Tuesday, March 23, 2010

Don't Put Off Making Financial Decisions

The financial impact of divorce is beyond what you probably imagined. You cannot put off making decisions about your income and your budget.

Elsa Kok shares her situation: "I understand the place of being financially in a hole. I ended up with all of the debt from the marriage. My credit was absolutely destroyed. Building financial security was a process. I had to get counsel. I had to go to someone and say, 'I need help. I can't pay these bills.' Somebody helped me lay out how I could budget my money; that was not something that came naturally to me."

Take a realistic view of your income and develop a budget immediately. Before you balk at the thought of creating a budget, consider a new definition for the word budget. Think of it as meaning "the freedom to live within your means."

Rose Sweet says, "I used to hate the word budget and now I love it because I realize it is a set of boundaries that helps keep me safe from worry. If you don't know how much money is in your checking account, if you don't know what your bills are, and if you are always trying to borrow money, you are in fear and have underlying tension all the time. If you are living within a budget and not overspending, you can enjoy life without that fear."

Over the next few days we will discuss how to create a budget, and we'll offer insights and instruction concerning divorce and finances.

"Get wisdom—it's worth more than money; choose insight over income every time" (Proverbs 16:16 Msg).

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