One of the most precious assets that you are likely to possess as you progress through life is your home. Owning their own homes is something that most Americans strive for.
In the wake of a spouse’s death, it may seem too soon to think about how to manage your money from here on out. And you would be right.
But at some point, it’s one of those topics you need to examine carefully. If this was the love of your life, and you’re in deep grief, then you’re in a state of mind that’s prone to making financial mistakes. According to a number of financial experts, there are at least four major money missteps widowers and widows tend to make once a spouse passes on.
Thinking about borrowing from your 401(k)? Be careful.
Some 401(k) participants have found an easy source of credit: They’re borrowing from their own accounts.
But be careful. Although most plans offer loans of up to half of your vested balance (with a $50,000 limit), these deals might not be as sweet as they seem.
As with virtually all financial matters, the easiest way to be successful with a cash management program is to develop a systematic and disciplined approach.
By spending a few minutes each week to maintain your cash management program, you not only have the opportunity to enhance your current financial position, but you can save yourself some money in tax preparation, time, and fees.
Once upon a time in American marriages, the husband “brought home the bacon” and made all the big financial decisions, and the wife received a “household allowance” to buy groceries and other everyday necessities. Today you might need to watch a 1950s sitcom to find that dynamic.
No matter how tight our budgets or how stringent we think we are with our spending, it can seem like our money just evaporates. Instead of cutting out whole aspects of your life, it can be a good idea to consider specific things you consistently overspend on and try to cut back or find cheaper alternatives.
Getting out of debt and staying out of debt is not easy. If you’ve already amassed a fair amount of debt and are thinking it will be impossible to ever get out from under it all, don’t despair, you can learn how to stop incurring new debt and take charge of your life.
Although it is extremely easy to get into massive amounts of debt very quickly, it takes time, discipline, and commitment to get out of debt.
A budget, or spending plan, is the best way to get control of spending and review if your money is used the way that will benefit you best.
Saving money is one of the single most important steps to achieving most of your financial goals in life and becoming financially sound.