What’s your money situation look like?

I agree, it’s none of my frickin business!!! BUT …it is your business, and somehow I’m going to try to convince you to start looking into this “black box”. Before you click close and go off to another post just read a couple more sentences. I totally get it if this isn’t your thing and you have an agreement with your partner where you handle abc and they handle xyz including money matters. I also know many of you are single and do just enough to keep everything flowing/floating to get by money wise. Either way having a bit more breadth on it will make it less scary and no matter the situation good or bad having a clearer path always brings more calmness.

Alright, for those still with me let’s dive into this slowly. Hopefully those who closed this will come back when it’s right for them. Here are some items in no particular order to help you get a clearer picture of your money situation. For some I realize this endeavor could be a bit stressful. You don’t have to do this all in one session. Maybe tackle one item per week? Also, you may want to store this information in a secured location so you’ll always have a reference to it.

Banking accounts. How many banking accounts do you have? What types are they…checking, savings,…? How much money do you have in each account? How do you go online and view them? If you call the bank to discuss your account do you know the call password to give to them.

Home loan. Who is the holder of your home loan? What’s their phone number? How do you access your home loan online? Is there a call password you need to provide when calling them? How much do you owe on your home. What is your interest rate? Is it fixed or variable or ?

Retirement accounts. Where are they, what types are they..Roth vs Traditional IRA, and how do you access them? How much is in each account and what is being invested in? Does your employer match any contributions? How often do you contribute to these accounts?

Pension. Do you have a pensions with current employer or past? Same type of questions as above.

Taxes. What are you claiming on your W-4 for taxes? The W-4 form is completed so that your employer can withhold the correct federal income tax from your pay. If too little is withheld, you will generally owe tax when you file your tax return and may owe a penalty. If too much is withheld, you will generally be due a refund.

Other. Where do all the important documents get stored at your house. What method is used to categorize the documents. Is your Will stored there too? Is your Will up to date? Would your kids be able to contact the above with at least a name of the entity and phone number? On all of the applicable items on the above paragraphs, who are the beneficiaries?

These are areas I had to get a handle on after my divorce. My ex was the “financial savvy” one in our relationship and I left all that to her. Being single now for 6 years I realize how unfair it was to put that pressure and stress on her.

I didn’t have a clue and was forced to learn about my finances. Things can be scary when we’re coming in blind. As always be kind to yourself, go slow, and each time you stumble just tell yourself I’m learning. I remember calling some of my entities above and say hi this is Dwight Hyde and I have an account with you and need to know how I access the information online… or any other questions I had.

You can do this,

Dwight😊

18 thoughts on “What’s your money situation look like?

  1. Inspiring Dwight! I wish more people knew this information. I was the one in charge so I knew it all. I guess the ex did too, but he let me take care of everything which was fine with me. So yes, I could answer all of your questions, but it’s a GREAT reminder!! Thank you! Hope all is well!

    Liked by 1 person

  2. My husband is an awesome money planner.
    We were grateful to have good pensions, and 401 Ks, etc.
    He taught me how to budget, and so we have plenty.
    We don’t overspend and save for a bigger thing.
    He says we should be good until we are 100.
    🤦🏻‍♀️❤️

    Liked by 1 person

  3. Oh wow! I feel so much on this! For me I really need all written down. I pay some bills however I’m not sure I could take over at any moment. I think I need to start a plan so I could if needed. Thank you so much again, Dwight!!!

    Liked by 1 person

  4. Since i have always been in charge of the finances, i am lucky to have most of this down. Organization is key. However, i watched my mom go through this ( and she still is in some ways) when a few years back her husband started declining ( dementia). She had no clue where he even kept the check book and how to use it when she found it. When we were young she had taken on most of the finances but when she ,married this last one he took on all of it- 40 years go. No matter what someones situation, i always encourage them to stay somewhat informed and insist on at least knowing where these key documents and info are located because even if they need someone to help out at first, they will need all of this! Great job!

    Liked by 1 person

  5. Even for someone like me who is a personal finance geek, it’s hard to keep everything organized. Only after I remarried did we take a hard look at the details of our investment accounts and allocations. I’ve read many personal finance books and hands down The Simple Path to Wealth is a favorite, followed by Work Optional.

    Liked by 1 person

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