Question

Would like some opinions: I did post last week, i was at my wits end with my mortgage, but I believe I have created a meaningful budget and color coded due dates. I found my problem is not money, it’s the timing. Everything is due around the same time every month so I am working on moving due dates and starting my journey of rebuilding my finances. One more thing I keep thinking about. I receive social security survivors funds on behalf of my two daughters. One is 12, the other is 9. The funds are generous, however they will stop in 11 years. If you had this benefit, what would be your plan to make most of it over those 11 years? I would love to hear your thoughts. Side note: I did see two financial planners after he passed, and I felt they were both too sales pitchy and rubbed me the wrong way.  thanks in advance!  

Answer 1

I’m in this exact position. my husband passed away in 2011. I have 3 kids. 19, 17, and 11. I’m losing my middle daughters benefits in July. My plan is to aggressively pay my mortgage and try to have it mostly paid off before I lose those benefits in 7 years. I’m in the process of rebuilding my credit and refinancing my mortgage. I do not save the money from the girls benefits because they have college funds and savings accounts already.  

Comments

We were married. And I’ve not remarried since (don’t even get me started on dating struggles ) I didn’t get spousal support because I made too much money for it. Which is ok because with their benefits I was getting $3000/month.  

Answer 2

Go on Dave Ramsey site. He has a list of financial advisors that are only out to teach you and not sales pitch you.