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Financial Life Checklist - What is Your Status?

Questions you need to ask in order to find out where how secure you are financially.

If you should leave or lose a spouse or partner you need to be aware of the following expenses:

  •  The daily costs of the children including sports, school, transport,
  • The standard of living they are accustomed to until now.
  • Your own lifestyle what are you used to and what are your monthly expenses.
  • Monthly costs such as - groceries, electricity, gas, your car, insurances, as well as every day costs you will need to cover on your own.
  • How is your pension investment compared to say that of your partner?
  • Will you be able to create a better income for yourself or go back to work?
  • Can you afford a good lawyer and how can you find one?
  • Do you want to stay in the house or move?

Let's get practical - here is a Checklist of what you need to be aware of and on top of in your financial life:

  •  Providers and costs (gas, electricity, water, waste)
  • Bank accounts and log in-codes
  • A Will: do you have one and how is it structured
  • Mortgage/s: which bank/s are they with and what are the terms and conditions
  • Debts you have
  • Assets you own
  • Investments: what, where, how much and how are they structured.
  • Other costs: kids, sports, car payments, restaurants, clothing, staff and whatever else you can think off.
  • Insurances; how is your house insured, liability towards others, illness, your car and any other you can think off. Start date are they still good for your actual situation, maybe you have to invite your insurance agent to go through them with you.

Be sure you get the full picture of the monthly income and expenditure of your household, make it as accurate as possible. This is not an easy task but it is very necessary in order to know what you need to secure your future. Remember each individual's situation is unique. 

Checklist - Find out if and how are you protected as and when you get older:

  •  Type of insurances
  • Type of pension plan
  • Any other income expectations
  • Investments
  • Liabilities
  • Debts to pay off, will you have the money?
  • Your mortgages can you still pay them
  • Do you have savings and how long will they last
  • Will you have money for private treatment in case you need it
  • How long can you survive on the extra’s you have
  • Will your pension cover your costs of living
  • Do your children and grandchildren live close by or do you have to travel to see them?
  • Will you be able to continue with your hobbies
  • Will you be able to travel
  • Will you be able to finance your dreams you have for yourself once you stop working?

This is not always a happy topic, but to be aware and informed is to be empowered, so thank you once again for reading and I hope this benefits you in your quest for financial freedom and security,

Leontien.

#be inspired #beempowered #beincharge

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