But, according to DivorcedMoms.com, knowing about money and how to manage it (especially when a divorce may have drastically cut your resources) can become absolutely essentially in your new reality. Here are some tips to help in the process.
Hope For The Best, But Be Prepared For The Worst
Though your ex may be as generous as he promised he would be, it often happens that support money begins to lag. Insist on discussing money issues as the split occurs. You’re better off, if possible, to plan on taking care of yourself financially. If you get all the help you are promised, you’ll be pleasantly surprised, and if not, you won’t be devastated.
Educate Yourself
Financial training for women should begin in high school, but it seldom does. If possible, plan to do your own taxes and hone your budgeting and investing skills. Find a consultant, research online or get advice from someone you trust.
Regular Savings Plan
If work is part of the equation for you, be certain that some set percentage of your income goes into savings. Take advantage of employer participation in a retirement savings, if that is feasible. If you still have dependent children, buying a home may be very desirable. But be sure that it’s affordable and leaves you enough for other necessities, including education for the kids. If you need to upgrade employment skills, there are agencies that offer free services or can steer you to affordable options. Don’t be reluctant to explore any options, including government support, if it is necessary to provide for your family.
Have A Strategy
Create long-term goals, including concrete plans on how you are going to achieve them. Get rid of what you don’t need in favor of the things that will help you reach your goals. Be sure your goals are realistic, seeking counseling if necessary to stay within reason. Most women have some assets, such as jewelry or over-expensive cars, that they can convert to cash if necessary. Incurring more debt trying to become financially self-reliant is not a wise way to go.
Live Within Your Budget
It may even do your children good to be forced to expect less. Teach them to live realistically within the new budget now in place. They could thank you for it later. Keep in mind that the old saying is true: You can’t buy happiness. Look for free entertainment, such as board games at the kitchen table, home movie nights, visits to the library, nature walks, local parks, etc.
Love and attention don’t cost anything and they’re the greatest gifts you can give your child. Don’t let your emotional fallout become their problem.
Seek Mediation If Necessary
Resist going to court with your ex-spouse for every dissatisfaction. Lawyers are expensive and courts not cheap. . With divorce child support orders can be changed if your circumstances change, but don’t make money a constantly divisive issue that too often puts children in the middle.
Look around you at all the women who have divorced and succeeded. One needn’t automatically exclude the other. Divorce creates challenges, but it isn’t the end. Learn from it, plan for success and stick with the plan.