3. Revising your spending plan


Life’s Financial Journeys

Heading Off to College
Getting Out on Your Own
Blending Two Lives
Having a Child
Emptying the Nest
Entering Retirement
Divorce
Death of a Life Partner
Military Life


Revising your spending plan. “How do I meet my expenses now?”

You or your partner may have been the one who handled the financial matters in your relationship. Either way, you will need to identify the ongoing expenses you will incur and the income available to meet them. An accurate total amount for the expenses will be critical in determining whether you have enough income.

The following subtasks may assist you in revising your spending plan. You will find detailed resources for these subtasks under the links in the right column of this page.

Subtask 1: Review bank and credit statements

Subtask 2: List and prioritize all monthly or annual account payments

Subtask 3: Develop a spending plan

Subtask 4: Evaluate the spending plan periodically


Death of a Life Partner Tasks

1. Taking stock of your financial situation
2. Identifying your sources of income
3. Revising your spending plan
4. Revising your estate plan and advance directives
5. Examining Medicare, Medicaid, and long-term care issues

Revising your spending plan Subtasks

1. Review bank and credit statements
2. List and prioritize all monthly or annual account payments
3. Develop a spending plan
4. Evaluate the spending plan periodically

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