It has been my experience over the last almost 50 years working with clients and their finances that there is usually one spouse who has the primary responsibility for managing the family finances. It may be that the one spouse who does not have primary responsibility will have their own personal checkbook or even the family checkbook for day to day shopping but, nevertheless, one spouse is assigned or takes on the role of overseeing and managing the family finances. That spouse is most often, but not always, the wife or, in today’s day and age, the stay at home spouse.

Today the role of family financial manager is conducted on the home computer and over the internet but, again, not always. However, it is conducted it involves bookkeeping and recordkeeping that can become quite complex. As we age the complexity and technology know-how required becomes more and more an increasing source of frustration and concern. In my own case I have found myself forgetting passwords or trying to do things while I am on the internet that I am supposed to be doing while I am recording transaction on my personal bookkeeping software – or vice versa. This is especially true when we are traveling and I must engage in my financial management role on my laptop over the internet. I have, as a result, asked myself from time to time, what is going to happen when I can now longer carry on my role with sufficient accuracy and effectiveness. Will I know when that time comes? Or will it have to be brought to my attention by outsiders such as the bank or vendors who have not been paid or, worse yet, by my wife or children?

Another dynamic relating to the household financial management that is almost always overlooked is that the primary manager even though in charge of the financial management draws strength and confidence in that role from the other supportive spouse.

My father had a client who was the CEO of a large industrial firm that operated worldwide. Besides running this firm he ran the household finances as well. When his wife died many years after his retirement he suddenly became terribly uncertain and unable to effectively manage the finances and investments. It proved to be a very expensive lesson.

This section will contain articles and essays all designed to help you become increasingly aware of the dynamics surrounding the management of your family finances. Hopefully this will put you in a position to make plans and set up procedures to follow to help you and you spouse and heirs take steps to insure the effective management of your financial affairs after you no longer want to or are unable to do so yourself.