Organization can be a lifeline when you are being tossed around and feel like you are drowning in a sea of grief. One of the positive effects of organizing your finances is the added confidence you may gain in your decision-making capacity.
I am often asked, “Now that I’m a widow, am I going to run out of money?” Although I know it is a scary question and can feel devastating, it is answerable. Most widows will undergo some decreased income and their previous financial balance is almost always disrupted in some way.
As we have discussed before, there is a strong connection between understanding your finances and your emotional recovery. And I am all about making sure you stay motivated and completely supported. You are capable of handling your financial affairs.
That’s why I want you to “know your numbers” so that you can make informed decisions for your financial future.
Here are 3 easy ways to get started and stay motivated…
Fill In The Blanks
A fresh financial look can provide clarity and organization to help you have an easier way to evaluate your future decisions and create a plan of action.
I’ve created a 3-step formula for my clients. We use these three worksheets to quickly pull together your information so that you are knowledgeable about running your numbers. You can also use this as a baseline when consulting with your advisor. If you are feeling overwhelmed by grief, success with filling in these simple worksheets may help to build your self-esteem.
Here’s how the worksheets will help you evaluate and take action…
The Income & Expense Worksheet is designed to help you reevaluate your financial position in light of your changed circumstances and
- Project the amount of income you can reasonably expect
- Determine possible problems in spending patterns
- Help realistically balance expenses with income
- Support debt reduction (if needed) and savings growth
Next, the Net Worth Worksheet summarizes your present financial situation and is designed to help
- Identify what you own and what you owe
- Calculate your Net Worth (using simple addition and subtraction)
- Uncover any excess or shortfalls
And finally, the Key Financial Documents Worksheet helps to provide insight to any advanced planning needs you may have after the loss of your husband and is designed to help
- Organize your legal documents
- Evaluate additional legal planning you may need
- Provide insight regarding insurance and risk management
- Mitigate taxes during your lifetime
Chaos can breed exhaustion and depression. Order helps to spread peace and calm. Life may begin to feel possible again when you create the systems and ask for the support. Also be sure to reward yourself after you complete each worksheet. Head outside for a walk, meet a friend, enjoy your favorite beverage. Every small step you take can help you to reach your financial goals.
Open Your Wallet
While you gather everything you need to complete the documents above, I want to give you one of my favorite tips that may serve to create immediate impact.
Consider organizing your purse or wallet (whatever you use to carry around your money). That’s right, empty it out onto a clean, wide surface such as your bed or dining room table. Begin to categorize items together. Organize your wallet, bills, loose coins, receipts. Quickly sort and toss old items where you can.
Space and order can help to free the mind. If you want to know if “you have enough” and make sound financial decisions for your future, look to create an environment that helps to promote clear thinking.
Don’t Do It Alone
Managing your finances independently can feel overwhelming and even exhausting. This is why I urge you to enlist trusted and honest guidance as you go through this process. No matter what the outcome, you always have options! And a financial advisor or professional can help you realize and leverage those options much faster – often with less overwhelm and confusion.
Additionally, an advisor can export and organize these worksheets into a cash flow planning worksheet that will create your assessment.
[Big Hint: not all advisors have this type of software and, in my opinion, it is a must if working with a widow. So be sure to ask.]
That’s why I want to offer you this final action step today…
Schedule a Discovery Meeting with us. Together, we can work to become clear on two areas where you need more clarity. We will take a look at your worksheets and start to plan where to place your focus and what you can consider letting go of – for now. You will also have the opportunity to voice any concerns, ask your specific questions with someone committed to helping you reach your financial goals with ease and grace.
And because I want you to realize how simple it can be to start creating this clarity, the session is complimentary with no obligation.
Schedule your session now.
When you know you have enough or what you need to adjust to bring your finances back into balance after the loss of your husband, you can have the confidence to make decisions from a place of empowerment. Grief can cause confusion. Organization can help to cultivate clarity, confidence and comfort.
Don’t forget to download your worksheets today…
With your money in balance, it may help you to feel realigned with “having enough.” Knowing your numbers can help you to make decisions yourself on what option is most meaningful to you. This may help you gain the confidence in pursuing your financial independence today and in the future, and help you to get back to your emotional healing.
Wishing you ease, grace, and success in reaching your financial goals,
~Laura
Any opinions are those of Laura L. Amendola and not necessarily those of RJFS or Raymond James. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
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