By Karen Covy for Divorced Moms.
What separates the haves from the have-nots? Why do some women struggle financially for decades after their divorce, while others go on to recover and thrive?
What makes the difference is not necessarily what you think.
Climbing out of the financial hole that divorce drives you into does not require you to spend the next ten years counting every penny, and living on rice and beans.
Nor does it require you to re-marry someone as rich as Donald Trump.
What financial recovery does require is habits: good, solid, sustainable financial habits.
Here are 10 habits that financially smart divorced women have that the rest of us would do well to adopt, too.
1. They Set Financial Goals. You don’t have to have a lot of money to set financial goals. As a matter of fact, you don’t have to have any money at all. You just need to want to have money and decide where you want to be financially in five, ten or twenty years. Do you want to be able to buy a new house? Do you want to help put your kids through university? Do you want to be able to retire before you turn 102? All of these are (or could be) financial goals. Financially smart divorced women not only make financial goals, but they also spend time working to achieve them.
2. They Check Their Credit Reports Regularly. Just like brushing your teeth for a full two minutes twice a day, checking your credit report usually falls into the category of things that you know you should do, but, for whatever reason, just don’t do. When you are newly divorced, you need to make sure that the financial ties between you and your spouse really do get broken, and that your credit is not suffering because of his debts. Watching your credit report is the easiest way to do this.