Being widowed is never easy. Besides the emotional grief you are feeling, you’re overwhelmed with many different financial considerations that you need to address. Although this is a difficult time be easy on yourself, breathe and use these four tips to help make your financial planning easier.
1.) Take a step back - Because this is such a difficult time in your life, it is important that you take a step back and do not jump to any irrational decisions. When your emotions are all over the place, your mind is not in the best place for making certain financial decisions. Give yourself time to heal.
2.) Get the right advice - There are so many resources available that can help you get your finances in order. A financial adviser can help you look at your different financial aspects such as the money you have and your future cost of living. This can help you to determine if you’re living above your means and need to take a step back, or if you have more than you need and can increase your goals.
3.) Look out for scams - Sadly, there are many people out there who are looking to take advantage of you because they know this is a difficult time and that you are more vulnerable. Run everything by your lawyer or another trusted professional. Do not give out any of your information without seeking legal advice.
4.) Keep your finances to yourself - One mistake many people make is leaving their children or loved ones to deal with their finances. While it may seem like an easier route to take, it can turn into a big mistake. They may not make good choices financially, or they might expose you to bad investments which in turn can hurt your future.
In summary, if you are recently widowed, be very cautious and move slowly when it comes to addressing your financial needs.
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