Q & A On Getting Financially Unstuck Post-Divorce

Sanyika Calloway Boyce — Wed, 23 Apr 2008 08:24:48 -0400

From Naomi Dunne: When you're first on your own after a split, the financial elements can be completely overwhelming. It seems like every expert has a different idea of what we should be doing with our money, but right after a divorce is not the time when you've got cash to spare. I have student loans, a very small amount of credit card debt, no car payment, no mortgage payment — I rent — and no money saved for emergency funds or retirement, let alone my kids' education. Where do I put my cash first?

Sanyika Calloway Boyce writes:

Naomi, I proud of you for taking a proactive step with getting your finances in order post-divorce and more importantly recognizing that you need to find a solution that works for your unique situation.

While it might feel like you've"lost time" just remember that it is never too early-or too late-to take control of your finances so good for you for taking this necessary step.

I suggest you get a handle on your finances in 4 steps. The very first thing I'll stress is that you cannot afford NOT to save, because as women we'll likely live an average of 9 years longer than men and we need more saved to support our lifestyle — longer.

1. Open and maintain a saving account solely in your name, this is just a smart thing for every woman to do regardless of your martial status. Make a personal commitment to always keep at least $100 in the account as a foundation you can begin to build upon.

2. Commit to saving at least 5 percent (preferably 10) of everything you earn. It might not seem like you have any money to do this but start small by exercising your saving muscle with coins.

Here's what you do:

A. Get a coin holder (ideally a jar that's not easy to stick your hand into!)

B. Commit to dump all of your coins in the jar at the end of the day

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Q & A On Getting Financially Unstuck Post-Divorce