Divorce remarks a huge change on our life. We need to adjust on several things including financial matter. Sometimes, it is confusing to restart again. If you are a woman and you are just get divorced, the following financial tips will be great help.
#1. Gather Up All Financial Documents
When all letters and files come from bank for all of your financial matter, immediately make the copies and keep it in a safe place. We will need this to manage it on different way as we are single now.
#2. Updating the Estate Planning
When we have a spouse, we name several states on his behalf. After a divorce, things should be changed. We should get it on our name again, and we should gain back the control.
#3. Check on Your Insurance
We may need to make several changes on the insurance and make sure that insurance for our kids are alright. We can take COBRA or apply different plan for the insurance.
#4. Rebuild Your Credit
We need good credit record now. It will enable us to do things a lot easier. To be able to do this, we need to pay back all debt we have and start fresh.
#5. Develop Saving Habit
We never know what will happen next. However, develop a saving habit is a positive effort that will result only on positive ways and it may help us on certain way in the future.
#6. Make Financial Routine
Monitoring our financial activity from cash flow to little details on expense will leave us in control. It also helps us to manage the expense and income in a better way.
#7. Make Financial Map
Moving with an objective is always great. To make sure that we make improvement on our financial matter, we should draw a map that tells our objective and target. It helps us in making precise financial decision as well.
#8. Open Your Own New Account
As we are alone now, and we have all the authority to manage the entire assets, we should consider opening our own bank account and get total control on our own money.
#9. Spare Some for Fun
When your financial plan is made nicely, do not forget to add detail like budget for you to enjoy the life. If we have kids, make sure their entertainment is included in it.
When it is too hard to handle, we can start thinking that life as a single woman again is nice and interesting. We have the absolute right to handle everything, and we can enjoy the benefits for us alone.