Women's Issues - Handling Your Own Finances

HANDLING YOUR OWN FINANCES

Divorce brings about many changes. Some women are faced with handling the finances alone for the first time in many years. With some thorough planning, patience, and persistence, you should be able to pick it up in no time.

Here are some tips to help handle the inevitable challenges that come with controlling your family’s money for the first time:

• Get Yourself Organized: Perhaps the greatest cause of financial pressure is a lack of control over finances. Create a budget of your after-tax income, child support and maintenance received, and all expenses, including all debts. Carefully track your expenditures and monitor your installment debt load. There are a number of excellent computer programs that can make this process more simple and organized. The most important thing is to establish a budget and a record-keeping system that is comfortable for you and you can stick to.
  
  
• Get Yourself Educated: For many, it is a daunting task to suddenly have to deal with stocks and bonds, IRA’s, and life insurance, among many other kinds of investments and debts. Be patient, and take the time to learn about all of your existing finances, as well as your options. It is an excellent idea to meet with the professionals who have been handling the various accounts. Insist on a face-to-face meeting with each of them, and come prepared with a list of questions. If your advisers appear impatient, or perhaps loyal to your “ex”, take the time to research and find advisers who will protect your interests. There is also a wealth of information available in books, magazines, and on the Internet. Try to learn things step by step. It will take time, but it will be well worth it.
  
  
• Don’t Be Afraid To Ask For Help: If you are struggling or feeling overwhelmed, have questions or need advice, there are people who would be happy to help you. Think about parents, aunts and uncles, siblings or friends. People love to be helpful. Give them a chance and make the experience much less frustrating for yourself.

Overall, remember the big picture. Divorce is certainly not the life – event that any of us could plan for. It is an extremely difficult transition. With careful planning and some optimism, you can meet these challenges. Remember, this is the start of the next phase of your life, and you owe it to yourself and your children to do your best to persevere and, hopefully, to prosper financially.

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