Dealing with loss is a deeply challenging time in anyone’s life. While you may wish to shut out the world and focus on your healing, there are often many obstacles to overcome and tasks that need completing.
Grief often comes hand in hand with practical challenges and financial stresses. The most obvious of these is the funeral, but you may also have to deal with the estate and all that entails. Here, we’ll guide you through some strategies to manage these dual burdens.
Understanding Grief and Financial Stress
Grief is a complex emotional journey. Everyone grieves differently, but the most common emotions are ones of sadness, anger, guilt, and loneliness. These emotions can be difficult enough to process on their own, but when added to financial stress, they can become overwhelming.
There are many costs associated with death. Funeral expenses can be huge, and you may also have medical and legal bills to pay. If processing the deceased’s estate, you could have tax or debt burdens that must be paid.
Dealing with these financial matters can be difficult at the best of times, but while suffering from grief, it can be even harder to focus and make sound financial decisions. That’s why you need to get support where you can and focus on the most important tasks.
Without taking the right steps, you may overspend on things you don’t need to, neglect bills, or make impulsive financial decisions. This can worsen the situation instead of improving it, but next, we’ll look at some coping strategies.
Strategies for Coping
Here, we look at seven strategies that can allow you to guide yourself through this stressful situation.
1. Seek Support
Get all the support you can. For example, if a partner died, do you have any children who can help you through the process? This may not be financial support, but it could be helping with some of the burden, such as making phone calls or sorting through documents.
Dealing with a loved one’s financial affairs and personal belongings can be extremely difficult on your own. Lean on any support you can, and if someone offers a helping hand, then take it. Don’t hesitate to reach out.
2. Create a Budget
Creating a budget will help to give you some feeling of control. Create a list of priority debts and determine what needs to be sorted right now and what can be deferred. For example, your rent/mortgage and utilities are vital bills, but other outstanding payments can perhaps be delayed.
If required, cut back on non-essential spending and plan through your days. This can be tough on your own, but creating a budget will help focus your mind and lift away some stress.
3. Communicate with Creditors
We mentioned delaying payments there, but this should be done with caution and an understanding of the consequences. You should never just not pay a bill. If you can’t pay something, communicate with your creditors.
Often, you’ll find that they can freeze interest for a time, give you a payment break, or offer a temporary reduction in payment. If you can’t pay debts, seek professional advice from a reputable financial counselor.
4. Review Policies
Review your policies and determine if they can be amended or canceled. It’s likely that the coverage you have can be scaled back or may no longer be required. Make sure you’re not paying for things you don’t need.
5. Plan for the Future
A heartbreaking aspect of grief is needing to plan for your life without your loved one. It can feel devastating to come to terms with, but you need to consider your next steps. For example, you may need to sell your home to downsize, or sell that second car you no longer need.
You may now also be eligible for government support you previously weren’t entitled to. See what programs there are to help you and how to secure your financial well-being.
6. Practice Self-Care
While we are giving useful tips here, we also appreciate how stressful and challenging life can be after the death of a loved one. It’s important to focus on self-care to navigate such a difficult time.
Everyone can find mental relief in different ways but consider exercise, meditation, walking, mindfulness, therapy, etc. Try to find ways to give your mind a break; otherwise, you may become overpowered by your grief.
7. Seek Professional Help
If you’re struggling to cope with grief and financial stress, seek professional help. Everyone’s situation is different, and you may need bespoke advice for your unique challenges.
However, it’s important to remember that this is an emotionally vulnerable time for you, and some people may try to take advantage. If you seek help, such as from a financial advisor, ensure they are highly recommended and have all relevant certifications.
Final Thoughts
Life may seem overwhelming right now, but you will get through it. Remember to ask for help where possible to relieve some of the burden, and follow our tips above. Take care of yourself, and soon, you can grieve properly without worrying about your finances.
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