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Reaching shared financial goals with your loved ones is easier when you work together. Whether it’s saving for an emergency fund, a down payment on a house or your own retirement, having clear conversations helps everyone stay informed and involved.

Starting those discussions, though, might feel awkward. Only 38% of U.S. adults feel comfortable discussing their bank account balances with family and close friends, according to a 2024 survey by financial services company Bankrate.

So, what are the easiest ways to break the ice? First, get a bird’s-eye view of your finances and collect the information you need to get started. Use your myVRS account to review your:

• Member Benefit Profile: Use this annual statement to analyze your income and savings progress.
• Beneficiary designations: Ensure your wishes are followed in the event of your death.
• Benefit estimate: Plan when you want to retire by estimating your retirement income based on different scenarios.

Understand your saving and spending habits by taking the Your Money Personality quiz in myVRS Financial Wellness. This short assessment gives you a foundation for setting meaningful goals. Then, tap into a personalized library of articles, videos and start-here guides to lead you through each step.

If you’re in the Hybrid Retirement Plan or participate in the Commonwealth of Virginia 457 Deferred Compensation Plan, you should also log in to your DCP Account to review balances and manage contributions. Consider scheduling a no-cost financial consultation with a Voya advisor (available to all VRS members, even if you don’t participate in a DCP) to answer some of your initial questions. More in-depth financial planning is available at an additional cost.

Getting a holistic view of your financial plan will help you prepare to talk with your family. When you’re ready to bring the conversation home, use these tips to help it go smoothly.

Talking With Your Partner

• Set aside a time when you can both focus, like over coffee or during a quiet evening at home.
• As a starting point, choose a shared goal like retirement, home buying, saving for education or paying down debt.
• Talk through the full picture, including your income, expenses, debts, savings and retirement accounts. Consider how your VRS benefits support the goals you’re working toward together.
• Make a plan for shared expenses. Some couples split bills evenly. Others contribute based on income. Use what works best for you and check in periodically to see if it still fits.

Talking With Your Kids

• Talk through purchase decisions as you make them. At the store or when shopping online, explain why you choose one item over another.
• Let them help with planning. Include them in budgeting for groceries, school supplies or a family outing.
• Give them a chance to practice. A small monthly allowance can help kids set a goal and track their spending.
• Model what it looks like to plan ahead. Talk about your own goals and what you’re doing to reach them.

Talking With Extended Family

• Set your beneficiaries and let those individuals know they’re listed. After major life events, such as marriage or the birth or adoption of a child, return to myVRS to update your beneficiary designations.
• Share where to find important documents. Use the VRS Get Organized Guide to keep your accounts, insurance and contacts in one place.
• Talk about who’s managing what. If your family shares caregiving or helps with bills, create a plan and save it in a shared location for reference.

Try these approaches the next time you bring up money at home, then keep the conversation going. Make it a habit to check in with loved ones on their goals and finances at least once a year.