Sometimes, we don’t even think far enough in the future or even consider things like a divorce affecting our livelihood. Now that we are faced with this situation, we feel alone and out of order. After all, you and your spouse were each responsible for specific responsibilities. Now you find yourself doing them all alone. How can a woman survive such a dramatic change in her life?
First of all, you’ll want to take control of your emotions. You must believe that you have the ability to make right choices and lead a happy life, because you do. Reality is that you control your emotions by what you think about.
You can view this situation as negative and positive. Of course, the negative part of the situation may be that your marriage has ended, but the positive part is that you may now take control of your finances.
The second thing you want to do is make a list of all of your current assets and liabilities. If you are planning to receive more money after the divorce proceeding, you can calculate that amount in later. At this point, you just need to have a clear view of what you have in your possession right now.
Once you’ve reviewed your assets. You’ll begin to create budget for yourself. It’s not as difficult as many would have you believe.
Just write down you total income for the month.
Next, write down separate amounts of all your monthly bills. For example, you would make a list which would include different headings such as rent, light bill, phone bill, etc. you should also include a topic to put into a savings account that you will contribute to once a month.
Once you’ve done this, subtract your total amount of monthly bills and savings from your monthly income.
The remaining amount you should subtract food, miscellaneous spending, which is money to spend on an unexpected event, like a birthday or craving for a specific food, or a spontaneous night on the town. Money should be used to supply your daily needs and to have some fun with every now and then.
Your Monthly Review may look like this:
Total income for the month – $1500.00
Rent – $750.00
Light bill $60.00
Phone Bill $75.00
Car payment $200.00
Total – $1135.00
Then subtract the total $1135.00 from the total income, $1500.00.
You have $365.00 left for groceries and your miscellaneous spending. You’ll want to put at least $100.00 a month in an envelope for emergencies that may come up unexpectedly.
If you find that you have a substantial amount left over after you completed your monthly review, you may want to put it in a Roth Ira or talk to a clerk at a bank to find out what other options you may have available to you.
Also, don’t be afraid to ask questions. Take charge of your situation. If you don’t feel comfortable about making a quick decision at a bank, ask to take some paperwork home to read it at your own pace and call them from home with your inquiries.
If you find that you are coming up short every month. You may want to get a job or use your skill or talent (everyone has one), which will allow you to earn more money every month. You could baby-sit for the neighborhood children, style hair or give manicures for a small fee. Whatever your talent, it can be used to get wealth. If you’re unsure what your talent is, feel free to ask a friend what they think you are good at, they’ve probably already noticed it.
Above all, don’t fret. You are not the first person that has faced this situation. Remember that many others exactly like you have faced this situation and have overcome.
It has always been beneficial for an individual to take control of their finances whether they are married or not. It affords them the ability to organize their money and their well-being.
Realize that you are a wonderful person with talents and abilities. If a person does not want to be with you or around you, it’s their loss. Never forget that.