This week the nation is celebrating Independence Day. We are fortunate to be able to have the right to life, liberty and the pursuit of happiness. Independence Day happens daily for thousands of women when they get their divorce decree. They declare their independence from a bad relationship, stifling obligations, and much more.
Listen to our podcast “Woman’s Guide to Financial Independence After Divorce” with Laurie Itkin.
The biggest declaration of independence is the financial kind. In theory, it sounds good to be financially independent but what are you really getting into? There are pros and cons of financial independence. Let’s explore.
But first, here are a few tips to get back on your feet financially after your divorce.
Now let’s get into the pros and cons of financial independence and what it means for your new life.
That is usually the first thing people think about when we say we are financially independent. We are not dependent on a partner or spouse to make money, pay bills, give an allowance, or dictate what happens with the money. When we become single moms we become the sole provider. Child support may be a hit or miss so it is up to us to handle all the financial responsibility for the family.
As the sole provider, you are now responsible for paying the bill. Your ex will not do it and your family is not responsible for doing it, though they may offer to help you in dire situations. Overall you are responsible for paying your bills, handling errors, and updating information.
Being a financially independent mom means you are making all the financial decisions. No matter how big or small, it’s up to you to make the right decision for your family. From the home you will live in, the amount you will spend on clothing, food, and extracurricular activities. You are responsible for deciding on the kids’ medical and dental as well as childcare providers.
All financial decisions begin and end with you. If something goes wrong, you are the only person to blame. This is why education is very important when it comes to making decisions for your family. Now is a good time to learn financial literacy and about anything that impacts your household.
Life has its ups and downs, it’s no different when it comes to your finances. Even if you are working a stable job with a good income, there are surprises that come up at the most unexpected time. You may have a kid break an arm, chip a tooth, or need a new instrument because they’ve joined the orchestra. Regardless of the circumstances, the financial ups and downs are all yours to handle.
Being a financially independent woman has its rewards and challenges. But no matter how tough it gets, it feels fantastic to call the shots when it comes to money matters.
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