Managing finances as a surviving spouse
Losing a spouse is a difficult and emotionally overwhelming experience, and dealing with financial matters on top of it can make the situation even more daunting. However, it is important to take charge of your finances as a surviving spouse to ensure that you are financially secure in the long run. Here are some tips on how to manage your finances when you become a surviving spouse and how SilverBills can help:
- Take stock of your finances: The first step in managing your finances as a surviving spouse is to take stock of your current financial situation. Make a list of all your assets, debts, and expenses. This will give you a clear picture of your financial standing and help you plan for the future.
- Consider hiring a financial planner: If you are not comfortable managing your finances on your own, consider hiring a financial planner. A financial planner can help you create a financial plan that is tailored to your specific needs and goals.
- Review your spouse’s will and estate plan: If your spouse had a will and estate plan in place, review it carefully to understand how the assets will be distributed. If your spouse did not have a will, you may need to consult with an attorney to determine how the assets will be distributed according to state laws.
- Review your insurance policies: Review your life insurance policies and other insurance policies to ensure that you have adequate coverage. You may need to make changes to your policies to ensure that you are adequately protected.
- Make a budget: Creating a budget is essential to managing your finances as a surviving spouse. Make a list of all your income and expenses, and create a budget that reflects your current financial situation. Be sure to include expenses such as housing, food, utilities, and medical expenses. Our SilverBills account managers can help create monthly budgets as well by assessing incoming income vs. outgoing household expenses.
- Consider your income sources: Consider your income sources, such as Social Security benefits, pension benefits, and any other income sources that you may have. Determine how much income you will have coming in each month, and use this information to create a budget that is sustainable for the long term.
- Plan for the future: Finally, it is important to plan for the future as a surviving spouse. At SilverBills, we can help manage household bill payments and create monthly budgets to ensure that critical bills are being accurately and on time. Each of our clients will get paired with a personal account manager that they can call, email, text, or mail directly. We help lessen the burden of managing bills so that our clients can focus on other things and not have to stress about them.
In conclusion, managing your finances as a surviving spouse can be a daunting task, but with careful planning and attention to detail, you can ensure that you are financially secure in the long run. Take the time to review your finances, create a budget, and plan for the future, and you will be well on your way to financial stability. We’re here at SilverBills to help with managing household bills and creating a monthly budget so that you don’t need to stress about this tedious task. Give us a call today at 1-800-825-1924 or visit our website at www.silverbills.com to see how we can help.