Let’s be real, when you suddenly find yourself managing finances solo, it can feel like you’ve been thrown into the deep end with bricks in your pockets. If you’ve ever stared at a pile of bills, wondering if you should just set them on fire and start fresh, you’re not alone. Widowhood is a rollercoaster, and finances? They weren’t exactly on your bingo card for “Things I Wanted to Master in Life.”
But here’s the deal: you can do this. And you don’t need a finance degree, a magic wand, or a personality transplant to make it happen. Just a few smart strategies, a deep breath, and maybe a strong cup of coffee (or wine, I don’t judge). Let’s break it down into five totally doable steps.
1. Know What You’re Working With (Even If It Scares You)
It’s tempting to avoid the numbers like they’re an ex-boyfriend at the grocery store, but knowledge is power. Grab a notebook, spreadsheet, or even a stack of sticky notes, whatever works, and list out your income, expenses, debts, and assets.
Why? Because knowing your financial reality is the first step to gaining control over it. The unknown is scarier than reality, I promise.
2. Cut the Financial Clutter (Goodbye, Money Drains)
Subscriptions you forgot about? Insurance policies you don’t need? The “treat yourself” habit that’s gotten a little too enthusiastic? It’s time to Marie Kondo your spending. Go through your bank statements and cancel anything that doesn’t serve you.
Bonus Tip: Automate bill payments and savings so you don’t have to think about them. Less stress, more control.
3. Create a Simple (But Genius) Budget That Works for You
Budgeting isn’t about restriction, it’s about giving yourself freedom to spend without guilt. Use the 50/30/20 rule:
- 50% for needs (housing, food, bills)
- 30% for wants (yes, you still deserve joy!)
- 20% for savings & debt repayment
Pro Tip: Use a budgeting app if the thought of spreadsheets makes you itch.
4. Grow Your Money (Even If You’ve Never Invested a Penny)
Saving is great, but investing? That’s where your money starts working for you. If the stock market sounds like a foreign language, start small. A high-yield savings account, a retirement fund, or even a robo-advisor can ease you in.
Reality Check: Keeping all your money in a savings account is like stuffing it under a mattress, it won’t grow. Time to let it stretch its legs!
5. Get Professional Help (Because You Deserve It)
You don’t have to figure it all out alone. A financial advisor can help you make sense of everything, plan for the future, and ensure you’re making smart money moves.
Hot Tip: Many advisors offer free consultations, take advantage of them! And if anyone talks down to you or makes you feel dumb? Walk out. You’re hiring them, not the other way around.
Final Thoughts (and a Little Tough Love)
Managing money solo can be overwhelming, but avoiding it only makes it worse. The sooner you take charge, the sooner you’ll feel that weight lift off your shoulders. So, which of these steps are you tackling first? Or do you have a money win to share? Drop a comment below, I’d love to hear from you!