As a widow, healthy money management is all about small steps. You are capable of handling your financial affairs. You do not have to be an expert. Nothing works as well as a little knowledge and organization. Here are three tasks to get you started:
Step 1: Get Informed – Start With The Basics
One of the most important things you can do to improve your financial situation is to have a clear picture about where you currently stand. Simple addition and subtraction will tell you the two most important things you need to know: what you are worth, and how your expenses balance out against your income. Our Income and Expense Worksheet can help you with this task. Then, move on to your Net Worth Worksheet. From here, you can determine whether to focus on debt management, increasing your income, or divesting assets.
Step 2: Set Small + Actionable Goals
When you are grieving, addressing financial issues can be exhausting. Trying to cross off too many items at one time sets you up for failure and this can set you back fast from having a healthy attitude about your finances.
Setting goals is all about identifying achievable goals. Be specific and write them down. As a widow, take “baby-steps”. Simply start by organizing your financial papers. From this process, make a list of questions and tasks to address. Prioritize the list and schedule items on your calendar to complete. Don’t let it be overwhelming. Give yourself permission to attend to items at your own pace.
Step 3: Re-Examine Your Expenses
Everyone has at least one bill that they pay every month for a service that they do not use. As a widow, you may now have several. Aim to close your husband’s memberships and subscriptions when you are feeling up to it. Re-examine expenses that may no longer be fulfilling as your life evolves. Eliminating even one thing from your monthly selection of bills can make a difference on your monthly finances. Often, you can point the savings toward something that may become helpful to your healing or more meaningful and enjoyable in your life. Most importantly, as you review your finances, it teaches you how to let go of spending habits that are no longer serving you.
In Conclusion
Strong emotions often come in waves. Just when you thought the clouds were parting, a storm can roll in and the feeling of grief crashes over you once again. Taking your time is one of the most important decisions you can make about your finances as a widow. Give yourself permission to take things slow and wait until you feel steady. Financial decision making often requires a multi-faceted approach and you need a clear mind to do it. Have patience with yourself, and take small steps.
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