How to Rebound Financially After Divorce
Money Expert Outlines How to Get Back On Track
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August 28, 2014 (www.investorideas.com newswire) Women not only struggle to get back on track emotionally after a break up- many also find themselves struggling to recover financially. Patrice C. Washington, the Money Maven of the Steve Harvey Morning Show, explains that between a lack of financial resources and limited knowledge of money management, divorce can often add insult to injury. To ensure financial stability is on the horizon, Ms. Washington provides the below tips:
- Get Clear About Your Role: The first step is to be honest with yourself. If you are in a financial mess, outline what you did (or didn’t do) that may have contributed to the issue. Did you participate in frivolous spending? Or were you okay with not knowing what was going on financially? Once you acknowledge your role, you can figure out how to avoid the same type of destructive behavior in the future.
- Get Educated on Where You Stand Financially: Once you have a clear picture of how you ended up where you are, it is important to create a plan of action Start by creating a realistic budget based on your new solo income. Next, pull your credit report at www.annualcredit-report.com. Make sure everything you see is actually something you recognize as your debt and create your plan for debt elimination.
- Get Professional Help: Look into no-cost or low-cost consumer credit counseling in your area by visiting the National Foundation for Credit Counseling at www.nfcc.org. You want to find a counselor that can help you set realistic financial goals and get a sound plan in place to meet your unique needs at this delicate stage of life.
About Patrice Washington
Known as the Wisdom & Wealth Money Maven, Patrice C. Washington is the Founder and CEO of Seek Wisdom Find Wealth, a personal finance training and development firm based in Atlanta, GA. She is a nationally recognized personal finance columnist, television commentator, radio host, author, speaker and leading authority on personal finance, entrepreneurship and success for women and youth. Patrice is the author of an Amazon #1 Best Seller in Personal Finance, Real Money Answers, a series of sensible, straightforward, personal finance books and coaches men and women through her groundbreaking personal finance seminar, the Mindset + Money Master Class. Patrice has been featured in media outlets such as NBC, Black Enterprise, The Huffington Post, Upscale Magazine, SHEEN Magazine, and many more. She was recently appointed as editor-at-large at BlackEnterprise.com. For more information, please visit: http://bookthemoneymaven.com/
Carolyn Blackman | Vice President
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