Major Changes That A Woman Will Face And How To Deal With The Financial Issues That Comes With it

Change is inevitable in our lives. It can come to us at sudden or planned ways. But whatever be the change, we have to adjust ourselves accordingly. As women, we are relied upon as caregivers in a household.

We nurture and keep the house together and make it work. Hence, when changes take place, we have to take some tough decisions and need to adjust accordingly. Andre Frazier, a financial expert, has come up with some amazing tips for women to help them with the challenges of change. She also mentions the ways in which we could tackle financial stresses and take proper financial decisions when the time comes:

Changes we do not expect

Divorce

When a divorce happens, it comes us a shock. We start to question our lives and wonder what would happen now. What will happen to our lives, our kids and the lifestyle that we settled in? It’s a difficult situation but Frazier comes to the rescue

How to deal with it: Try to make a timeline and understand what you need to do when the divorce is taking place, like reviewing the assets, filing papers, etc. The timeline will keep you focused in the present which is essential.

Death of someone close

When you are going through the process of grieving, then it could take a lot of time, from one year to ten years or more. You wish you could be with somebody during this time because you are not confident about yourself and how you will live without the close person who had just passed away.

How to deal with it: Start to think about your goals and tour values. Does death change them? Try to understand the time required for pursuing those goals. Try to keep things that could wait away as you need the time so as to process this major life event.

Illness

If a person close to you have fallen sick, then you need to take a break from work and start to concentrate on the requirements of the person. This means, that there will a lot of blue dollars getting used in some other place. Blue dollars mean time, while green dollars mean money. Since you have to take your time out of your job and use it for taking care of someone, that means you are sacrificing the money you could make on the job, as well as your health.

How to deal with it: Try getting a long-term insurance plan for critical diseases. Talk to your close people like parents or siblings and explain to them your problems before going for the next step.

Accident

Accidents can happen to anyone and if this does happen, then we keep insurance so that we get some amount of the loss that has happened. However, this amount is very less than what we had actually expected it to be.

How to deal with it: Address the insurance areas that is whether it is liability coverage, life insurance or disability insurance. Don’t wait to fill out living wills or health care proxies. Sometimes, we tend to concentrate or retirement savings or emergency funds when we should focus on areas which we cannot fix.

Changes we can expect

Getting A New Job

Sometimes, you might want to get a new job which you like and leave the previous well-paying job. So, you know that you need to downsize and adjust because the salary has just come down. So first, you need to work out how much money is going to come in and then adjust the amount of money that you are willing to sacrifice. You have to prepare almost six months before quitting the job.

How to deal with it: Start understanding how you will adjust when the money flow lowers and then start living that way. Think that you are earning less and, in that way, you can start adjusting better.

Getting Married

While marriage brings a wave of happy emotions as you take the next step with your loved ones, you should not forget about the financial issues. Despite having another supportive income, you may already know that things do not always turn out to be that well. It can be that in a married couple, one of the persons is a saver while the other is a spender. This can result in financial issues.

How to deal with it: Communicate with your partner and talk over all the monetary matters. You should understand the views of the other person and plan accordingly.