FINANCES, FINANCES, FINANCES
We focus on our physical, and mental health. Our financial health is just as important. Financial problems can weigh on our physical and mental health. As seasoned women navigating life on our own, our finances should take a priority in our life. So many seasoned women end up in poverty after a divorce. Often our former spouse handled the household finances. This may be the first time in our life that we have had to pay bills or balance a checkbook. Do not despair. Getting a handle on your finances is not as difficult as it may seem. First, develop a budget. How much income will you have coming in? Next, what are your expenses? The household expenses may depend on if you plan to stay in the family home or buy or rent? If you plan to stay in the home, your expenses will probably remain close to the same. If you plan to buy or rent another residence, then research will have to be done. Include other expenses such as car insurance, car, groceries, etc. Be sure to account for any miscellaneous expenses such as entertainment, dining, clothing, etc. Don’t forget about your retirement. Make an appointment with a financial planner. After you have completed your budget and retirement plan, revisit your income. Is it enough to accomplish your goals? If not, look at what can be done to increase your income. Do you need to get a second job, start a side business, or go back to school and find a higher paying job? Do you have enough in retirement? A part-time job or side business can be used to help fund your retirement. If you haven’t worked in a while, you may need to get some type of training. Take a look at your budget periodically and revise it as needed. Remember if you don’t plan. You plan to fail.
By Emmerstine Hull
Divorce Coach for the “Seasoned Woman”