Q. I am a recent widow. My husband took care of all our finances and paperwork. I am overwhelmed to tackle this because I have been out of touch. How can I begin to understand all he used to take care of?
A. This can be a huge burden for you, but I want you to know that if you begin to organize yourself, you’ll be able to manage your financial household with confidence. Begin by having a clear understanding of what you must manage. Organize your paperwork so that you have a file for each area you must manage. This will help you understand what’s before you. You might have a file for banking, another for insurance, another for social security, and another for anything pertaining to your will or trust. Assign a file for each area you’ll manage. An accordion folder or binder with tabs might work nicely for this. Document important due dates for all your bills. More importantly, you will want to know what your monthly income and expenses are so that you can budget properly. Prioritize your spending so you aren’t surprised each month as you pay your bills. If you need help, consider asking a family member to assist you. If you don’t have family available, it might be time to seek the help of a professional. Start with your bank if you don’t have a personal advisor. Your bank can point you in the right direction or Senior Services Associates is also a good place to start. They have case managers that help seniors with life challenges. The point is to work with someone you trust. You just might need a little help getting everything sorted and organized and then you’ll be able to manage everything with ease. It is a process, but as you educate yourself, you’ll find your confidence building.
