As if losing a spouse isn’t stressful enough, you may now find yourself responsible for you or your families financial future.
If you haven’t been involved in planning the family finances or are overwhelmed by the whole confusing world of investing, insurance and banking, there is some help out there.
According to the book Managing Alone by Jennifer Black and Janet Baccarani, one of the key things to do following a loss is to establish your own financial identity. If you are comfortable working with banks and credit card companies to open and maintain accounts, it is best to do this as soon as possible.
If you think you might need some professional assistance, Black and Baccarani have some ideas to consider for choosing a financial advisor including:
Two more great tips from the site Practical Money Skills are:
Sometimes life after loss can feel overwhelming and decisions about finances are the last thing you want to think about. If you feel this way, try to just take one small step at a time. You can read a book like Managing Alone or ask trusted friends or relatives for their input. It’s important not to make any big decisions too quickly, but putting a plan in place may be reassuring as you move forward into the future.