Lorna Luxe recently recorded her first podcast interview since her husband John died in February this year.
On The Begin Again podcast, hosted by Davina McCall, Lorna shared her experience of navigating life before and after John and all the hurdles she’s had to face since his passing.
Recommended Read: What Lorna Luxe’s Story Taught Us About Protecting Your Family
John took care of the “practical stuff”
One moment that struck a chord with the Financielle team was the fact that Lorna hadn’t been involved in the household finances before. Lorna went on to share that this was one of John’s biggest fears when he understood his prognosis was terminal – how was she going to look after herself?
John took care of the “practical stuff” like bills and banking – like many, Lorna admitted she found it all very boring. She even shared that she didn’t have her own bank card – she literally used John’s.
As we speak to more and more couples about how they manage money, it’s clear that this is a common way that people navigate their household finances. Often, one person takes charge and the other lets them.
Often there’s no malice involved as in this case – but for some couples, it can also lead to situations of financial control.
Lorna inspired us to create a checklist for couples everywhere to work through in order to feel more in control – even if they don’t want to manage the day to day finances.
So we’ve built a checklist for you to use as a guide. We want you to feel in control, informed and never caught out: knowing your numbers, having access to your own and joint accounts, and being able to step in, whatever life throws at you.
You can start small, you don’t need to do everything at once, but it should act as a guide for you to feel more financially capable and in control.
The Checklist
Banking & Access
- Do you have your own bank account, in your own name, that you can access independently?
- Do you have your own bank card, and can access your bank account on your mobile device and know your log-in details?
- If you have joint accounts with a partner, do you access and do you check in on them regularly, not just glance at the balance?
- Could you log in and pay a bill today, without needing to call anyone for help?
Income & Outgoings
- Do you know exactly what income comes into your household each month, and from where?
- Do you have a written (or app-based) list of your fixed monthly expenses – mortgage, rent, utilities, subscriptions, insurance?
- Do you know your household’s total monthly outgoings versus income, roughly, off the top of your head?
Head to the Financielle app to use our tried and tested budgeting method
Insurance
- Have you checked what insurance you already have, including anything bundled into a “packaged” current account (travel, phone, breakdown cover)?
- Do you have life insurance, and do you know the cover amount and who it would pay out to?
- Do you have critical illness cover, and do you know what it would actually pay out for?
- Have your policies been reviewed since any big life change (marriage, children, house move)?
Debt
- Are you aware of any debts that you have either in your name or joint names?
- Have you pulled a full credit report to check what’s on it, including if there are any late payments or defaults?
Investments & Pensions
- Do you know if you or your partner hold any investments?
- Do you know what pension(s) you each have, including old workplace pensions from previous jobs?
- Do you know who is named on the Expression of Wish form for each pension, and is it still who you’d want?
- Have you checked your State Pension forecast recently?
Household & Providers
- Do you know who your household is with for energy, water, broadband, and mobile?
- Do you know when contracts are up for renewal, or are you on auto-pilot with a provider?
- Is a mortgage contract or rental agreement somewhere you (and not just your partner) can find it?
Documents and Access
- Is there a secure but shared file, physical or digital, with the essentials: account details, policy numbers, provider logins, will location?
- Does someone you trust know that file exists and how to access it if they need to?
- Do you have a will, and does it reflect your life as it is now, not as it was five years ago?
You may be reading down the list and silently nodding, or you may feel you’re way off being in control of your financial life.
Often, a partner shoulders the admin burden as an act of love – picking up the task on the household’s behalf – and that’s okay too.
In fact, even in Lorna’s case, one of her husband John’s final thoughts was about Lorna – and whether she would be okay. The ultimate example of selflessness.
If you’re overwhelmed by the list – don’t be.
Pick one question you couldn’t answer and sort it this week. Then come back and sort another. That’s it. Need help? Ask a friend; ask a family member; ask Financielle!
Start small. We promise you, with each tiny task tackled, you’ll grow in financial confidence.
This content is for general information only and does not constitute financial advice. If you need advice tailored to your personal circumstances, please speak to an authorised financial adviser.
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