Hi,
It's impossible to concentrate on mundane matters after a loss of such magnitude. Yet, daily issues won't allow themselves to be put on hold until we are in the frame of mind to be able to think about them. So, it's essential to enlist the aid of a friend to help cope with these mundane concerns in order to maintain the function of the household. First and foremost, we need to gather as much financial information as we can which includes, but is not limited, to the following assets and liabilities:
1) Assets : bank accounts, brokerage firm accounts, misc. investments including royalties and other dividends not held by brokerage firms, retirement and pension accounts, life insurance proceeds, and any other assets.
2) Liabilities: mortgage or rent payment and due date, utility statements and due dates, credit card balances and due dates, misc charge card balances and due dates, any other misc loans with monthly payments, IE car loans, tuition etc., plus any other debt.
Sometimes a spouse is unaware of all assets, investments, and outstanding debts. Assets, investments and debts generate mail. Any unaccounted for assets or debts will surface over the course of the year in the form of correspondence from the entities.
After a death, people may be flooded with statements and bills which seem to materialize out of no where. Depending upon the circumstances, they may be from medical institutions, medical supply companies, ambulance companies, bills for transporting the deceased, etc., These bills are not emergencies. We will talk about verifying these bills and others tomorrow.
Immediate financial needs of the household include covering the mortgage/rent, utilities and food. Hopefully there are funds available to meet these basic needs.
Tomorrow I will talk about what to do if funds are not available to meet living expenses the month following the death of a spouse.
Until then,
Alan
Showing posts with label bills. Show all posts
Showing posts with label bills. Show all posts
Monday, April 9, 2007
Friday, February 9, 2007
Grocery Receipts vs Food Budgets
Hi,
Many people are surprised when they look at their grocery receipts for a month because they tend to be significantly higher than the amount they allocated for their food budget. There are numerous reasons for this. I will identify some of the common ones:
1) One of my favorite ploys is the "buy one get one free" enticement. In most instances, it is "buy one, get a quarter free". Stores do this by inflating the price of the item to make you think you are getting a better deal than you actually are due to their presale mark-up.
2)Another common marketing ploy is "bigger is better". In many cases the actual price is no different, or in some instances even higher by buying a large quantity of something. To find out what an item really costs, look at the per ounce cost. Sometimes people buy large quantities to take advantage of the price even if the product will not be used before going bad, and will be inconvenient to store. It's not a deal if you end up throwing it out.
3) Large discount food stores create the impression that everything they carry is the best deal in town. This is not always the case.
4) Don't use coupons unless they are for a product you use, or plan to use. Getting a good price on something won't help you if you don't need the item.
One tool which can be invaluable to people in lowering their grocery bill is to scan the weekly ads which come in the mail (these are also online). The savings from one store to another on the same item can be dramatic.
Tomorrow we'll finish this discussion by covering the rest of the stacks of bills.
Until then,
Alan
Many people are surprised when they look at their grocery receipts for a month because they tend to be significantly higher than the amount they allocated for their food budget. There are numerous reasons for this. I will identify some of the common ones:
1) One of my favorite ploys is the "buy one get one free" enticement. In most instances, it is "buy one, get a quarter free". Stores do this by inflating the price of the item to make you think you are getting a better deal than you actually are due to their presale mark-up.
2)Another common marketing ploy is "bigger is better". In many cases the actual price is no different, or in some instances even higher by buying a large quantity of something. To find out what an item really costs, look at the per ounce cost. Sometimes people buy large quantities to take advantage of the price even if the product will not be used before going bad, and will be inconvenient to store. It's not a deal if you end up throwing it out.
3) Large discount food stores create the impression that everything they carry is the best deal in town. This is not always the case.
4) Don't use coupons unless they are for a product you use, or plan to use. Getting a good price on something won't help you if you don't need the item.
One tool which can be invaluable to people in lowering their grocery bill is to scan the weekly ads which come in the mail (these are also online). The savings from one store to another on the same item can be dramatic.
Tomorrow we'll finish this discussion by covering the rest of the stacks of bills.
Until then,
Alan
Friday, February 2, 2007
Talking About Debt
Hi!
Before you can talk about your debt, you need to get all the current balances on your existing debt. If you don't have your statements on hand right now, most information can be obtained from creditors electronically, i.e. the telephone or web sites. If you've lost your account numbers, usually your creditors will be able to access your accounts using your social security number. Once you get all your bills together, take out your monthly living expenses. We will address those first. In general, these bills do not have any emotional attachment to them, and as a result, are easy to talk about. However, if they are not handled properly, they will affect your entire household. Basic monthly living expenses include rent or mortgage payments, sewer, water, garbage, electricity, telephone, food, heat, internet connection service, medical co-payments, insurance, transportation costs, etc. If you're behind in any of your utilities, call the companies and make payment arrangements with them. If you are late in your mortgage or rent payments, you might consider asking your mortgage company or landlord for a different payment date. If making rent or mortgage payments is an ongoing problem, I will address that situation in a future blog. You will have a much brighter financial future by handling your monthly expenses in a timely manner, and quickly communicating with your creditors if you can't, due to the positive impact it will have on your credit scores.
Tomorrow we will talk about the other pile of bills.
Until then,
Alan
http://olympicdebtspecialists.com/
Before you can talk about your debt, you need to get all the current balances on your existing debt. If you don't have your statements on hand right now, most information can be obtained from creditors electronically, i.e. the telephone or web sites. If you've lost your account numbers, usually your creditors will be able to access your accounts using your social security number. Once you get all your bills together, take out your monthly living expenses. We will address those first. In general, these bills do not have any emotional attachment to them, and as a result, are easy to talk about. However, if they are not handled properly, they will affect your entire household. Basic monthly living expenses include rent or mortgage payments, sewer, water, garbage, electricity, telephone, food, heat, internet connection service, medical co-payments, insurance, transportation costs, etc. If you're behind in any of your utilities, call the companies and make payment arrangements with them. If you are late in your mortgage or rent payments, you might consider asking your mortgage company or landlord for a different payment date. If making rent or mortgage payments is an ongoing problem, I will address that situation in a future blog. You will have a much brighter financial future by handling your monthly expenses in a timely manner, and quickly communicating with your creditors if you can't, due to the positive impact it will have on your credit scores.
Tomorrow we will talk about the other pile of bills.
Until then,
Alan
http://olympicdebtspecialists.com/
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