Divorce is something that you cannot adequately prepare for; nevertheless, predict the outcome – whether the breakup is amicable or controversial.
Divorce can affect your emotions, your mind, your health, and your future.
It will cause you pain, anxiety, fear, uncertainty, and stress; leaving you devastated and defeated. Moreover, it can cause financial burdens and setbacks; preventing you from taking control of your finances.
Couples who divorce focus on the legal aspects: property and assets division, child custody and visitation, mediation, signing the paperwork, and other legalities; however, they sometimes neglect to discuss the financial implications of post-divorce: joint debts, college funds, medical bills, health coverage, summer camps, etc.
This situation, if left ignored or postposed for extended time periods, will cause economic hardship for women who have sole custody of their children; simply being, mothers choose to stay home and raise their children while fathers become the breadwinner in the family.
If mutually agreeable for both parents to have careers, society often portrays men having higher salaries than women in the workforce and causing huge income gaps; although they are equally qualified and well capable to perform the same job.
Many women who become “single again” after divorce face challenges paying their financial obligations and achieving long-term financial success; compared to men who are divorced, and live alone, because of income inequality and declining income levels, after divorce. Some women receive financial assistance, such as: alimony (up to 2 years), child support, and state health coverage.
Nevertheless, they are solely responsible for personal, medical, and unexpected bills that arise; which causes them to seek additional streams of income to cover their recurring expenses and adjust their finances to make ends-meet on a regular basis.
A recent financial study conveyed that divorced, single mothers experience a 52% decrease in their finances, while divorced, single fathers experience a 48% increase in their finances, and causes financial difficulties for 80% of women who take care of their children and household expenses, alone, after divorce. This is a major financial setback!
Are you going through a financial crisis and living paycheck to paycheck? Are your bills more than your income? Are you wondering how to get unstuck financially? Are bill collectors calling you every day? Are you feeling overwhelmed and having trouble sleeping at night? Are you going through financial setbacks and don’t know how to make a greater comeback?
If you answered Yes to any of these questions, Now is the time to demolish your self-limiting beliefs, conquer your debt permanently, and become financially free!
There are 3 ways that you can overcome financial setbacks: (1) Get your mind right; (2) Get your health right; and (3) Get your money right.
- Get your mind right – Avoid negative thinking and renew your mind daily. Focus on what you can control and what you cannot control. Try mindfulness techniques like deep breathing, walks in the parks, meditation, and listening to good music to break free from worry, depression, and anxiety. Try to understand your emotions and behaviors when it comes to money management.
- Get your health right – Being in debt is hazardous to your health. You must focus on physical exercises and self-care to eliminate stress. Maintaining a healthy lifestyle is important to help you manage stress. You must become financially knowledgeable and empowered to break your financial obstacles by implementing practical, financial exercises to improve your situation.
- Create a budget, evaluate and track your spending for four months, and develop financial plan to get out of debt.
- Allocate your expenses using the 50/30/20 rule: 50% needs or living essentials; 30% wants – clothing, shoes, electronics, jewelry; 10% – tithes; charity; 10% – savings
- Cut your expenses – give up some luxuries (cable TV with 300+ channels, shopping, restaurants, movies). Do you really need all of these things? What can you “do without” in your household? Is it a need or a want? Don’t impulse buy (online) while feeling sad or lonely. Spend money wisely.
- Get your money right – earn more: find additional income streams to help with your credit card and other bills. Develop a plan to pay your debts off within 1-3 years using the snowball method (lowest to highest) and use the extra money, after paying your bills off, to build your 6-month emergency fund.
Open a savings account: put money in the account for short-term and long-term goals, such as: retirement planning, birthdays, Christmas, family vacations, or family reunions.
Overcoming financial setbacks is possible and achievable. It takes prayer, planning, patience, and perseverance. You must believe in yourself! Seek professional help and start rebuilding your finances today! You Can Make It After Financial Setbacks!
About Dr Anita Smith
Dr. Anita K. Smith is a Life After Divorce Coach, Certified Financial Education Instructor (CFEI), Financial Advisor, and Keynote Speaker.
Dr. Anita is the award-winning, Amazon.com, published author of “You Can Make It: How To Start Living Your Virtuous Life.”
Dr. Anita works with individuals who are “single again” after divorce and help clients cope with change and uncertainty in their new life by using tools and techniques to transform, heal, recover, and eliminate pain, grief, and loss of the relationship or marriage breakup. She knows firsthand the effects and emotions of going through a divorce, and how it can wreak havoc on your life, and may cause you to experience health issues, financial issues, and relational issues.
Dr. Anita can help you regain your self-esteem and your self-worth. She will guide you, motivate you, and encourage you to become a CHAMPION AGAIN with practical solutions that you can implement right away to break free from a victim mindset and develop a warrior mindset. After working with Dr. Anita, you will recover, re-ignite, and rebuild your life AND finances after divorce.