More of Martin please... this was so helpful. Before I separated I remember thinking 'how will I manage financially?' even thought I was the 'financial controller' in the relationship. 5 years later my finances have never looked so good but I really need to get a will & POA sorted our ASAP!
Me and my husband are very good at sticking to a budget and saving money and only spending what we have. We don’t buy things on credit cards and save for everything we want. I do need to start being interested in the actual finances though. My husband is so organised and has spreadsheets that lay everything out for him. He knows what’s going in when and what’s going out and when but I am so confused by them that i just leave it all to him. Not any more. I am going to have him sit down with me and teach me how to read them properly and show me how to access them should I need to. Thanks to you and Martin for sharing this.
It is such a relief to have your finances, will, power of attorney etc. sorted out. I was lucky to have parents who stressed the importance of being financially aware and never handing over sole responsibility to a partner. It is honestly such a good feeling to know you aren’t unnecessarily burdening your children with a nightmare. One of my worries is being fed non plant based foods if I can’t speak for myself. May sound trivial but it matters. While we’re at it, letting your family know any last wishes, type of funeral etc doesn’t have to be gloomy, all part of life 🌞
I have a separate account for ‘annuals’ and a monthly standing order to fund it, I made a very simple spreadsheet to calculate all the necessary amounts. Being doing it like that for years, it takes a lot of stress out of finances. Great advice in this video.
I helped my mum with her finances when my dad went into a care home. She's being doing great since then for last 3 years. I just want to add that i never took away any control from my mum when i helped her sort it out, and that is really important. She has total access to her accounts at any time and can transfer money between them when she needs to because she knows now how to budget and juggle. Being able to juggle is another good important money skill that many think is not good and they put it in a dark light, but not everything is black and white in life and things happen that are unexpected. So once you've developed the skill of budgeting then juggling (go between accounts) gives you even better mastery over your finances, and its actually a very good skill to develop and shows that you are in control of finances. Don't put yourself in an unnecessary pickle because you have the resources available to you but are not using them to their best priority. The key to mastering money isn't about stocks and shares, it's actually about you mastering money not money mastering you. You tell it what to do, not it tell you what to do. I trained myself in money management since i was declared bankrupt in 2001. The judge said this very life changing verdict... "Living beyond your means." As soon as i heard her say that, the wisdom of it penetrated immediately in my mind and heart, and i was never the same person since. We can all have a second chance in life to get back control, and having debt mercifully relieved when i was 26 helped me to start again in life with a greater appreciation to living in a state of gratitude that even if i had just £2 in my pocket, I was incredibly happy to know the sweet peace of living within my means. :)
Thank you so much for this. Martin Lewis is such an incredible person, and I will always be grateful for the money advice he gives. Please can we have some more of these videos Davina? I think it can help us all, at our varying stages of current life.
That was so good. Martin does delivery it all at breakneck speed so it’s hard to take it all in. Please do more like this. The finance course sounds like a must.
This was so helpful. Am not divorced but Covid has made me think more about death and dementia. I have a huge fear of online banking since a friend lost everything she had. I’m enrolling on the course and getting to grips with all this. Can’t thank you enough.
Wow, this title happened to me in 2 years! Dad died,mum had dementia, died a year ago and right in between that I had a divorce (marraige was over before death but thought why not, let's add another big D in there!) The word Exhausted comes to mind lol. Thank you for sharing 👏
Please please can you make more of things on these important issues. It’s provokes conversation with couples Now my husband is going to sort out power of attorney for us. Love you both. Rebecca x
Great video thank you 🙏🏻. I love Martin but in bite sized nuggets please - he talks fast and it’s hard to keep up with him! This one was just right 👍 Can you also ask him about finances for older single women like me- thanks!
Omg Davina this was perfect timing! Me and hubby were just discussing finances and then this popped up! Thank you Martin and Davina. You have just helped loads🙂
How perfect Davina, let's talk about the costs, and potential SAVINGS, that can be made around the cost of funerals, honestly people pay money because they have never been taught how the industry works and think they just have to spend what everyone else spends - no, no, no! Let's change the language and attitude to death and funerals!
Really enjoyed this davina, thank you. I am doing a spending chart this year to see where the money goes It’s different every month. It’s going to look very interesting at the end of the year and then I can see where and how the money disappears I have already spent over £200 on next Christmas Also by doing this I am finding out about how are finances work. I have been one of those women who left it all to my husband. Rebecca x
I divorced over 20 years ago and had never dealt with the big family finances. It was so difficult coming to terms with all of the outgoings and making the spending fit the income. I did eventually become comfortable with it all but it was scary. No Martin around then for advice sadly.
I know how you feel from a financial point of view. I'm a hairdresser & its been really hard financialy these last 10 months of lockdown but I have found loads of frugal RU-vid videos on line that have given some ( not all ) incredible information out which has helped & made me reassess my spending habits. Some of them have made me personally realise how much money I have wasted over the years ! Check them out. 💗
If I said to my father you need to sit down and discuss energy bills with mother I would get short shrift and my mother wouldn’t be interested as that’s why she says she had children. Some people are just not interested in the money side of life. I or a sibling will just step in to fill that void. That’s what children are for. I agree it becomes more difficult for those couples who are childless.
