5 Financial Mistakes to Avoid After Divorce(and How a Coach Can Help)

5 Financial Mistakes to Avoid After Divorce(and How a Coach Can Help)

Divorce is a bitch. There's no way around it

It's emotionally draining, mentally exhausting, and financially straining. And let's face it, while it's not always the case, women often bear the brunt of the financial fallout. That's why it's crucial to be aware of the most common financial mistakes women make after divorce and how to avoid them. And let me tell you, a financial coach can be a game-changer. So, let's get into it.

Mistake #1: Not understanding your finances.

Ladies, it's time to put on your big-girl pants and get to know your finances. After a divorce, your financial situation may have changed drastically. You need to understand your income, expenses, assets, and debts. It may seem daunting, but trust me, it's worth it. Start by creating a budget and tracking your expenses. You need to know where your money is going and where you can cut back. And if you're not sure where to start, that's where a financial coach comes in. They can help you understand your finances and create a plan that works for you.

Mistake #2: Overspending to cope with the divorce.

I get it. Divorce sucks, and sometimes you just want to treat yourself. But overspending is not the answer. You need to be smart about your money, especially during a divorce when your finances may be tight. Create a budget and stick to it. If you want to treat yourself, set aside a small amount of money each month for something special. And if you're having trouble controlling your spending, a financial coach can help you create a plan to stay on track.

Mistake #3: Not updating your beneficiaries.

After a divorce, you may need to update your beneficiaries on your insurance policies, retirement accounts, and other financial accounts. If you don't update your beneficiaries, your ex-spouse could still receive your assets in the event of your death. That's not exactly the outcome you want, right? So, take the time to update your beneficiaries and ensure your assets go where you want them to go.

Mistake #4: Not having an emergency fund.

An emergency fund is essential, especially after a divorce. You never know what life may throw at you, and having an emergency fund can give you peace of mind. If you don't have one, start small and build it up over time. Aim for at least three to six months' worth of living expenses. And if you're not sure how to build an emergency fund, a financial coach can help you create a plan that works for you.

Mistake #5: Not seeking professional help.

Divorce is hard, and you don't have to go through it alone. Seeking professional help, such as therapy or a financial coach, can make a world of difference. A financial coach can help you understand your finances, create a budget, and plan for the future. They can also provide support and accountability, which is crucial during a difficult time. Don't be afraid to ask for help; it's a sign of strength, not weakness.

In conclusion, divorce is tough, but it doesn't have to ruin your financial future. By avoiding these common financial mistakes and seeking help from a financial coach, yo u can take control of your finances and build a brighter future. And remember, you got this, girl.


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