While divorce can be emotionally trying, financial issues can also cause quite a bit of stress. This is especially true for people who let their spouses take the reins for the duration of their marriage, which makes the transition into financial self-management quite challenging. In this case, Time recommends the following tips to help your take control of your life once again.
Make a list of goals
Saving for the sake of it can be difficult, especially when you're on a tight budget. Saving with a specific goal in mind is a lot more motivating, as you'll have something tangible to look forward to. Make a list to three things you'd like to achieve with your finances and prioritize them in terms of importance and feasibility. Even saving for something like a much-needed vacation can be extremely gratifying.
Set up automated withdrawals
Automated withdrawals into a savings account are definitely convenient, but they can also have an impact on how much you're able to save. When times are tough you'll be less likely to put money away for the future out of fear you won't be able to meet current needs. Automated savings take the decision-making power away from you, which will allow you to build your savings at an accelerated rate.
Look for ways to increase your income
Perhaps you're stagnant in your job, which can impact your earning potential. Taking classes or lessons to expand upon your career knowledge is just the thing in this case. While it requires an initial investment, you will be better off financially in the future if you can seek more lucrative employment. Education can also be personally fulfilling, which is great for boosting self-esteem and confidence after a divorce.
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