How To Save Money After Divorce: Ask Yourself These 3 Simple Questions

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Creating good savings habits are the foundation for financial success. To be financially successful you need to spend less than you earn which automatically means that you have money to save.

We also live in a society that is very much about living in the moment and instant gratification. We are bombarded with it every day in the media. After a divorce your finances are in upheaval and managing money has taken on a whole new meaning. Now is an opportune time to create new spending and saving habits.

Ask yourself these 3 simple questions if you want to save money:

1. Is this taking me closer to my savings goal?

When you are out shopping and may be tempted to spend and feel better in the short term. Ask yourself if this purchase is REALLY something that you need or if you are spending for another reason. If you have set a solid financial goal, you will know instantly if you should spend or save.

2. What will the cost be if I don’t have savings?

By ignoring the need to save there will be a price to pay.
Are you aware of what that might be?
Is there someone who will be disappointed if you don’t save?
Will you regret not teaching your children by example?
What will you miss out on because you don’t have the money?

3. What difference will savings make in your life?

It’s important to know why you are saving.

Is it to make a better life for you and your children?
Is it to save for school fees?
Are you planning a comfortable retirement?
Take a few moments to think about the impact that having savings will have in your life?
Who will benefit?
How important is that to you?
Will savings bring you peace of mind?

Life throws many twists and turns and by saving you can be better prepared to deal with them. Savings allow you to plan for a better future for you and your family. Please set some financial goals and take the time to reflect on how those goals will impact your life when achieved. A savings nest egg can change your life for the better, but you have to decide to make it a priority and make it happen!

Writen by Julie Feuerborn

PHOTO CREDIT: FREEPIK

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