Ask Kim: Financially Flummoxed

Dear Kim,

I’m recently divorced. While I was married, I was a stay-at-home mother to our two children, who are now grown and have left the nest for college. The divorce was amicable, so my ex-husband helped me for a bit while I found my footing, but now I’m on my own when it comes to finances. I’ve started a new job using my degree, but I feel so behind. How can I improve my current financial situation?


Financially Flummoxed

Congratulations on getting back into the workforce after many years.

I know that was hard, so way to go. You’ve taken the hardest step. From here, working with a financial planner will help you determine your cash flow and how to maximize your earnings and savings for the remainder of your working career. Finding the leaks in your budget and participating fully in company retirement benefits will also help.

Make sure your investment mix is appropriate for your future plans. Don’t leave all your savings in cash if you have no plans to use the funds for several years. You’ll give up earnings for the privilege of having immediate access to the funds.

These are just a few suggestions, but a full financial plan will give you more tools.

Good luck in your new life because there really is life after divorce.

If you need help navigating your finances, talk to Kim Spencer by clicking the link below!

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