Are Your Finances Prepared for a Divorce or a Pandemic?

How much our world has shifted since our last blog a month ago!  Here we are working, investing and paying bills from home, while becoming schoolteachers to our children and doing our part to flatten the COVID-19 curve. 

“Financial literacy is just as important in life as the other basics.”
 ~ John W. Rogers Jr.

Ironically, as the financial world shifts inside private homes and online, April is National Financial Literacy Month. This month’s blog is dedicated to helping your become financially literate online and virtually. 

Even if you are not the spouse that typically handles the family finances, it is important to understand how to access your financial accounts.  Life can change in an instant, and each family member should have a measure of financial literacy, for any personal or joint accounts.

“Financial literacy not only involves the ability to count your money,
it also tests your ability to evaluate the cost and
benefit associated with each decision you make..”
~ Wayne Chirisa

Do you know how and where to access all of your utility bills, mortgage statements and credit card bills?  Can you find your investment and bank statements online without issue?  If not, now is the time to get a trusted family member or friend to help you either set up these accounts virtually and/or access them on a regular basis.  Don’t have anyone in the house with you?  Try calling or video conferencing someone who can help. 

“Financial Literacy is an issue that should command our attention
because many Americans are not adequately organizing finances
for their education, healthcare and retirement.” ~ Ron Lewis

Most financial institutions now offer easy to use applications that can be downloaded on your smartphone and accessed at any time.  Some have fingerprint ID, others have login passwords which can often be easily stored on your phone.  If you feel technologically challenged, try getting your kids to help!

The important thing, especially in these critical times, is that we know where our money is and how to access it, especially in case of emergency.  Of course, accessing money is just the beginning.  Learning how to budget, balance a checking account and plan for your retirement are also vital skills in becoming financially literate. 

Of course, perhaps the most financially vulnerable you’ll ever feel is when going through the divorce process.  This month’s DivorceTown USA® expert articles focus especially on how to become financially literate before, during and after the process and what to do about insurance should you lose your job during this crisis. 

Wishing you and your families peace and health during this difficult time.  Stay safe everyone!.

Expert Articles:

Becoming Financially Literate Before, During, and After a Divorce
Dr. Brenda Dozier, Ph.D., CDFA, RICP

Job Loss and Health Insurance
Bob Smith, Disability/Life and Health Insurance Agent