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I AM well aware that what does not kill you makes you stronger, but as a single mother of two beautiful children I sometimes wish that the world would stop teaching me that lesson.
I faced some very challenging times and made some very bad decisions when confronted with an overwhelming array of financial and emotional issues at the time of my divorce - simply because I didn’t know any better.
The majority of women who go through a divorce find themselves having to live life on one income, instead of two. That is no easy task.
Any single mother knows that you do not have the luxury of sinking and wallowing in an abyss of self-pity. The world does not wait for you. You simply have to find the strength and move forward.
In my case, I not only found the strength through my faith, but also educated and empowered myself through financial education. I am grateful and glad that I am now in a position to help other women facing financial distress.
Faith
Faith is the key to everything. Have faith in a higher being, faith in yourself and faith in your abilities. You have to believe that you can and will cope with whatever comes your way.
Get out of denial
Denial is a lovely place to hide, but there are few things as empowering as acknowledging your financial problems and committing to finding solutions.
Draw up a budget
As simplistic as this may seem, it is often the biggest stumbling-block to regaining your financial freedom.
* Firstly, you must put it down on paper. Having a budget floating around in your head is of no use to you.
* As painful as it might be, you have to be completely honest and realistic about your finances.
* Make clear distinctions between luxuries and necessities.
* Once you have a full picture of your financial situation in front of you, you can start looking for solutions for your particular problems.
* Don’t be scared to speak to your creditors. If you are struggling with debt repayments, you will have to approach your creditors to explain your situation to them. This might seem very daunting, but it is something that has to be done.
Speak to your children about your situation
You do not have to give them the specific figures and amounts, but you can inform them of the overall situation. If there is some belt-tightening to be done, it is best that you communicate this clearly to your children and ask them to work with you.
Put a savings plan into place
This does not need to be literal savings of rands and cents, but an overall plan on where to cut costs and in this way, perhaps having some additional money at your disposal.
These tips only form a small part of the platform that single moms need when dealing with their finances. But I do think that every little bit of advice helps.
- Fin24
* Add your voice to our Women's Wealth Issue and help empower others this Women's Month.
Write a guest post
Share your coping tips
Ask the experts
I faced some very challenging times and made some very bad decisions when confronted with an overwhelming array of financial and emotional issues at the time of my divorce - simply because I didn’t know any better.
The majority of women who go through a divorce find themselves having to live life on one income, instead of two. That is no easy task.
Any single mother knows that you do not have the luxury of sinking and wallowing in an abyss of self-pity. The world does not wait for you. You simply have to find the strength and move forward.
In my case, I not only found the strength through my faith, but also educated and empowered myself through financial education. I am grateful and glad that I am now in a position to help other women facing financial distress.
Faith
Faith is the key to everything. Have faith in a higher being, faith in yourself and faith in your abilities. You have to believe that you can and will cope with whatever comes your way.
Get out of denial
Denial is a lovely place to hide, but there are few things as empowering as acknowledging your financial problems and committing to finding solutions.
Draw up a budget
As simplistic as this may seem, it is often the biggest stumbling-block to regaining your financial freedom.
* Firstly, you must put it down on paper. Having a budget floating around in your head is of no use to you.
* As painful as it might be, you have to be completely honest and realistic about your finances.
* Make clear distinctions between luxuries and necessities.
* Once you have a full picture of your financial situation in front of you, you can start looking for solutions for your particular problems.
* Don’t be scared to speak to your creditors. If you are struggling with debt repayments, you will have to approach your creditors to explain your situation to them. This might seem very daunting, but it is something that has to be done.
Speak to your children about your situation
You do not have to give them the specific figures and amounts, but you can inform them of the overall situation. If there is some belt-tightening to be done, it is best that you communicate this clearly to your children and ask them to work with you.
Put a savings plan into place
This does not need to be literal savings of rands and cents, but an overall plan on where to cut costs and in this way, perhaps having some additional money at your disposal.
These tips only form a small part of the platform that single moms need when dealing with their finances. But I do think that every little bit of advice helps.
- Fin24
* Add your voice to our Women's Wealth Issue and help empower others this Women's Month.
Write a guest post
Share your coping tips
Ask the experts
