Managing your finances after losing a loved one

Losing a spouse – particularly after many years of sharing a life together – can be extremely upsetting and emotional. And if your spouse was the one who “organised the finances” (not uncommon amongst older generations) this can add yet another layer of anxiety on top of what is already a difficult time. Frankly, facing the prospect of dealing with it all can be completely overwhelming.

To help, here are a few steps you can take to make the process that little bit less scary and complicated.

Create a budget

Start by making a list of all your monthly expenses, so include here your utility and energy bills, your standing orders and direct debits, groceries, and any other expenses you may have. In black and white, this will help you get an idea of where your money is going – and, most importantly – how much you have left over at the end of each month.

Professional help

Whilst there would be professional fees to consider, seeking the help of a financial advisor or accountant could help ease the burden of dealing with it all on your own, and help you make the best of the money you do have. They can assist in creating financial plans, setting financial goals for you, and managing your investments and savings.

Get organised

Making sure you have all of your financial documents in order – and in one place – will help you feel far more comfortable about having to deal with it all. Including all your bank statements, investment statements, domestic bills and tax documents. Just keep them together in a safe and secure place where you can access them whenever you need.

Online banking

Even if you’re only slightly “internet savvy”, it could well be worth considering setting up online banking for your accounts. This will make it easier for you to keep track of your finances and pay bills online from the comfort of your home. If you don’t know where to start, try going into the branch and talk to one of the staff. Otherwise, talk to a family member – son, daughter, grandkids – who may well be able to help you set it all up.

Free resources

Here in the UK, there are a good number of resources out there to help seniors manage their finances – largely free of charge. In no special order, they include Age UK, Citizens Advice, Money Advice Service, The Money Charity, and the Government backed Pension Wise.