My husband died at 47 leaving me with 3 kids – this is what I have learnt about money!

working on a laptop

Life is super unpredictable, however proper planning and foresight can ease the disruption whilst you are in crisis mode and trying to get life back on track.

  1. Life Insurance is Non-Negotiable
    This is the best financial decision to make but ensure you have adequate cover to payout debts and assist you in hitting the “re-set button.” Don’t always jump around different insurance companies as this could place gaps within your cover.
  1. Live Within your means
    You must be disciplined enough to keep, save and invest in what you earn.  Consider working with a Financial Planner to assist you setting new goals and reviewing possible long term and short term investment options.
  1. Debt is the enemy
    You will never be financial free and have freedom if you are in debt – try to pay off all debts before taking on anything more (if you need to).
  1. Become Financially Fit
    Understand your finances, don’t be afraid to ask questions from experts, your own financial identity will be different to our spouses/parents or friends, remember “Knowledge Is Power”
  1. Make “Budgeting” your middle name – get creative
    Budget, test and update accordingly – track and review everything, be honest with yourself and record everything….where does your spending need to be reduced? Consider using a Bank App to assist with managing your spending.
  1. Automate your saving AND then hide it!
    Automating your savings is a good way to build for a “rainy day” or maybe an overseas adventure. Be creative and try to hide some money, consider a term deposit!
  1. Embrace Estate Planning – Make a Will/Trust
    Rewrite and review regularly, every 5-10 years… Ensure that you are very detailed with EVERYTHING, in the event this needs to be executed ensure you have advised loved ones where your Will is located.  Also consider implementing health care directives, power of attorneys – take the time to forward plan as much as possible.
  1. Make concrete financial goals
    Have a goal in mind, something that you will genuinely look forward to – have some fun with this.  Create a mood board and stick everything that you wish for on the board, look at this daily and allow to dream.
  1. Have an Emergency Fund
    Consider putting away between 8-12 months’ worth of living expenses to feel financially secure in the event that you will need to take some unplanned leave from work.