Updated: Apr 30, 2020
Adjusting financially after a divorce, a separation or even a partnership can be a temporary challenge. Don’t be defeated or stress yourself out over the things you cannot change.
Your finances are going change and that’s ok! Make your budget work for you. Tell your money where to go. Plan ahead, keep accurate financial records. 56% of married women leave financial planning to their husband. Starting over is tough and trying to take control over your own finances is even tougher. Being smart about your finances can save you hundreds of dollars in the long run. Plan to win over your finances, if you have a goal of being financially self sufficient, begin with your budget. The long-term benefits of planning and executing your financial goal will eventually outweigh the current heaviness of your situation. With the right knowledge and guidance, you can set yourself for financial independence and success.
Make a short-term goal to get at least a month ahead of your expenses. Unexpected expenses can arise at any given time. Once you’ve managed your one-month budget, try to work on creating a longer one. It’s always good to have a ONE -YEAR budget in place to be prepared for the unexpected/ expected expenses. You want to try and be ahead of anything especially if you have children. Make sure you are maintaining a lifestyle that can be supported on a single income. This can be a challenge, but not a bad one, challenge yourself to maintain your budget and reap the benefits of your hard work later. Money management is the key to success always hope for best but always plan for the worst.
Be mindful that you can be financially intertwined with your former significate other for years AFTER a break up. When I decided to leave my husband of 10 years, I left with 60,000 grand worth of debt. He contributed to 87% of that. Unfortunately, he had most of his debt listed in my name. That meant that I needed to come up with a plan of action to get ahead of that financial nightmare. I immediately had it documented in our separation agreement what was owed and who was responsible for paying for it. I credit a monthly expense plan and made sure I sent out reminders of what needed to be paid. I had to protect my credit and make sure that reoccurring debt that was still in my name was paid every month. This was exhausting but absolutely necessary to keep my credit from being destroyed. Thankfully I work for an attorney office so my ex always made sure to paid this debt on time.
While it’s never anyone’s ideal to raise children alone, you can’t not allow anyone to tell you can raise strong successful children. I’m a firm believer that happy striving children come from happy homes. Focus all of your attention on creating a happy home for your little ones. Your budget can happily alleviate a lot the stress that can arise. I advocate for budgeting because I know it works. It’s a proven skill that many overlook or refuse to use. Don’t be that person. My divorce really impacted how I tackle my finances, it’s made me look at the big picture of my finances and gain a clear understanding of how I could potentially obtain them. It’s become second nature for me to plan ahead and make sure I have expenses accounted for and work toward creating healthy financial guidelines for my children. After-all I believe that just because the previous generation didn’t pass on the knowledge that would not stop me from breaking that awful cycle.
Strengthening your financial future is one of the best gifts you can give to yourself and love ones. I’m here to help you get started. You are not alone in your new journey.