Having just survived the process of a divorce, you are beginning to see that pretty much every aspect of your life has changed. Some areas have become less complicated while others are far more complicated or even more challenging.
But facing these changes with the right attitude and committing to building a life of happiness and satisfaction should be high on your list of priorities. Bitterness, anger, resentment and blame have no use in constructing your future so choose to build the life that you want and the life that you deserve.
A good cornerstone to building that bright future is a strong financial plan. Following 7 simple managing money tips or guidelines will ensure that you have financial security.
Make a Budget You Can Live With
One of the biggest changes in your finances might be that you are now living on a single income. You may have other small amounts coming in from alimony or child support as well. But the key here is to know how much you have each month and to live within your means as you adapt to your new lifestyle. At first, you might feel very insecure as you realize that you might need to be more creative when it comes to meeting certain needs. Maybe you won’t be shopping at the same clothing boutique you used to, but there are ways to budget and be creative with almost all of your regular spending. Cooking at home is always less expensive than eating out or ordering takeout. But time might be an issue during the week. So plan ahead and prepare a few meals on the weekend which will provide leftovers for a few busy nights after work. Once you know exactly how much money you have each month and see where it is being spent, you will be able to make well informed decisions about where you can save and what you can’t afford to reduce or eliminate.
Seek the Advice of Trusted Professionals
This tip actually covers a few areas. You will want to speak to a legal professional as soon as possible after your divorce. This is the person who will assist you in drafting a new will which will reflect your wishes as a single person. In addition, you will want to formally address who your beneficiaries are for any life insurance or accounts that you may have. Your divorce decree might note that your former spouse has now waived all rights to your estate but it is important to have that documented in your will and have new beneficiaries designated to avoid a lengthy court battle if something should happen to you. Another professional to consult with is a financial advisor. You will want to have an assessment of your current financial situation and then use that to create a plan for your future. One key area to consider is your retirement savings and how you want to grow that to ensure your long term future. While meeting with a finance professional, this is a good time to review the terms of your divorce and particularly the portion that defines how the assets are awarded and the time frame for distribution. You will want to be sure to monitor these distributions until all of them have been delivered to you. In some cases, the sale of property, liquidation of assets or division of investments can take time and you want to be certain that you are given all that is owed to you. Then your financial specialist can help you determine the best financial plan for your future.
Don’t Give Up on Your Future
Even though many parts of your life seem to be changing or just hanging up in the air and out of your control, don’t give up on your future. Your financial advisor will continue to encourage you to plan for retirement but it might seem very abstract at this point in time. But don’t let yourself down by giving up on your hopes and dreams. Granted, they might be changing a little bit now or the time line might be slightly different but you can still have the life that you always wanted after your career is completed. Maybe you will scale back your original idea of retired life or maybe you will completely recreate it. Your future plans might have had a great deal more to do with what your spouse wanted and not so much of your dream was included. Now you have the ability and the right to plan the perfect retirement for yourself. Accept the responsibility and the challenge to make a plan and meet your goals for your dream retirement.
Create a Sense of Security
At no other time in your life has it been more important to feel secure. You have just completed the monumental and emotionally draining task of surviving a divorce. Every part of your life has been touched or changed by this process. Some relationships have changed and others have simply vanished. Life won’t ever be the same, but that doesn’t mean that it will never be good again. You simply have to choose to make it as good as you possibly can. And the first step in that direction is creating an emergency fund for yourself. To know that you are living independently and self-sufficiently is very freeing and gratifying. But life has a way of putting little bumps in the road from time to time. Knowing that you have a little emergency account or stash to get you through those bumps is very comforting. You have friends and family who are there for you but knowing that you are prepared and able to take care of yourself and your issues is important. It shows the world, and most importantly yourself, that you have come through the divorce process and you are now living a strong and independent life. Using just a few managing money tips will make your transition to single life much easier and will greatly increase your self-confidence and your security level.