Financial Literacy for Spouses/Partners

Curriculum: Financial Literacy for Spouses/Partners

Module 1: Introduction to Financial Literacy for Couples

  • Objective: Understand the importance of financial literacy in relationships and how it impacts family dynamics.
  • Topics Covered:
    • The role of financial literacy in a healthy relationship
    • Common financial challenges faced by couples
    • Setting mutual financial goals and values

Module 2: Budgeting Together

  • Objective: Learn how to create and maintain a budget as a couple.
  • Topics Covered:
    • Steps to develop a joint budget: income, expenses, and savings
    • Identifying and prioritizing shared financial goals
    • Strategies for effective communication about spending habits
    • Tools and apps for budgeting together

Module 3: Understanding Income and Expenses

  • Objective: Gain insight into managing household income and expenses effectively.
  • Topics Covered:
    • Identifying sources of income: salary, endorsements, and investments
    • Categorizing expenses: fixed, variable, and discretionary spending
    • The impact of lifestyle choices on financial health
    • Strategies for reducing expenses and saving money

Module 4: Saving and Emergency Funds

  • Objective: Establish savings goals and the importance of emergency funds.
  • Topics Covered:
    • The significance of saving for future needs: vacations, education, and retirement
    • How to build and maintain an emergency fund
    • Determining the ideal amount to save for emergencies
    • Automating savings: setting up accounts and transfers

Module 5: Investment Literacy for Couples

  • Objective: Introduce investment principles and strategies for couples.
  • Topics Covered:
    • Understanding different investment vehicles: stocks, bonds, real estate, and mutual funds
    • Risk tolerance and aligning investment goals as a couple
    • Developing a diversified investment portfolio
    • The importance of long-term vs. short-term investments

Module 6: Credit and Debt Management

  • Objective: Learn how to manage credit and debt as a team.
  • Topics Covered:
    • Understanding credit scores and their impact on financial decisions
    • Strategies for managing and reducing debt: loans, credit cards, and mortgages
    • The importance of maintaining healthy credit habits
    • Working together to improve credit scores

Module 7: Retirement Planning as a Couple

  • Objective: Plan for a secure financial future together.
  • Topics Covered:
    • Importance of retirement planning: understanding lifestyle changes and needs
    • Different retirement accounts: 401(k), IRA, and pension plans
    • Estimating retirement expenses and income sources
    • Strategies for maximizing retirement savings and investments

Module 8: Navigating Taxes Together

  • Objective: Understand tax implications and filing strategies for couples.
  • Topics Covered:
    • Overview of tax brackets and how income affects tax rates
    • Deductions, credits, and tax benefits available to couples
    • The importance of keeping organized financial records
    • Choosing the right filing status: married filing jointly vs. separately

Module 9: Communication and Conflict Resolution

  • Objective: Enhance communication skills related to financial discussions.
  • Topics Covered:
    • Effective communication techniques for discussing money matters
    • Identifying and addressing common financial conflicts
    • Strategies for compromise and decision-making as a team
    • Creating a regular schedule for financial check-ins

Module 10: Legacy Planning and Estate Management

  • Objective: Understand the importance of estate planning and leaving a legacy.
  • Topics Covered:
    • Basics of estate planning: wills, trusts, and power of attorney
    • The role of life insurance and retirement accounts in legacy planning
    • Communicating estate planning wishes to family members
    • The importance of charitable giving and philanthropy in legacy planning

Assessment and Certification

  • Objective: Evaluate understanding and provide certification upon completion.
  • Components:
    • Quizzes at the end of each module to assess knowledge retention
    • A final exam covering all modules
    • Certificate of completion for successful participants

Interactive Elements

  • Webinars and Q&A Sessions: Host live sessions with financial experts to discuss topics relevant to couples.
  • Discussion Forums: Create a community space for couples to share experiences, tips, and strategies related to financial literacy.

This curriculum aims to empower spouses and partners of professional athletes with the knowledge and skills necessary to manage finances collaboratively, enhancing their financial literacy and overall relationship health.