5 Financial Planning Tips for a Widow

Acknowledged, it is not easy to decide a divorce. Many things must be considered, from the psychological, mentally, and also about financial. Especially for a woman as a wife who relies on the income of her husband during marriage.

Well, here are tips on managing finances for a woman who had just divorced.

1. Have your own source of income
After a divorce you need to have your own income, even if the court decides you will get allowance or any other money from ex-husband. Why? Quite simply because this benefit is generally a fixed amount, while the prices of goods and services out there are usually always go up every year.

Is that it? Any other reason? Prestige! You must show to your ex-husband that you also could be independent and not necessarily have to depend to him all the time. Is not it?

2. Prioritize Needs
Divorced is a sad moment. Eventually it is the time to you to rearrange your life.
When rearranging this, what you should do is to try to meet your basic needs first.

For example, if you do have your own source of income, do not directly used to buy your desires. Prioritize your needs first, then the rest, if any, use it to buy other things that you really want.

Remember that you recently divorced. Well, if you do not meet your needs first, while you've bought other things that are not necessarily need, you will lose your income quickly.

3. Look after your Insurance
The next thing you should do is to re-evaluate the insurance programs that you have taken. What needs to be changed? Or do you need to take a new one?

Consider if you need to take insurance on behalf of yourself with your child as beneficiary. It is suggested that you do not rely on the insurance program that had taken by your husband when your family is still intact.

4. Saving, saving, and saving
Remember that when you are recently divorced, many of you may not bring the wealth at all. Or, if there is the split of wealth, the amount may not much enough. In fact, anything can happen in the future. It could be you are not able to work and earn money, you could be laid off (if indeed you decide to work again), and so on.
This is important reason of why you have to saving.

5. Decide carefully when it is about financial problem
Now, you are alone. You are also as head of the family. Therefore, try to be careful of the financial decisions you take.

If you want to buy a car, think carefully about what the effect to your financial planning. If you decide to run a business, think also whether your business is really going to run well because if not running seriously, it will be bad consequences. So be careful.

Hopefully the above suggestions can help you to better manage your finances after a divorce.

Related Post