Five Tips To Achieve Financial Well Being

A divorce can be debilitating, not only emotionally but also financially. In the aftermath of this life transition, re-establishing financial well-being will give you peace of mind. This begins by taking the time today to rebuild for tomorrow, with these five tips:

1. Review:

Get informed, aware and organized. Look at your will, power of attorney, insurance policies, credit accounts, and checking, savings, and investment accounts. Shred old documents. Set up a filing system if you don’t have one already.

Look at income versus expenses and find a way to live within your means, every month. Never use credit cards for monthly expenses, only unplanned emergencies.

2. Re-budget:

Slash bills by eliminating frivolous non-necessities. Cut corners wherever you can–like utility usage, subscriptions, eating out, and those expensive lattes.

3. Re-name:

If you change your name, remember to update your driver’s license. Close joint accounts and open in your name. Change emergency numbers on healthcare for you and your children, as well as secondary contact numbers.

4. Re-title:

Designated executors, beneficiaries and guardians for your children may need rethinking. Remember to update titles of cars and real estate.

5. Reserves:

Last, but not the least—start saving for that “rainy day”. Experts suggest an emergency fund equal to six months’ of wages. This probably sounds impossible, but set aside money methodically every week or month. This safety net will cover your budget if you encounter wage loss from illness, job loss or missing work due to your children’s health.

These tips will set you on a path to financial independence. Daunting though they may seem, they begin with initiative and a desire to improve your life. These five keys can set your foundation–as a newly single person—towards a future of financial peace of mind.

Written By: Ruby Moseley, Rust Built, Marketing Services