Managing your finances independently can feel overwhelming and even exhausting. However, all financial questions are answerable. Organization provides clarity so that you have an easier time evaluating financial opportunities and challenges. No matter what the outcome, you always have options! As a widow, your financial snapshots provide the essential information for smart financial decisions, and help you better communicate about your finances. The three most important financial snapshot worksheets are: Income & Expense, Net Worth, and Key Financial Documents.
The Income and Expense Worksheet allows you to reevaluate your financial position in light of your changed circumstances. Its purpose is:
- To project the amount of income you can reasonably expect
- To determine possible problems in spending patterns
- To help realistically balance expenses with income
- To support debt reduction and savings growth
Your Net Worth Worksheet summarizes your present financial situation. Its purpose is:
- To identify what you own and what you owe
- To calculate your Net Worth (using simple addition and subtraction)
- To uncover any excess or shortfalls
Your Key Financial Documents Worksheet provides insight to any advanced planning needs you may have after the loss of your husband. This worksheet helps:
- To organize your legal documents
- To evaluate additional legal planning you may need
- To provide insight regarding insurance and risk management
- To mitigate taxes during your lifetime
With a clear financial picture of what has changed due to the death of your husband, you can begin to adjust to your new circumstances with confidence. Knowing your numbers allows you to make decisions yourself on what option is most meaningful to you. This helps your finances to get stronger, to assist your financial independence today and in the future.
By completing financial snapshots you can see where to bring your finances into balance. You know where you’re starting from and where you need to adjust. When your money is in balance, you spend just the right amount on each of your major expense categories. In the future, when something gets out of balance, you can spot the results pretty fast. Best of all, it helps your money worries fade. It can move to the background of your life, where it belongs.
Action Step: Don’t hesitate! Download these three worksheets and get started on having more financial confidence today.
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Any opinions are those of Laura L. Amendola and not necessarily those of Raymond James.
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