

You have to find a way to communicate effectively with your husband with regards to financial affairs and investments as this will impact both of you in unforeseen  life events such as death, disability or retrenchment as he is the breadwinner right now.

You have indicated that you are not aware of what provision he is making for retirement savings-as much as retirement may be far away, it is crucial to make adequate provision for retirement - for you as well, because you are working part time.

Importantly, you also have to take into account that you have a child together, you have to discuss savings for the child’s education and future financial obligations that you have to plan for ahead of time.

It is also advisable that arrange to speak to a qualified financial planner, someone who will be able to look at your situation holistically and perhaps facilitate the discussion.

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