Anchored Not Anxious

The Conversation That Revealed My Biggest Source of Future Anxiety — My Own Finances

Terri Hutchinson Season 4 Episode 72

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0:00 | 6:09

Financial anxiety is one of the most underestimated sources of future stress for women — and it often starts with what we don't know.

That's exactly what I realized when my friends started talking about the what ifs surrounding the eventual death of our spouses. It sounds morbid, but widow wisdom is precious — borne from difficulty and hard-won experience.

In this episode, I'm walking you through a quick self-assessment — a series of yes, no, or maybe questions that reveal exactly where your financial knowledge gaps are. Because knowing what you don't know is the first step to reducing the overwhelm and anxiety waiting for you down the road.

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Have you ever walked away from a conversation leaving a lot wiser than when you entered it? My friends were discussing the what ifs surrounding the eventual death of their spouses. If you think that sounds morbid, you couldn’t be more wrong. Widow wisdom is precious, borne from difficulty, and reveals what you don’t know. 

Did you know financial anxiety is one of the most underestimated sources of stress for women? 

Talk to a widow and you soon learn of their regret, anxiety, and frustration when they are in the dark about investments, the home budget, bills being paid, titles, how to follow insurance claims and resolution, business expenses, passwords, and more. 

My husband manages our finances. Always has. It’s not something I had any interest in doing, especially once my husband started using auto pay, and having the bank send checks out versus writing these himself. Then, he started using a computer application called Quicken to balance the checking accounts and track investments. 

From time to time, he’d ask me to learn it, but I deferred. Maybe next month. Maybe next year.  Here’s the thing, as the years go by, investment accounts, debt, life insurance policies, titles, loans, property, tax receipts accumulate. It doesn’t get easier the longer you wait to learn.

I kept thinking, “Yeah, that’s over my head” and chose not to know. Then a widow explained why I didn’t have this luxury anymore. And she’s right. 

It’s easy to distance yourself from tasks you don’t know how to do or don’t want to learn to do. Let’s find out how much you know and how much you don’t know. As I ask these questions, keep track of your yes, no, or maybe answers.

Here we go:

Do you know what bank and investment accounts you have and with what institution? 

Do you know who needs to be paid and the way these are paid? Through the credit card automatic deduction, bank auto-pay, or hand-written check?

Do you know how many recurring payments or auto-ships get charged to credit cards or checking?

Do you know how many subscriptions you have and how often these occur?

Where is this information? Is it on the computer through a personal finance management application like Quicken? Is it in a notebook? Or is it something only your spouse knows and has never been documented?

How do you file your tax returns? Do you know how to prepare a tax return? Who would you get to do it for you? 

Do you have access to the passwords for all the accounts?

Do you know how to get in to view Explanation of Benefits from your medical insurance provider or review bills from health care providers?

Do you know where the warranties and titles are located?

Overtime, I have forced myself to learn the answers to these questions. Now, perhaps you’re thinking, I’ve got everything handled and I’m thrilled for you. I’m wondering about your friend, sister, mom, or neighbor. 

I have a friend who is more than happy to put her head in the sand about money matters saying, “no thanks!” However, on three different occasions she has approached me to convey in her own words, “I don’t know what I’d do if he passes away. I don’t have a clue as to our finances or anything.”

She believes it’s beyond her, but it’s not. 

Little by little, with gentleness, I’m moving her to explore what she should know. 

She’s learning. So can you or your sweet friend like her.

Beat anxiety to the punch and figure out what you don’t know. 

 

Thank you for listening. Hey I’d love to hear from you. I respond to every email so tell me what you need, what you want to learn, and how I can help you get Anchored Not Anxious. Go to anchorednotanxious.com, click on the Contact Page so we can connect. And sign up for the twice a month CareLetter.

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Until next time.