Fact: Women are outlive their husbands by 5.8 years.

Financial Literacy For Spouses

Life can be unpredictable, and managing finances becomes even more critical when faced with the unexpected. This hub is designed to provide spouses with the knowledge and tools they need to confidently handle financial matters, ensuring peace of mind if life takes an unforeseen turn.

Whether you’re navigating shared responsibilities, organizing financial records, or preparing to manage household finances independently, we’re here to guide you every step of the way. With practical advice, actionable checklists, and clear explanations, you’ll gain the confidence to keep your financial affairs on track, no matter what the future holds.

Empower yourself today to protect your tomorrow. This is more than financial literacy—it’s about creating stability and security for you and your family.

Image of two wedding rings on dollar bills.

Table of Contents

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February Registration Now Open
Financial Literacy For Spouses Course

  • Gain clarity on household finances and accounts.
  • 5 live online sessions, with recorded sessions available for flexible, on-demand viewing.
  • Guidance informed by the steps below.

Step 1: Understand the Basics of Household Finances

Managing household finances is a shared responsibility, but it’s essential to understand the big picture. This step will help you grasp the flow of income, expenses, and savings in your household, along with key financial concepts that build a strong foundation for making informed decisions.

In this step, you’ll learn:

  • How household finances work, including income, expenses, and savings.
  • The difference between assets, liabilities, and net worth.
  • Key financial terms like interest, cash flow, and budgeting essentials.

Checklists, Templates, & Worksheets

Estate Planning Essentials Bundle

This worksheet and template bundle offers a FREE estate planning summary to help you organize and simplify your planning process.

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Worksheet: List of Monthly Income Sources

Keep track of your earnings with this checklist of monthly income sources.
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Household Budget Template

Use this simple household budget template to track income and expenses.
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Household Expense Tracker

Easily monitor your spending with this household expense tracker.
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Frequently Asked Questions

Net worth is the total of your assets minus your liabilities.

Assets are things you own (like savings and property). Liabilities are debts or obligations you owe.

Tracking expenses helps you understand where your money is going and find ways to save.

A budget is a plan for managing income and expenses over a set period.

Income is money earned, while cash flow tracks all money coming in and going out.

Review your finances monthly to stay on top of changes and goals.

Fixed expenses stay the same monthly (e.g., rent), while variable expenses can change (e.g., groceries).

An emergency fund is savings set aside for unexpected expenses like car repairs or medical bills.

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Step 2: Take Stock of Bank Accounts and Credit Cards

Knowing where your bank accounts are and how they’re managed is crucial. This step will guide you through creating an inventory of checking and savings accounts, credit cards, and other financial tools to ensure you have a complete picture of your financial landscape.

In this step, you’ll learn:

  • How to identify and inventory all checking, savings, and credit card accounts.
  • The differences between joint and individual accounts and their implications.
  • How to interpret bank and credit card statements for better financial awareness.

Checklists, Templates, & Worksheets

Ask Three Questions

These are the three most important questions to ask about your accounts.

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Account Inventory Worksheet

Organize your financial accounts with this comprehensive inventory worksheet.
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Credit Card Tracking Worksheet

Stay on top of your credit card details with this easy-to-use tracking worksheet.
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Frequently Asked Questions

Include checking, savings, credit cards, and any online payment accounts (e.g., PayPal).

Look for old statements, check credit reports, or contact major banks.

Joint accounts are shared, while individual accounts belong to one person.

Joint accounts typically transfer ownership to the surviving spouse but confirm with your bank.

Contact the bank or creditor with proof of your relationship (e.g., marriage certificate).

Closing unused accounts can simplify management, but check for fees or penalties.

Use an account inventory worksheet or spreadsheet to track details like balances, account numbers, and contact information.

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Step 3: Take Stock of Investment & Retirement Accounts

Retirement and investment accounts are often significant assets for couples. This step helps you identify all accounts, understand their beneficiaries, and learn how they are handled, including important topics like Required Minimum Distributions (RMDs) and tax implications.

In this step, you’ll learn:

  • The types of investment and retirement accounts, including 401(k)s, IRAs, and pensions.
  • How beneficiaries work and why keeping them updated is critical.
  • The basics of Required Minimum Distributions (RMDs) and how they affect retirement funds.

Checklists, Templates, & Worksheets

Beneficiary Designation Checklist

Ensure your loved ones are protected with this step-by-step beneficiary checklist.
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Beneficiary Review Checklist

Keep your beneficiary information up to date with this easy-to-follow checklist.
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Retirement Account Overview Worksheet

Get a clear picture of your retirement savings with this comprehensive overview sheet.
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Frequently Asked Questions

A retirement or investment account is a financial account used to save and invest money for long-term goals, such as retirement. These accounts offer various tax advantages and investment options to help individuals grow their savings over time.

A 401(k) is an employer-sponsored retirement savings account.

Traditional IRAs allow pre-tax contributions, while Roth IRAs use after-tax contributions and offer tax-free withdrawals.

Beneficiaries are the individuals who will inherit the funds in your retirement or investment accounts after your death. Keeping them updated ensures your wishes are followed.

RMDs are mandatory withdrawals from certain retirement accounts after you reach a specific age.

Review tax records, old statements, or use unclaimed property databases.

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Step 4: Take Stock of Debts

Debt is an important part of the financial equation. This step will help you review all outstanding liabilities, such as mortgages, loans, and credit card balances, and provide clarity on what happens to joint and individual debts.

In this step, you’ll learn:

  • The different types of debts, from mortgages and personal loans to credit cards.
  • What happens to joint and individual debts after a spouse’s passing.
  • Strategies for understanding and prioritizing debt repayment.

Checklists, Templates, & Worksheets

Checklist for Settling Financial Debts After Death

Settling financial debts after the death of a loved one is an essential step in the estate settlement process.
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Debt Inventory Worksheet

Get a clear view of your financial obligations with this debt inventory worksheet.
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Frequently Asked Questions

Responsibility depends on the type of debt and state laws, especially in community property states.

If the surviving spouse is a co-signer or joint owner, they usually assume responsibility for the mortgage.

Generally, life insurance payouts are protected from creditors, but there are exceptions.

Focus on high-interest debts first, such as credit cards, then tackle others like loans or mortgages.

Contact creditors to discuss repayment options or seek assistance from a financial advisor.

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Step 5: Ensure Access to Accounts and Resources

Accessing financial accounts and resources quickly is essential, especially during times of transition. This step will show you how to secure logins, passwords, and key documents, and ensure you’re equipped to manage your household’s financial affairs.

In this step, you’ll learn:

  • How to ensure you have access to all essential accounts and financial resources.
  • The importance of gathering login credentials, passwords, and key documents.
  • Steps to safeguard financial information and avoid potential roadblocks.

Checklists, Templates, & Worksheets

Checklist For Utilizing A Password Manager

Simplify and secure your online accounts with this guide to utilizing a password manager.
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Digital Estate Planning Checklist

Proactively manage your digital assets and ensure their smooth transfer and disposition in accordance with your wishes and preferences.
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Digital Estate Planning Checklist

Proactively manage your digital assets and ensure their smooth transfer and disposition in accordance with your wishes and preferences.

Get The Checklist

Frequently Asked Questions

Provide the financial institution with a death certificate and any required legal documents.

Common documents include a death certificate, power of attorney, or executor papers.

Use a password manager or a secure, encrypted storage system.

A digital legacy includes online accounts, email, and other digital assets that need to be managed after someone passes.

You may need to provide legal proof of your relationship, such as a marriage certificate or court order.

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Step 6: Life Insurance

Life insurance provides financial protection, but navigating policies and payouts can feel overwhelming. This step covers how to claim benefits, what to do with payouts, and how to ensure your family’s needs are met.

In this step, you’ll learn:

  • The different types of life insurance policies and how they function.
  • How to file a life insurance claim and access benefits efficiently.
  • Best practices for using life insurance payouts to maintain financial stability.

Checklists, Templates, & Worksheets

Life Insurance Policy Review Checklist

Ensure your policy meets your needs with this life insurance policy review checklist.
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Life Insurance Claim Filing Guide

Navigate the claims process with ease using this life insurance claim filing guide.
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Frequently Asked Questions

Contact the insurance company with the policy number, death certificate, and completed claim forms.

Payouts are usually processed within 30-60 days after submitting all required documentation.

Term insurance provides coverage for a specific period, while whole life insurance offers lifetime coverage with a cash value component.

Death benefits are generally not taxed, but interest earned on the payout may be taxable.

The payout typically becomes part of the estate, which may go through probate.

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Step 7: Managing Bills and Payments

Keeping up with bills and payments can feel daunting during challenging times. This step will help you organize recurring expenses, prioritize essential payments, and set up systems to ensure everything stays on track.

In this step, you’ll learn:

  • How to organize and track monthly bills and recurring expenses.
  • Strategies to set up systems for consistent, on-time payments.
  • Ways to prioritize essential expenses, such as housing, utilities, and insurance.

Checklists, Templates, & Worksheets

Monthly Bills Organizer Template

Keep track of your expenses with this handy monthly bills organizer template.
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Guide to Setting Up Autopay Systems

Simplify your payments with this step-by-step guide to setting up autopay systems.
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Frequently Asked Questions

Use a bill tracker or set up autopay to ensure payments are made on time.

Focus on essential bills like housing, utilities, and insurance first.

Set up payment reminders, use autopay, or consolidate due dates with creditors.

Review subscriptions first; cancel those that are unnecessary but keep essential services.

Notify service providers of the death, and they may transfer accounts or close them as needed.

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Step 8: Planning for Income Changes & What To Do After The Passing Of A Spouse

Income changes are often inevitable after the loss of a spouse. This step guides you through understanding Social Security survivor benefits, transitioning to a single-income household, and adapting your financial plan for new circumstances.

In this step, you’ll learn:

  • How Social Security survivor benefits work and how to claim them.
  • Tips for transitioning to a single-income household or managing reduced benefits.
  • Ways to adjust your financial plan to reflect new income levels.

Checklists, Templates, & Worksheets

Checklist: How To Manage Joint Bank Accounts After Death

Lear the steps needed to manage or close a joint bank account after the death of a co-owner.
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Checklist: How to Notify Social Security After Someone Dies

Learn how to notify Social Security after a loved one’s death with this checklist.

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How to Freeze and Close Credit Reports After Death

Freezing and closing a deceased person’s credit reports is an important step to protect their identity and financial legacy.
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Checklist for Transitioning Finances to a One-Adult Household

Adjusting to life as a one-adult household can be a big transition, especially when it comes to managing finances.

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Frequently Asked Questions

Contact the Social Security Administration with a death certificate, proof of relationship, and your spouse’s Social Security number.

Common changes include loss of salary, pensions, or retirement account distributions.

Reassess your expenses and prioritize essential costs like housing and healthcare.

Yes, programs like Social Security and Medicaid may provide support.

Explore additional income options like part-time work, investments, or downsizing expenses.

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Step 9: Avoiding Financial Scams and Fraud

Financial scams are a growing concern, especially for those navigating new financial responsibilities. This step helps you recognize common scams, secure your accounts, and protect yourself from fraud to maintain financial security.

In this step, you’ll learn:

  • How to recognize common scams targeting vulnerable individuals.
  • Steps to secure your accounts and protect against fraud.
  • Practical tips for safeguarding personal and financial information.

Checklists, Templates, & Worksheets

Checklist To Identify Potential Phishing Scams

Stay safe with this checklist to identify potential phishing scams.
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Frequently Asked Questions

Scammers may pose as creditors, charities, or financial advisors to exploit vulnerability.

Notify financial institutions, freeze credit, and change account passwords immediately.

Report it to the Federal Trade Commission (FTC), credit bureaus, and the affected institution.

Contact major credit bureaus (Experian, Equifax, and TransUnion) to place a freeze on your credit file.

Yes, by setting up two-factor authentication and monitoring account activity regularly.

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Disclaimer: The information provided on this page is for general informational purposes only and should not be considered legal advice. Please consult with a qualified attorney for advice specific to your situation.