A card from Fair Play by Eve Rodsky
Money Manager
If you’re taking the lead on this card, you are intrepid because managing a family’s budget is no small feat. Planning for the present and preparing for the future is a good start, but there’s so much more to CPEing this card. Short and long-time budgeting. Paying off debt. Retirement planning. College savings and 401(k) investments. And of course there’s also the fun that rolls around every April 15. Day-to-day “Cash & Bills” is a separate card, and these cardholders will collaborate often.
Holding this card means owning all three
Conception
Is there money that needs to be managed?
Planning
- Researching investments etc. (self)
- Researching broker/investment adviser/online brokerage and all issues related to retirement, college, emergency funds etc.
- Tax planning
Execution
- Managing investment accounts (including 401k/retirement and college funds) with financial adviser/online broker (in or Outsourced)
- Managing family budget (income and expenses)
- Tax receipt and form collecting and filing appropriate forms (self, tax preparation software, or with accountant)
- Depositing checks in bank account
Suggested Minimum Standard of Care
Do you have a budget / financial plan? Are you intentional about for planning for the future? Are you on the same page with paying off debt and are taxes filed on time (or an appropriate agreed upon extension)?
A starting point. You and your partner agree the real standard together, and the holder meets it without reminders.
Holding it well
- The holder owns all of it: noticing, planning and doing. No “just tell me what to do.”
- Agree the Minimum Standard of Care together, then let the holder meet it their way.
- Not working? Bring it to the weekly check-in and re-deal it. Don’t take it back mid-week.
Put this card on your table
Deal it, agree its standard, and see who holds what. Free.