Money might be the last thing on your mind when you’re coping with the loss of a loved one. However, the risks are real and, because we’re busy thinking of other things, they can blindside us. Cope with those financial risks is essential if you don’t want financial stress adding to the already significant emotional distress you are likely to deal with.
The immediate costs
First of all, you have to consider the costs that are involved after the death of a loved one, and how much you are likely to have to contribute to them. The costs of a plot of land, funeral arrangements, a headstone, and the like can quickly rise to be pretty expensive. At MarketWatch, you can find a few tips to help you save on those costs, and it’s worth taking the time to look over them. If you start spending without a budget, you can find the whole event costing you more than you can afford.
Dealing with the estate
Another question of money, and one we don’t like thinking about, is how much of the estate we are entitled to. It is not uncommon for family members to be denied their rightful inheritance by others who have much less of a claim. However, unless you’re willing to stand up for yourself, you could end up missing out on what your loved one would have wanted for you. Take a look at Hackard Law to see what’s involved in probate and estate litigation. There is legal help out there if you believe that you have been taken advantage of in your grief due to the greed of others.
Coping with larger costs
If you are bereaved of someone who has contributed to the costs in your own household, such as a spouse, that introduces a whole new of challenge. You have to entirely rethink your budget, taking into account that you no longer have their financial help to rely on. This might mean downsizing your house, looking for shared accommodation, cutting costs, and looking for extra work. The sooner you can adjust your finances, the better. Trying to live with costs you can no longer manage will lead to debt, without question.
Stress and money
Financial stress is a very real concern. Add to that the stress of coping with loss, and your mental health could be at a severe risk. Not only is stress dangerous to your general health, it also tends to impede our ability to make rational decisions. This includes decisions about our finances. You have to find an outlet for your stress. This may include using support groups or speaking to a counsellor. Getting over the loss of a loved one isn’t easy or quick, but you have to make it manageable so that you’re at the risk of making decisions that can impact your future security.
Taking care of yourself during the grieving process is essential for your long-term well-being. This goes for stopping money stress from becoming a major concern in your life. Take heed of the tips above so that your finances don’t become the next tragedy.