- Posted March 13, 2022
Financial Priorities to Set After a Divorce - Certified Financial Planning Advice
Divorce causes an immense amount of pain and disruption. The last thing you want to think about is your finances. Our certified financial planner advises that doing so can be an important distraction, help you move forward, and allow you to become financially independent as soon as possible. Here are three priorities that will help ensure your new future!
Rebuild Your Career
You may have put your career on hold to support your spouse or start a family. If that is the case, Indeed recommends you put some dedicated effort into rebuilding your career. If you have had a successful career but are a bit rusty, you might just need to refresh your skills a bit. This could include refresher classes or recertification. Update your resume with any skills or experiences you have gained over the years. Network with people you associated with before you left the workforce. Put feelers out and ask close associates to keep their eyes out for an open position. If you are struggling to find a job, consider working part-time, working as an independent contractor, or even getting your foot in the door with volunteer work. If you feel especially out of touch, you can hire a career coach to guide you through the process.
Get Out of Debt
Being in debt can feel like you are stranded in the ocean struggling to get ashore. You could swim, but the waves keep crashing down on you and pushing you under. According to Round Sky, Americans carry a staggering $13.2 trillion of household debt. Knowing and implementing a sound financial plan with a certified financial planner can be the life-raft you need. Start by taking control of your current spending by creating a budget. By taking cost-cutting measures and eliminating unnecessary expenditures, try to reserve 20% of your income to pay off your debt. Pay the minimum on each of your debts but the smallest one. For that one, add as much money as you can to your monthly payments. Once that debt is paid off, tag on the amount you were paying on it toward the next smallest debt. Follow that process until your debt is gone.
Once you are out of debt, you can start saving. Now that you are on your own, Benefits Pro says it is important that you set new financial goals. You might need to save for a car, a new house, and retirement. Put these goals on paper and formulate a plan. A certified financial planner can help you if you feel lost.
While going through this event, the most important thing is to believe in yourself. You are strong! Divorce can do a lot of damage to your self-esteem. Take pride in each victory and remind yourself every day how truly capable you are.
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Contact Tenpath Financial Group for certified financial planning services.