Money — Don’t mean to make it sound in a greedily way, but let’s face it money is important… To live, to survive, we all need it. Sure, the amount that we would need just to cover our basic needs might not be a lot. But, what about when unfortunate events occurred in our lives? It would be nice to be prepared, right?
For the working ladies or the girl-boss, yeah this might not be much of a problem. But, if you’re a dedicated housewives who’s got no job, you’d probably need to know how to manage a healthy financial plan for you and your household.
Financial Plan For Housewives
Traditionally, most housewives manages the budget for groceries and other home requirements, while the husbands deal with loans, electricity and phone bills. However, there’s nothing wrong in taking a little interest in the financial plan that the husbands managed. At the moment, it might not be important but what would happen if an unfortunate circumstances occurs?
There is quite a high chance of housewives not being able to figure out financial savings and investments if she had not been a part of the decision-making procedure. So, it really wouldn’t hurt to ask the husbands to educate the wives to about financial plans and let her be involved in them.
Now, women are known to have a very good skill in saving up for the rainy days, so the housewives should be able to do a remarkable job in planning financial future. As no one can prepare you for the worst, it is best to be financially educated to deal with it. Then, what can the housewives contribute to maintain a great financial plan for the household?
- Start taking a keen interest in the financial planning, such as insurance and investments done for the family member
- Open a bank account in your own name where savings made from the monthly budget can be deposited — Or, possibly use that surplus amount to invest
- Ask your husband to make a joint holder in all the investments, or ask to be included at least as a nominee in the case of a pension plan
- Keep a proper record of all investments, login details, documents and other paperwork to be in control of finances during any untoward incident
- Be present when husband’s final will and testament is drafted so the wife will be completely aware of its contents
With a little effort, research and interest, a housewife can be financially empowered to deal with an unforeseen situation.
Money Management For Widows
Okay, all those plans would be great… Whether or not the housewives got the headstarts of the financial plan above beforehand, there’s a good chance for us to make money mistakes. Even though it might see too soon to think about how to manage your money, you need to examine carefully. Reasons being, deep grief brings people to be in a state of mind that's prone to making financial mistakes.
According to a number of financial experts, there are at least 4 major money missteps widows tend to make once a spouse passes on. The first one would be shaking up your life too soon, which is common that in the first year the surviving spouse expends large sums of money to purchase vehicles, improve the house or take extended and numerous trips. Though understandable, if you aren’t careful about it, it will clear out your bank account.
Next in line is spending too much where often the widows would dole out loans and monetary gifts to family and friends. As the emotional state is being disrupted, you shouldn’t rush in to help others without thinking about it. Keep in mind that you’re down to one income, and you need it.
The last one is being too trusting — Sure, insurance and investment might be a great idea to maintain a good financial plan. However, try to be smart about it as salespeople or stockbrokers might sell expensive commission-based investments that may qualify as suitable, but that benefit the salesperson more than the client.
Bottom line is, when you’re grieving, take proper time before making any decision. It would probably be best to wait a little while until you can think clearly. Although you probably feel like there’s a gaping hole in your life, just note that creating a gaping financial hole to go along with that is the last thing you need.