Are Your Finances in Order

One of my main concerns when I was finally ready to leave, was would I make it financially?  I did not do any of the bills and I had no clue what was in our bank accounts. So I contacted one of my friends Chett Daniel and asked him to write this next blog for me. He knows what he is talking about so please listen.

Congratulations on taking your life back. However your relationship went from wedded bliss to divorce is really not important, the fact is you came to realize you could not continue in your life being as happy as you deserve with the person you married. So, you took an incredible leap of courage and decided to get a divorce. Many women will not ever take this step, even though they are extremely unhappy because they are afraid of leaving the security of a certain life style, or they just don’t know what life will be like on the other side of divorce. One of the biggest concerns for women prior to a divorce is, “Will I be able to make it financially?” With some careful planning on your part and the same determination it took to get your life back the answer is yes.

If you haven’t gotten a divorce yet, but know that it is nearly certain, get involved with your finances. In many relationships only one spouse deals with the finances of the house. The other person is oblivious to how much money is coming in each month and what each month’s liabilities are. Many times the spouse who isn’t involved in finances are unaware of investment accounts that are held and the balance of savings accounts. If you realize this applies to you, begin getting involved with your daily finances and become aware of your overall financial picture.

Many women who go through a divorce previously made the sacrifice to stay at home and raise children. In many cases stay at home moms feel as though they lose or do not develop marketable job skills that will allow them to survive in today’s workforce. Begin looking within yourself at what you enjoy and start developing marketable skills. You can start by taking night classes at a local community college, or taking courses online.

According to reports from the Social Science Research Center most women who divorce see their standard of living decrease by 27% after a divorce. That is a tough reality but you must keep in mind this is temporary. “After a divorce” is not a permanent season in your life. What you do to minimize your monthly expenses and increase you income during this time is very important. The first key is eliminating as much debt as possible before, or immediately after the divorce as possible. A study from the Federal Reserve Board Survey of Consumer Finances found that the median amount of credit card debt for women who are divorced is $1900. Those minimum monthly payments of $90 may end up being the difference of you making it each month, or struggling to keep your head above water. Even if you are driving a car you love, you may consider selling it, or trading it in on a less expensive car without a payment to again reduce your expenses.

The key thing to remember in this juncture in your life is that this is just a transition time in your life. A transition is when you leave from one place and begin the process of moving to another. Your income will increase, you will possibly meet someone else to help you through, but the static’s say that 80% of women die single and that 56% of those women are afraid of learning about personal finances because it seems to complicated. (Kind of depressing I know) Either way married or divorced, as a woman you will most likely be on your own financially at some point in your life. You need to begin the process today of educating yourself regarding personal finances to ensure your own well being and to continue the process of taking control of your life.

For further information on how I found myself in debt and how we took control of our lives financially visit my site at http://middleclassdream.wordpress.com/