List and prioritize all monthly or annual account payments

Life’s Financial Journeys

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

The list of payments should be reviewed to determine the nature of the payments and whether the amounts will change as a result of the death of your life partner.

You should prioritize the payments from your list. Payments such as a mortgage payment would be considered a committed expense. Expenses such as groceries or clothing would be considered discretionary. Other expenses like cable TV would be considered optional.

Classifying expenses will help you make choices if it is necessary to cut expenses to meet available income.

The following resources may assist you in listing and prioritizing all monthly or annual account payments:

Tracking Your Spending

Cash-flow Planning for Families

Where Does the Money Go?

Tracking Your Monthly Expenses

Financial Guide for Widows

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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NAPFA Consumer Education Foundation
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