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New life, new responsibilities: 4 budgeting tips for the newly divorced woman

On Behalf of | Sep 2, 2016 | Divorce

Some time ago, you exchanged vows with your partner and declared your intention to remain bound in matrimony for life. As time has passed, however, the strength of that marriage bond may have lessened due to stresses brought on by life circumstances. While a divorce from a partner may lead to new opportunities as a single woman, it’s possible that your new status may not result in a blank slate.

If you have children, a home and retirement funds, each of these responsibilities may require a different skill set to manage as a single parent. Although you may be concerned about thriving on a shoe-string budget as a newly divorced mother, there are options available to you to help you succeed:

1. Financial education

In your marriage, you may have let your partner handle the bills, bank account, taxes and retirement funds. If you are financially illiterate, now is the time to learn how to interpret those documents that appear to be written in a foreign language. In Knoxville, free classes are available at the area Goodwill. Citizens of Tennessee are also entitled to financial education resources. Libraries often feature speakers who deliver speeches addressing the fiscal concerns of area residents. Having an expert educate you on finances matters does not have to cost you a cent; remaining ignorant of monetary responsibilities will.

2. Child care

If you are employed, you may be already cognizant of the stresses that child care can cause. Children of school age have different needs than do infants and toddlers. If you and your children will be remaining in your house, it’s possible that you have a support system established in your neighborhood. Neighborhood stay-at-home adults may open their childcare services to you so that your child has someone to watch her close to home. For older children, schools often provide extended school programs at reasonable rates.

3. Government support

The government provides grants to single mothers to help defray living expenses. If you apply for a single mother benefits guide, you will find resources that can connect you to vouchers and reveal the type of financial aid that you are entitled to receive. Every cent that you can save is a cent that can be used to increase your economic security.

4. Therapy

When you believe that the burdens of single parenting have become too much to shoulder on your own, please remember that you are not alone in your struggles. If you are failing to find emotional relief through family or friends, you can find group meetings at area churches. Typically, those leading support groups have a background in treating others and can help you develop coping mechanisms. As a parent, you know that you need to take care of yourself so that you can take tend to the needs of your children.

Getting divorced is stressful. Getting divorced as a parent can bring additional concerns. Please remember, though, that there are people and safety nets established to help you succeed as you navigate your new life.

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