While not always easy to think about, an inheritance is a part of the financial picture for many baby boomers. That was just one of the topics that popped up in my inbox this past week.

Dear Mary: Before reading your book "Debt-Proof Living," I believed we were doing just fine with our money. Recently, my husband's father died and we received a small inheritance. We sat down to decide how to handle this money. I pulled out the book and showed my husband the chapter on the 10-10-80 formula and the information about the Freedom Account.

We figured out our expenses. We were shocked to discover we've been spending almost $1,800 more than we make each month. I guess we didn't notice because we would take a little out of savings to cover expenses as needed. At this rate, all of our inheritance would be gone in no time. Needless to say, I became rather depressed as we started reducing the outgo to balance our expenses with our income. We are looking at every area of spending and have already found so many ways we could make the adjustments.

My husband actually thanked me this morning for all the work I've been doing on our budget. He always wondered why it seemed we were making good money but never able to save any. Now we know. I am telling you all of this to say thank you! I know it will take work, but at least we are on the right track. I never would have figured this out if it hadn't been for "Debt-Proof Living." I'll keep you posted on our progress. — Kimberly

Dear Kimberly: Your letter reminded me of an interesting statistic I came across recently, which said that it takes an average of 17 months' time for a person to completely spend an inheritance. Aren't you glad you won't be part of that statistic? So am I! Thanks for writing. Your letter made my day.

Dear Mary: My husband is an insulin-dependent diabetic. We have $78,000 in student loans and a $76,000 mortgage. If he dies before the student loans are paid, the outstanding balance will be forgiven. We cannot get life insurance on him. Should we work on paying off the mortgage before the student loans? — Angie

Dear Angie: Under the circumstances, it does make sense for you to concentrate on paying off the mortgage quickly while staying current with the student loan payments.

You didn't say whether you are employed. If you are and the loss of your income would place your husband in financial hardship (which is, by the way, the only reason for life insurance — to replace income for those who are dependent on it in the event of your demise), you need life insurance. If his diabetes is well-managed, there's every possibility he will outlive you, but his ability to earn enough to handle both debts could be greatly diminished.

Dear Mary: I am a 70-year-old single male with a decent income who faced the stark reality of bankruptcy. I have spent my entire life doing everything wrong when it comes to finances. While rearing my family, we lived well but incurred a lot of stupid debt. I have never saved; I have seldom invested wisely; and I have given consistently, though at times very unwisely. My poor awareness of the proper way to handle money left me as an old man groping for a way out. With a debt load of over $36,000 on a fixed income, I entered a consumer credit counseling services debt-management program. Shortly after, I saw an ad for your book "Debt Proof Living." I bought it and have read and reread it. I wish that I could have been exposed to this wisdom as a young man.

To know that "money is not to spend, but to manage" has changed my life. I will be debt-free in 44 months. I can't begin to express to you my gratitude. Thank you for giving me hope. — Billy

Dear Billy: You have no idea how much you have encouraged me. I am so proud of you. And you affirm what I so strongly believe, that there's always hope and a way out. I think you'll be debt-free sooner than you think. Thanks for reading my book. I am so happy to know that it was a catalyst of change in your life! My only concern is what I will do with all the letters I get from 70-year-old single women who want your address.

Mary invites questions, comments and tips at mary@everydaycheapskate.com, or c/o Everyday Cheapskate, 12340 Seal Beach Blvd., Suite B-416, Seal Beach, CA 90740. This column will answer questions of general interest, but letters cannot be answered individually. Mary Hunt is the founder of www.DebtProofLiving.com, a personal finance member website and the author of "Debt-Proof Living," released in 2014. To find out more about Mary and read her past columns, please visit the Creators Syndicate webpage at www.creators.com.