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Managing Cash-flow
Cash flow is a critical financial concern because it has the most direct impact on your day-to-day life. In the months following your spouse's death, you may need more short-term cash than you realize to take care of unforeseen living expenses, attorney's fees and possible estate taxes. At the same time, you will also need to have a sound financial plan that allows you to live comfortably without the worry that your money will run out too soon.
To gain control of your cash flow, establish a realistic monthly budget that includes:
- a detailed list of revenue and income sources
- a detailed list of fixed or anticipated expenses like mortgage, utility bills, groceries and car expenses
- estimate clothing, subscriptions, cellular phones, vacation and other discretionary spending as best you can
For the first year or so, it is a good idea to revisit your budget every three months just to make sure you are on track with both revenue and expenses. If your income is lower than expected or the expenses are higher, it is important to adjust your budget accordingly.
For your convenience, we've included a simple form you can download, view and print as a guideline for compiling your monthly budget.
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