Menopause is complicated enough. Throw finances in and it can all seem pretty overwhelming. The great news is that if you are in the middle of menopause or even just beginning it, there are some simple things to consider when it comes to managing your finances. Start by understanding menopause and its symptoms.
Once you understand where you’re at both physically and mentally, you’ll be in a better position to make hard financial choices and know how to cut costs. By following these simple tips, you’ll not only be in great shape for the future but even have a little extra cash left over for important things like self-care and a little indulgence, too.
Navigating finances during menopause is a lot easier when you have a good grasp of what this natural life stage is all about. Hot flashes, night sweats, dizziness, and changes of hormones and mood can all add up to be a little less confident than usual. One way to tackle the symptoms of menopause is to learn as much as you can and to connect with other people going through it.
The great news is that MenoLabs has a fantastic app where you can track your menopause symptoms and even compare what you’re going through to other women. Knowing you aren’t alone could be enough to give you peace of mind as you move forward with financial decisions at this time in your life.
Regardless of how financially savvy you are, there are things you should never pay the retail price for, loans you should take out, and interest rates that are too steep no matter what the situation. By this point in your life, you likely know not to take any random financial deal at face value and to do your homework when it comes to making financial choices in your best interest.
As you consider things like life insurance policies, premiums, the life settlement market, secondary markets, and even your own credit report, remind yourself that now is a good time to think about cutting costs. With retirement on the horizon, you’ll be setting yourself up for a better life if you think smart about things like medical expenses, extended warranties, deductibles, and premiums now.
Take a look at your overall financial portfolio. Consider your monthly bills. Call every insurance company and find ways they will continue to work with you. By now, you likely have a history with most of your financial institutions. If the policy benefits you get from them aren’t working, make those changes now.
Becoming Financially Savvy
If you’re already chopped those premium payments, you’re well on your way to becoming more financially savvy while you juggle menopause. The next step is learning about the finer details. There are places you’ll be able to save money with future premiums if you do your research. Learn the difference between viatical settlements and life settlements so you’ll have options in the future and a clearer picture of your financial goals.
If money doesn’t interest you, that’s okay. Another way to navigate finances at any time in life is to contact a licensed financial advisor or something else you trust who can help you make decisions in your best interest.
At the end of the day, juggling the symptoms of menopause and a lot of money doesn’t have to be all that hard. Start by understanding what menopause is and go from there. Knowing your limits and skills will help you go far. Whether you decide to hire a financial planner or institutional investor or tackle the finances yourself, doing your homework and research ahead will be the best way to juggle it all. You’ve come a long way so far. Trust yourself to handle it and you’ll thank yourself for it later.