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Once your divorce is final and you are ready to establish yourself as a single force to be reckoned with, one of the most important things to do is make sure your finances are in order. Being able to support yourself and to make decisions about your financial future without a spouse can be hard, but the reward is well worth the effort. A certain sense of accomplishment comes with being able to invest wisely, put something away for a rainy day, and help your kids as they move from high school to college and beyond. In order to do this it is important to have an awareness of your changed financial picture now that you are single, and it is also helps to know what money traps to avoid.
Three financial blunders to avoid when you are newly single include:
- Avoid spending more than you have. This seems simple enough, but in practice is a very hard thing for most people. This is true when there are two incomes to rely on for paying the monthly bills and you might find yourself overspending simply out of habit. Try to remember that you alone are responsible for your financial health (especially if you were not awarded spousal support or it has come to an end) and make the necessary adjustments to your lifestyle. Downsizing your home, opting for an older model car, or taking your lunch to work rather than eating out are all good ways to save money when you are single.
- Failing to review your budget and make the changes needed to take into account your status as a one income household. When you get divorced it is a good idea to take stock of what you have and what you need. Doing so will allow you to identify areas where you can cut back and save.
- Allowing your emotions to take over and overwhelm you is also a mistake. We understand divorce is hard, but when you come to terms with the decision it will be easier to think rationally about your future. This includes coming up with a plan for your money that makes sense and is within your budget.
Our goal is to reach solutions in your case that allow you a fresh start, and also give you the chance to change. When necessary we suggest enlisting the help of a qualified financial planner, so you can be sure to start your new life off on the right foot.
For more information about divorce and what it means for your finances, call us today. Let us put our experience to work for you. Call The Sampair Group in Phoenix and the West Valley today to schedule your appointment.
