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Suddenly Single? Set Yourself Up for Success!
And when you create a realistic budget, be sure to set aside some money and time to treat yourself. You’ve been through a lot.
I’ll be the first to admit I’m not a numbers person, something that used to annoy my former husband. I deflected his frustration, joking that it would be preferable if everyone used the barter system — but, unfortunately, things like property taxes and utilities don’t work that way.
I’ve wasted, thrown away, and burned in a barrel — thousands of dollars in the past four years, by not knowing what I needed to know. So, this piece is my effort to educate those in similar situations. Suddenly single? Responsible for literally EVERYTHING? Be as proactive as possible to save your hard-earned cash. And, don’t quit your day job.
By far the biggest expense I encountered was 100% my fault. I asked for disbursed payments of my spousal support, rather than a lump sum. A lump sum awarded at the time of the divorce is not considered taxable income, but monthly or yearly payments are — at least, under the regulatory conditions that existed at the time of our divorce. My reasons at the time were at least somewhat clear: Since I was embarking on a freelance career and wouldn’t have a regular paycheck to show the bank, I…
