Adapting to single life after losing your partner can be harrowing. Here is advice from experts on how to deal with the financial challenges in what is already a difficult time.
The fear of not getting by financially is so strong that some people will endure a deeply unhappy partnership rather than trying to go it alone. Many also let ex-partners take whatever they want so there won’t be painful discussions or arguments. But a marriage is a financial investment as well. You should get compensation for time and effort.
Even on a good salary, it can be a shock to realise that you’ll suddenly be paying for everything yourself. It can be a lot easier to adapt if you consider the following points.
1. INSIST ON SPOUSAL SUPPORT
Even if you can do without, claim at least a token amount per year. It is your right and if you don’t do it at the divorce proceedings, the court can’t enforce it later if you fall on hard times.
Be realistic about what you ask for in the settlement. Put aside the sentimental value of things and concentrate on their real worth. Consider as well how much it will cost to replace essential items that go to your ex.
2. DRAW UP A BUDGET
Work out exactly how much you’ll need for essentials each month – from household items and food to airtime and transport. Look at subscriptions and debit orders to see if you still need them or if there are cheaper options. If you were living comfortably as a couple, you may not have checked often that your preferred grocery store, for instance, is the most affordable. Time to do that now by comparing prices.
Budget before big decisions such as moving or changing schools.
It might take a few years before you live like you used to again, but you can make it happen. And be proud of yourself for doing it!
Sources: https://www.parents.com, https://institutedfa.com, https://www.fool.com, https://www.moneyweb.co.za, https://businesstech.co.za, https://www.news24.com/drum
Related article: 7 Steps to save you from drowning in debt
3. CONSIDER CHEAPER LIVING
Could you get by with less space or in a more affordable neighbourhood? Consider the commute to work, where the schools are and your other priorities. If you’re unsure, try renting until you have a better idea of what your future will look like.
4. LOOK AT FLEXIBLE WORKING HOURS
Fixed office hours can be a problem if you’re suddenly single and responsible for children as well. Talk to your employer about flexible time or other options that might work better.
5. TRANSFER ACCOUNTS AND CHANGE YOUR WILL
Make sure accounts that remain yours, such as a cell phone contract, are in your name.
3. CONSIDER CHEAPER LIVING
Could you get by with less space or in a more affordable neighbourhood? Consider the commute to work, where the schools are and your other priorities. If you’re unsure, try renting until you have a better idea of what your future will look like.
4. LOOK AT FLEXIBLE WORKING HOURS
Fixed office hours can be a problem if you’re suddenly single and responsible for children as well. Talk to your employer about flexible time or other options that might work better.
5. TRANSFER ACCOUNTS AND CHANGE YOUR WILL
Make sure accounts that remain yours, such as a cell phone contract, are in your name.
In South Africa, you have three months from the divorce date to amend your will and remove your former partner as a beneficiary or executor. If you don’t, your ex could lay claim to what was specified in your old will.
Remember that money left for minors will be managed by their legal guardian. Pick someone else now if you don’t want your ex to be the guardian.
6. CREATE AN EMERGENCY FUND
Putting away three months’ salary for unforeseen expenses seems impossible, but start building up a reserve fund. This will also be crucial if your former partner isn’t reliable with support payments.
7. RECONSIDER INSURANCE
You probably had one insurance policy together. Now you need your own. Reconsider what you want listed and what their replacement cost may be. Adjust the values and take off items you won't have any longer.
You also have to change health insurance – getting your own or removing your partner as a dependant.
8. FIND OUT ABOUT TAX
When you don’t file as married anymore, your tax will change and you have to make sure your employer deducts the right amount.
9. SET NEW GOALS
This includes serious things such as money for retirement as well as a wish list of items such as holidays. Start with clearing pressing debts, then sort your new targets according to priority.
Related article: Money goals for single moms
10. INCREASE YOUR INCOME
This might not be possible at all. But if you can manage, an extra income will help you recover much faster from the financial setback. You could also ask about or work for a promotion or pay raise.
Related article: Cash in on your passion
Remember that money left for minors will be managed by their legal guardian. Pick someone else now if you don’t want your ex to be the guardian.
6. CREATE AN EMERGENCY FUND
Putting away three months’ salary for unforeseen expenses seems impossible, but start building up a reserve fund. This will also be crucial if your former partner isn’t reliable with support payments.
7. RECONSIDER INSURANCE
You probably had one insurance policy together. Now you need your own. Reconsider what you want listed and what their replacement cost may be. Adjust the values and take off items you won't have any longer.
You also have to change health insurance – getting your own or removing your partner as a dependant.
8. FIND OUT ABOUT TAX
When you don’t file as married anymore, your tax will change and you have to make sure your employer deducts the right amount.
9. SET NEW GOALS
This includes serious things such as money for retirement as well as a wish list of items such as holidays. Start with clearing pressing debts, then sort your new targets according to priority.
Related article: Money goals for single moms
10. INCREASE YOUR INCOME
This might not be possible at all. But if you can manage, an extra income will help you recover much faster from the financial setback. You could also ask about or work for a promotion or pay raise.
Related article: Cash in on your passion
It might take a few years before you live like you used to again, but you can make it happen. And be proud of yourself for doing it!
Sources: https://www.parents.com, https://institutedfa.com, https://www.fool.com, https://www.moneyweb.co.za, https://businesstech.co.za, https://www.news24.com/drum
10 WAYS TO MAKE HALF AN INCOME COVER THE BILLS
Reviewed by Michelle Pienaar
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January 18, 2022
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Reviewed by Michelle Pienaar
on
January 18, 2022
Rating:
