We all feel differently about money, and many of us don't find it easy to talk about money to the people we are close to.
Take the plunge and ask your partner or spouse how they feel about money, your goals and plans.
Do they see things the way you do? Is one of you a saver and the other a spender? Don't worry if the two of you have different attitudes - it's very common!
It can help if you talk about practical things together, such as your budget, your spending and saving goals, and how you might achieve them.
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The bottom line
- Spending half an hour a month together talking about your bills and expenses will be less stressful than a once-a-year financial talk-a-thon.
- Think about setting up personal accounts for your children to help them learn about managing their own money.
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New relationships, partnerships and marriage
Starting a new relationship is exciting and money may be the last thing on your mind as you contemplate moving in together or getting married.
What are your plans? Are you saving for a house deposit, wedding, holiday, or something else? See Budgeting for help working out where you are now financially and how you can achieve your dreams. If you are thinking about starting a family, check out Having children.
Talking about money
Many of us don't find it easy to talk about money to the people we are close to. It is worth making the effort. It helps to get things out in the open so that you both have an understanding of how money will work in your relationship. It can be useful to help you plan how you'll manage what comes in and what goes out. This will also help in making decisions about the regular bills and who will pay.
Start talking to your children about money. Our parents usually influence how we deal with money – even if we consciously decide not to do what they did! It can really help your children if you pass on what you know.
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Make it happen
- Include your children in conversations about the family budget and bills.
- Show older children what bills look like and how you plan to pay them.
- Get your children into the saving habit by helping them start a savings account.
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Money can cause people a lot of anxiety and in some cases can lead to relationship problems. Sadly, many relationships break down because of arguments about money. If you have separated, divorced or your partner has died, see Losing your partner for information on how to manage your finances and your future.
Whatever your situation, you may benefit from getting some independent financial advice.
See Getting information and advice.
Wills
Having a will allows you to decide what happens to your assets when you die. If you die without a will, your assets will be distributed by the public trustee in your state or territory. There are strict rules about how this is done. It is not a good idea to assume that the law will distribute your assets the way you would want. Your family will benefit if you prepare a will and keep it updated so that your assets are distributed according to your wishes. See Protecting your money.
Splitting superannuation contributions
It is now possible for people to split their employer superannuation contributions with their spouse. Depending on your circumstances, this can help both of you. See More information.
Protecting your family
When you are planning your finances, you may want to think about how you want to look after your family should anything happen to you.
Life insurance can protect your family if you die. You can also get cover for a specific life threatening event, for example, a heart attack or stroke. It is also possible to get income protection insurance to protect your livelihood if you are injured or disabled and cannot work.
If you have superannuation, your fund may offer some life insurance and income protection cover. You can buy additional insurance from some superannuation funds or other insurers if you want more cover than your superannuation provides.
For more information, see Superannuation and Insurance.
More information
There's a lot more that you can find out about families and money. See More information.