There’s an old management dictum that says “You can’t manage what you don’t measure”. This holds true not only in business but also with personal money management. A common mistake is to only take stock of your situation when you’re already feeling financial stress. You can avoid a lot of worries by keeping track of … Read More
I’m a big fan of keeping your personal financial management system as simple as possible. As a widow, you will likely be closing down accounts that were in your spouse’s name and converting joint accounts to your name. It’s a good idea though to keep one joint account open until the entire estate has been … Read More
Warren Buffet has been quoted as saying, “Don’t save what’s left after spending; spend what is left after saving.” It’s all too easy to say you’ll start saving money after you get ahead on your bills. The problem with that approach is that day never seems to come. Money has a way of finding something … Read More
When you go in for your annual physical, the doctor will look at certain numbers to determine how healthy you are. Meaningful numbers to doctors are your blood pressure, your cholesterol levels and blood glucose levels, and your body mass index. If any of those are at harmful levels, your doctor will give you advice … Read More
Managing your money involves not only tracking your spending, but also monitoring the timing of your expenses. If you’ve never mapped out important financial dates, I recommend getting a regular calendar, preferably one with plenty of room to write on it, and go through this exercise: Mark down the dates that you receive income including … Read More
I want to introduce to you the concept of thinking of managing your money as part of your overall self-care. Wikipedia says, “self-care is any necessary human regulatory function which is under individual control, deliberate and self-initiated”. Simply put, as this fact sheet says, “self-care is care provided for you, by you”. Read anything on … Read More
There are two emotions spoken about in the investment industry; fear and greed. Any investment professional will tell you real success lies in the ability not to let either emotion take control of your decision making. If they’re truthful, they’ll also tell you how trying to control these emotions is a constant battle. As a … Read More
In recent posts, I’ve covered issues widows face regarding being seen as an open wallet and how to wean adult children off of financial support in cases when they’re capable of being financially independent. Today, let’s look at those instances when there are legitimate reasons for lending money to your adult children. I won’t go … Read More
Recently, I wrote about how widows can often be targeted as an open wallet for other people — unscrupulous con-artists, well-meaning advisors and sales people, and even family members. Today, let’s look closer at that last category and in particular adult children who continually come to mom for financial support. I understand the emotional aspects … Read More
In previous posts, I’ve mentioned that putting money aside for an emergency fund should be a priority in your financial goals (read Step 5 in 7 Steps for Dealing With Financial Stress). The term “emergency fund” brings to mind money saved for severe, unexpected expenses such as losing your job, or experiencing an unfortunate injury … Read More
One of the most unfortunate financial consequences of widowhood is certain people will get the perception you now have extra money. They might think you have a lot of it (even if you don’t) and therefore think you are now a source of funds for their needs or wants. As a widow, you may be … Read More
In my last post, I talked about how budgeting is viewed with disdain by virtually everyone. I also mentioned that before attempting to work out a budget, it’s important (if not essential) to begin by tracking your expenses for at least one month so you see how you’re really spending your money. Today, let’s take … Read More
