4 Money Lessons I Learned After My Husband’s Death

After my husband died it felt like a mountain fell on me. It’s impossible to convey the anxiety, stress, and depression that follows the death of a spouse. I lost my best friend without any warning.

I write this article in the hopes of passing on lessons that can save stress and heartache in the aftermath of an awful, heart breaking experience. Hopefully women today are more empowered and have more control over their financies. We are far from the sixties style housewife who literally couldn't have her own credit card.

But we can still have our own blind spots. After all very few of us want to contemplate a world where our spouse has passed away. It's highly unlikely you will think clearly after your spouse's death. This is a traumatic event. You will feel exhaustion, anger, numbness....overwhelmed. But you will still have to deal with finances. So do these things now before you are thrown into the deep end.

Life Insurance is Priceless

The greatest blessing my spouse gave me was his life insurance policy. It eased the financial burden and paid for the cost of his memorial service. Laying a loved one to rest is not cheap. It will cost you thousands. A life insurance policy will at least allow you to pay this bill without worries.

There are many options for life insurance policies. State Farm offers life insurance. A Google search will find many other choices. You may question spending the money on something that seems far in the future. But I can tell you from my own experience that this safety net was a gift during the worst time of my life. At the very least, give yourself the ability to pay the cost of your funeral.

Know Your Finances

I was lucky to have a husband who left me debt free. He had no hidden surprises to trip me up financially. If you do nothing else, know what your spouse is spending. It will relieve a lot of mental stress if you aren't playing catch up.

This seems simple. But it is an important part of any good marriage. If your spouse is defensive or doesn't want you to see their credit card balances then this should be a red flag.

There is a comfort I found in knowing that I had a handle on what all of the monthly expenses were. I didn't have to guess. You shouldn't have to either. My husband gave me the gift of being debt free. This is also a great blessing. There is a great deal of financial security when you don't have the fear of massive debt.

Have Assets

There is a great deal to be said for owning assets. I can't begin to convey how much financial peace of mind owning physical assets gives. Make it a goal to own your home so you will not be left worrying about the bank taking it away if you can't meet mortgage payments. This is a sign of love from your spouse and the greatest gift they can give you.

Don't forget to consider physical property. Even having vehicles that are completely paid off is an advantage. This is another resource for you to use if you need the money. This is another strong argument for avoiding car loans.

Savings Matter

Are you a saver or a spender? No judgment, it is hard to save! But I can tell you from my own experience that having some money set aside is crucial when a spouse passes away.

There are expenses that you will not count on. There are situations that will arise that you didn't expect. Make it a goal to have an emergency savings account. Struggling to pay bills is the last thing your spouse would want. So begin the mindset of saving now.

Ladies, live empowered. I know it is hard to contemplate losing your best friend. Nothing will ever replace the person you loved with all your heart. But you can and should be fully informed and take steps to prepare.