Shopping Product Reviews

spring cleaning after divorce

It’s that time of year when we open the windows and enjoy the fresh air! It always made me feel better to hear the birds chirping, to smell the fresh air, and to clean like a new beginning. Well, on a positive note, divorce is a new beginning! Put aside all emotional feelings like sadness, anxiety, and doubt about what you’re supposed to do next, and consider some of the following tips for your financial spring cleaning!

1. Get your financial house in order. Update your will. Verify that you have the proper beneficiaries listed on your life insurance policies. Review your retirement plans and eliminate unproductive investments (contact your CDFA or financial advisor for help). Get a file box or use a file drawer and label your files. By doing this, it will be easier to find important financial documents.

2. If you’re not doing what you love or don’t love what you do, then get ready to make a change! Update or write your resume. Take a few courses and explore new opportunities in your area or an area you’d like to be in. Expect more from yourself. You will surely be amazed at what you are capable of achieving.

3. Check your credit report! Not only identity theft is a concern today, but also human error. I recently found out there was a major error on my credit report and it took me a long time to correct it. It’s also a good place to see if you or your spouse have accounts you weren’t aware of. If you haven’t already, be sure to establish credit in your name. Open a credit card, or the next time you buy a car, register it in your name only.

4. This is also a good time to review your benefits at work. If you are not involved in a retirement plan and one is offered to you, sign up! If you are already active in a plan, check it out!! It can seem overwhelming and out of your comfort zone, so consult a financial advisor. Most advisors will be happy to review your statements and offer some advice.

5. I’m sure you just did your taxes and are saying, “Next year I’ll be more organized!” That’s what I said! So go buy a file just for tax receipts! Ask your accountant if they can provide you with some areas that can save you money on next year’s tax return.

6. Divorce is a big change and a new beginning. You will want to renew your wardrobe, and feel pretty!! I’m a big supporter of dressing how you want to feel! This can be expensive, so make a plan. First, clean out your current wardrobe. There are consignment stores, example: Plato’s Closet, where you can sell your clothes and use that money to buy new clothes. If you already have a budget, donate your clothes to women’s shelters. You will feel great helping other women and they will really appreciate it! It’s a win-win!!

7. Divorce is exhausting, I know. Emotionally and financially, you feel drained. You will need time to rebuild yourself and your finances; Start by setting long-term and short-term goals (write them down on a piece of paper). Prepare your new budget, then meet with a financial advisor. You work hard for your money, and your advisor can help make sure your money works hard for you.

Leave a Reply

Your email address will not be published. Required fields are marked *