On Valentine’s Day, it’s easy to think about the popular holiday expressions of love — like cupid cards, flowers or candy. But have you thought about giving the people you love the gift of financial care?

Talking about money may seem unromantic or uncomfortable. But when it comes to your partner, children and other family members, there are financial matters that deserve a shared outlook — from the heart. Here are a handful of ways to strengthen ties, plan for the future and invest in those who mean the most to you.

Your spouse. Whether a marriage is young or mature, understanding individual money values and setting joint-financial goals together can be important to relationship wellbeing. Yet a recent survey finds only 56% of married or partnered Americans say they’re very comfortable talking with their mate about finances, and one in four couples say financial decisions are a source of tension in their relationship at least once a month. 

Open the lines of communication with your Valentine by committing to a “money date,” every month or so, to talk candidly about finances and revisit short- and long-term hopes and dreams.

Your growing family. Financial priorities change and expand right along with your family. Maybe you’re making a plan to cover child care and activities expenses. Or maybe you’re charting a path for bigger goals like college. Do you and your spouse have adequate life insurance? Have you executed a legal will and named guardians you trust? To prepare for and preserve all of their needs, putting financial protections in place are vital forms of caring for your family.

Along with these responsibilities, also make time to listen for teachable money moments. Take advantage of situations that crop up every day to instill financial values and money-management skills. For example, opening a MySavings Youth account can help kids plan for goals and start to think about when to save or spend. And while young kids don’t need to know your income, older teens should know how much you can afford to pay for college and other resources to make it happen.

Your adult children. Once your children are grown, sharing information about personal finances, retirement and estate matters can bring many benefits. For instance, communicating makes it easier for them to step in and help manage your affairs if necessary, ensure that your wishes are followed and take care of your family in the ways you intend.

The essential elements of an estate plan include a will, a power of attorney for finances, a healthcare power of attorney, living will and possibly a trust, depending on your needs. Granted, these are not always the easiest of topics to discuss. But 87% of Americans age 55 and over agree it’s a parent’s responsibility to initiate a conversation with their children about their legacy.

Your parents. Just as preparing your own estate plan is important, so is making sure you’re fully aware of your parents’ plans and desires, too. How much do you know about what matters most to them? Hesitation to talk about the topic of finances and estate prep sometimes springs from worry that parents will take offense, misinterpret motives or fear loss of control. But overcoming this reluctance can be done a step at a time.

For example, you can begin with more conceptual conversations around their wishes and where they store their financial accounts and documents. You can also jumpstart talks by telling them how you’re handling your own financial planning experiences. After that, you can add more dimensions to the conversations. Above all, you want to engage as a partner in their care ahead — so that you can maximize their decision-making and follow their values.

Mastering the love-money connections

As Valentine’s Day approaches, it’s worthwhile to ask yourself: Do you love your relationship with your finances? Or is there some room for improvement? Just like the bonds we have with loved ones need ongoing care and attention, so do our financial goals and responsibilities. Get help taking charge of your — and loved ones’ — finances with Spectrum Credit Union’s slate of webinars for 2022.