Studies show that at least 75% of married couples have one person that’s designated to handle the finances—manage accounts, pay bills, etc. But what happens when something catastrophic happens? A sudden illness or even death could leave the other member of the family scrambling when it comes time to manage the money.
In order to be prepared for the worst, Onondaga Center for Rehabilitation and Nursing has a list of questions you should be able to answer in case you need to take over the finances one day.
- Do You Know the Passwords?
With so much banking and bill paying taking place online now, the money manager in the family may be juggling a half-dozen or more accounts on a monthly basis. They may know the password or have them saved in their computer or phone, but both parties should know the passwords—or at least write them down and keep the list in a safe place.
- How Much is Coming In and Out?
Go back in six months’ worth of bank and credit card statements to see how much money is going in vs. going out. This is especially important to do if you don’t work with a budget each month.
- When Are the Bills Paid?
If you don’t have a set schedule to pay bills, experts advise picking two dates per month to get everything paid. Establishing a routine will help you remember to pay everything off and not have to deal with late charges if a bill slips through the cracks.
- What is Owed?
If you owe an unexpected amount of money, contact the companies to set up a repayment plan and build that into your budget.
- Check Insurance Policies
Go through your separate insurance policies—life, auto, home—to see where you stand. If they haven’t been touched for years, you might be paying for items you don’t need.
To learn more about Onondaga Center for Rehabilitation and Nursing and all of the services they offer, visit http://onondaga-center.facilities.centershealthcare.org/.
