Financial Planning for Widows
Amid the pain of losing your spouse, you must find a way to carry on even though your world has been turned upside down. Many of the decisions that you made together now rest on your shoulders, but you are NOT alone!! H&S helps empower widows in navigating their financial details!
FIVE MISTAKES NEW WIDOWS OFTEN MAKE
Rushing Too Fast To Make Financial Decisions: When you’re in the midst of grief, your brain functions differently. Wait until your thinking returns to normal before making important decisions.
Falling Prey To Financial Wolves: Because widows are vulnerable, they are often targeted by unethical individuals who may take advantage of a women (or men) after their partner dies.
Making Housing Decisions Too Soon: Your house may feel lonely after your spouse’s death. You may be tempted to sell and move right away — perhaps to live with an adult child in a different community. Eventually you may change houses, but keep your options open for the near-term.
Not Reviewing Your Finances: When you’re thinking more clearly, review your investments to see what adjustments you need. What was good for you and your husband before might not be the best now. A common question new widows ask is “Do I have enough money?” Understanding your financial net worth (the value of what you own minus your outstanding debts) and your income sources and expenses will be helpful. Family or friends may give you advice without knowing your entire situation.
Becoming a Purse For Others: Widows may be approached by family members requesting money. Don’t give in to this type of pressure. If you date again later, be careful about a romantic partner who sees you as a potential purse with money for him. Keep money matters to yourself, at least until you know the other person very well.
Articles of Interest:
I Planned for Life as a Widow, But Got a Lot Wrong
Financial Planning Tips For Widows