This topic of conversation came up between 2 of my HH MS’ers. It’s actually a good question – what if you got into an accident and now your significant other is left with $10K+ of gift cards – would they know how to liquidate them? Think of it as a “disaster recovery plan for MS.” I don’t have one in place yet, so we’ll just talk about it together.
Gift card liquidation
Let’s talk about GC liquidation first before we discuss the larger topic of finances. Luckily I taught my wife how to load Serve cards at Walmart back in the day, so I’m fairly confident she could slowly liquidate the GCs at Walmart. However, it’s been a while since I’ve taught her other liquidation methods, so let’s run through some options.
- Teach your SO how to liquidate themselves. Unless your SO despises stepping into the armpit of America, you should try to teach them or at least have them watch you do an MS liquidation run.
- Have a trusted MS friend liquidate for you. Of course you’ll need to trust that friend. Surprisingly, I trust my MS friends (virtual or IRL) more than I do my real friends with a stack of cash or GC’s. Maybe it’s because I know they have the float and aren’t looking to rob me; I’m not quite sure yet.
- Have your SO contact the MS friend. This is a combination of #1 and #2 and probably the best option. If she doesn’t know what to do, have her contact the MS friend to either teach her or liquidate for her. It’d be shitty karma if they stole from a new widow.
My wife has no clue about the household finances. She doesn’t know what credit cards are in her name nor does she know how much our mortgage is. This is where an app like Lastpass comes in handy. If you’ve saved all your logins and passwords to it, then all she’ll need to know is the master password. If you enabled 2 factor authentication, then she’ll need to know how to get into the 2nd authentication method. If that’s too tech-savvy, may I recommend pen and paper although that’ll be tough to manage if you have to change passwords.
Whether you use LastPass or not, you should have a conversation with your SO on how to figure everything out if the need arises. This post is just a reminder to get your shit together so that the shit doesn’t hit the fan if something ever happened to you.