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The sudden passing of a loved one, particularly a spouse, is devastating emotionally.
In short, financially grounding yourself after your spouse dies can be harder than you might initially think.
Losing a spouse is a profoundly life-altering event, said Max Shak, the founder and CEO ofnerDigital.
After Shaks spouse passed, he knew he had to get a better understanding of everything.
One of the first steps I took was to get a clear picture ofour financial situation, Shak said.
This involved gathering all financial documents, including bank statements, investment accounts, insurance policies and outstanding debts.
Understanding where we stood financially was crucial in planning the next steps.
This provided animmediate financial cushionto cover urgent expenses and gave me some breathing room to plan further.
I identified essential expenses and areas where I could cut back, Shak said.
This step helped me avoid unnecessary financial strain and ensured that I was living within my new means.
One of the successful moves I made was to prioritize paying off high-interest debts, Shak said.
This includedcredit card balancesand personal loans.
Reducing these debts quickly helped to free up more of my income for other essential expenses and savings.
I aimed to save at least six months worth of living expenses, Shak said.
This fund provided a safety net for unexpected expenses and gave me peace of mind during a turbulent time.
The advisor helped me with estate planning, investment strategies, and tax implications, Shak noted.
Their expertise was invaluable in making informed decisions and optimizing my financial recovery.
For instance, selling off certain investments prematurely resulted in losses, Shak offered.
Taking time to thoroughly evaluate options before making major financial moves is crucial.
Neglecting Self-Care
While focusing on finances, Shak admitted to initially neglectingself-care and mental health.
This neglect led to burnout, which negatively impacted my productivity and decision-making abilities.
Balancing financial responsibilities with self-care is essential, Shak advised.
They provided guidance, assistance, and a sense of security during an overwhelming period.
Thisconscious spending habitbecame a cornerstone of my financial strategy.
