Newly Single
Whether you're divorced or widowed, suddenly being on your own after sharing your life with someone is sure to bring its share of doubt and anxiety.
One big stress factor can be finances. And no wonder: Being single means you're now in charge of the financial decisions and responsibilities you used to share with someone else.
Don't worry-we'll help you figure out where you stand financially and prepare you to successfully move forward on your own.
Put your records in order
Don't be hasty to make big financial decisions immediately after becoming single. It's likely to be an emotional time, and you'll need a clear head to make sound decisions.
A good first step toward getting your finances in order-and one that doesn't require any major decision-making is organizing your files. Gather and organize the items that document your:
Personal identification (your birth certificate, Centrelink card, etc.)
Financial accounts (bank accounts, superannuation, investments)
Credit cards (including outstanding balances and interest rates)
Insurance (life, health, car, homeowner's)
Tax returns for the past five years or more
Mortgages and home equity loans
Personal property of significant financial value (cars, boats, jewellery, art)
Will (if you don't yet have a will, now is a good time to make one)
Make any updates
Now that your documents are in order, review them to see if you need any information updated. For example:
Are your name and current address listed correctly on all your accounts?
Are your current beneficiaries/heirs listed on your will, life insurance, financial accounts (including superannuation accounts) and other documents? If your spouse or partner was your primary beneficiary, you most likely want to make changes.
Is your name on the titles of all the property you own?
Now is also a good time to request copies of your credit rating, so you can amend any errors and start your new financial life with an accurate credit rating.
Figure out where you stand
Now that your records are organised; make sure your daily finances are as well.
Know your net worth. With help from the documents you've organized, add up the value of your financial assets and personal property, and then deduct outstanding debts to get an estimate of your net worth.
Review your income and expenses. Make sure you know how much money you have coming in and going out each month. What's your income? What are your expenses? Include living expenses such as food and rent, as well as payments you're making on loans or other debts.
Consider all sources. If you anticipate receiving any inheritance, insurance money or income from a divorce settlement, be sure to take that into account in your calculations.
Take control. If you weren't the one who paid the bills when you lived with your spouse or partner, put together a system for doing it. Decide when and how you'll pay bills, and how you'll keep them organized.
Make a budget. Our Budget Calculator can help you put together a sound budget for your new life.
Decide where you're going
Now that you've taken charge of your money today, it's time to figure out what you want that money to do for you tomorrow. To get started:
Write down your goals, both long-term and short-term. Do you want to go back to school? Move into a new home? Start a business? Travel? Send children or grandchildren to college?
When you think about your goals, don't forget one of the most important goals of all: retirement. Now that you're single, you can no longer rely on someone else's pension or retirement funds after you stop working. So be sure to include saving for retirement in your financial goals.Write down how soon you hope to achieve each goal. For example, you might plan to move to a smaller house this year, start a business in three years, pay for a child's education in 12 years and retire in 20 years.
Prioritise your goals as well. Which are the most important and/or the most attainable? Those are the ones you on which you'll want to focus first.
When you write down your goals, also take a minute to consider what kinds of life, health and other insurance you might need to help cushion you and your loved ones from the unexpected.
If you find that you need help defining your financial goals, ask us to help you.
Establish a plan
Once you know where you stand financially and have an outline of your financial goals, it's time to put a financial plan in place.
Think about the steps you can take to meet the financial goals you defined above. Do you have extra income to invest each month? Should you make further contributions to your superannuation and how can that be achieved tax effectively
Ask for help
Even if you have a clear plan for making your financial goals a reality, consider talking to a financial planner who can often identify issues and come up with ideas you hadn't considered.
And if you don't know where or how to start planning, we can certainly help to get you started on the path to financial independence.
To plan a course of action which will ultimately lead to a better life style in my retirement
To work on my business strategy, manage my business for greater profitability and help with my ongoing taxation compliance obligations
When I need help to negotiate the maze of options available to me and to make sure I am fully informed before making any decisions.
 | Financial Planner Dip FP, CFP Licensed Dealer in Securities & Registered Life Insurance Broker. Winner of the prestigious National "Securitor Adviser of the Year" Award for 2008. |
 | Financial Planner Dip FP, CFP, Grad Dip Mgt Licensed Dealer in Securities & Registered Life Insurance Broker. |
 | Accountant BA(ACC) CA FTIA AICD Member of the Institute of Chartered Accountants and Justice of the Peace for SA |
 | Financial Planner Dip FP Licensed Dealer in Securities & Registered Life Insurance Broker. Winner of the prestigious 2009 Securitor "Rising Star of the Year Award" |
 | Mortgage Specialist Cert IV Mortgage & Finance Services, AMC. Winner of the prestigious SA/NT Rookie of the Year Award 2008/09 |