Empower Your Post-Divorce Self Finances

Empower Your Post-Divorce Self Finances

April 21, 2021

Money is an imaginary object that can be the root of our dreams and desires but also our fears. By taking control of your money, you will empower yourself and replace fear with facts.


Divorce can take a toll on your finances and can feel like years of hard work has been wiped out. You might have had to changed lifestyles and are now living new life that you never expected. It can feel like your future is uncertain as you work to rebuild. One of area you can take immediate control of is your finances. Once your finances are under control, you will be amazed at how much stress is reduced.


Let’s begin with these steps:


  1. Develop a Mindful Spending Practice. Everyone knows about budgets but even more important is her cousin, mindful spending. Mindful spending helps you create a money management program that is built upon emotional regulation. You will uncover how your emotions are tied to money and how that bond is manipulated by consumerist capitalism.


  1. Step Away from the Credit Cards. Using credit cards is great- in a pinch. Studies have shown that we view cash differently than credit cards and are more apt to overspend when using credit cards. As you get back on your feet, try using cash as much as possible. You will be surprised how much you save.


  1. Review Your Credit Report. Get a FICO credit score and comb through it. Look for any errors or still open joint accounts and take quick action to remedy it. Your credit report is one of the most important financial documents and should be routinely checked. Finding an mistake today will save you future heartache.


  1. Get Your Side Hustle On. When you go from two incomes in one household to now two households, you may find yourself coming up short. This is actually quite common in divorce. Do not make the mistake of living off credit cards! Rather examine your lifestyle and see what you can cut. If need be, do not be afraid to take on extra hours or start a side gig.


Righting your relationship with money is a process in itself. As long as you keep working on it, you will find your financial freedom. Cast off the shame and focus on positive thinking as you balance the books. There is nothing you cannot do with a little grace and self-love.


If you would like help replacing fear with facts, contact hello@mywealthanalytics.com or call 402.430.3092/ 424.218.0227 today!


This information is for general education purposes; this is not to be considered legal/ tax/ or financial advice.