6 Ways to Live a Life of Luxury

6 Ways to Live a Life of Luxury

A life of luxury comes in all different forms. For some, it might mean having the biggest house on the block or the most exclusive credit card in their wallet, and for others, a life of luxury might be more measured by the friends and family in their circle. No matter your definition of luxury, there are ways to add richness to your life regardless of the amount of money in your wallet.

Spending time with loved ones and continuously working on bettering yourself are just a few things that can make you feel like a million bucks, no matter what your current financial status is. Here are five ways to live a luxurious life without spending any money.

1. Budget Time With Your Family

Life is busy, and it can be easy to fall into a routine of early mornings and late hours with limited time in between. While it’s often easier said than done, make room to budget time in your schedule to spend with the ones you love most. Recognizing the love and support that you are surrounded by every day can be one of the most luxurious components of your life. Money might come and go, but the memories you make with your family will last a lifetime. The things you do in life means more when you are doing them with the ones you love.

2. You’re Worth More Than Your Bank Account

A number does not define you or anyone around you. I’m not at all suggesting that money isn’t a necessity in life, but it’s important to realize that the things you currently possess are worth more than anything. Let your life be defined by your contributions to your community, the positive impact that you have on those around you and the little things that make you extremely happy – and do more of those things.

3. Strive for Happiness

Take a step back and look at everything around you. Think about what truly makes you happy, and what, if anything, you’d like to change or cut back on. Life is a journey and part of that journey is making adjustments along the way to incorporate more of what brings you the most joy. Just remember that happiness will have a different meaning for everyone, so try to avoid comparing yours to the people around you. Whether you’ve been wanting to take on a new hobby, fuel your passion through a side hustle or even make a career change, I hope you’ll feel empowered to go after the things that drive happiness for you.

4. Prioritize Health

Health is one of the most important forms of wealth. Good health allows us to be physically and mentally able to set out to achieve our goals. When our schedules get full our health typically falls to the end of our priority list. A big part of living a luxurious life means feeling it too. Prioritize going to the gym, the doctor or even yoga classes if that’s what it takes for you to personally feel good. Perhaps even a morning run can give you the energy you need to kickstart your day and take on the world.

5. Plan

Having clear goals to work toward can help eliminate the feeling of uncertainty about your future. While no plan has to be set in stone, the one you create can help guide any tough decisions you might encounter in the future. Creating a plan can offer more insight into what’s really important to you, and you might even find that you have most of those things already. Part of luxurious living is having a rich mindset to go along with your everyday lifestyle.

6. Be a Go-Getter

It’s very unlikely that the things you want most in life will be handed to you – that’s what makes life fun!  I believe happiness is the biggest luxury in life. No matter what you do or what you want most in life, be a go-getter and be proud of your achievements.

Rachel Dix-Kessler, Bio

Rachel Dix-Kessler is the Consumer Advocate of personal finance comparison website, finder.com. In her role of Consumer Advocate, she analyzes and reports on the spending and savings habits of Americans. Rachel is passionate about studying financial trends in order to provide actionable advice that encourages more people to talk about, and understand, their own personal finances.

7 Beyonce’-worthy Ways to Pamper Yourself on a Budget That Will Blow Your Mind

7 Beyonce’-worthy Ways to Pamper Yourself on a Budget That Will Blow Your Mind

 

If you watched Beyonce’s Homecoming documentary on Netflix, you know she spent 8-12 months working her body to the bone to get ready for her show at Coachella. I’m betting she got massages and other pampering services weekly, if not daily to soothe her aching muscles.

I’m also willing to bet she went on a spa retreat after the show to get some much needed “me” time to recover. She can do that since she is rolling in the cash, but what can a single mom with not much disposable income do when she needs to be pampered?

 

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Getting a massage can easily cost $65 per hour per session. If you don’t have that kind of money to splurge it sucks when you just need your body cared for. But wait! There is good news! You can get pampered and treated like Beyonce’ but for far less. Stick with me and I’ll tell you all about it.

How to Pamper Yourself on a Budget

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Years ago I learned about how to get luxury services for less for me and my family, mostly because of my mom. My mom went to cosmetology school when I was a teen and I learned about the discounted deeply discounted services including hair care, nail care, and facials.

The students were under the supervision of a licensed cosmetologist so their work was done carefully and meticulously. Granted it took a little longer but the results were good.

Much of the time we feel that because we have a limited amount of money we can’t (or won’t) pamper ourselves because. Despite the perceived limitations, there are ways to get luxury services at an affordable price.

There is more than one way to get what you need, whether it’s spa services whether is beautician services, whether it’s healthcare, car care, by simply visiting a training center.

 

1. Discount Hair Care 

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You can go to a beauty school and receive deeply discounted hair care. This includes shampoo and set, blowouts, chemical treatments, or deep conditioning.

These services start at $5 or $6. Can you really can’t beat a $5 shampoo?. If you want to add a set, you can probably add five more dollars. If you want to get a color that might be $25.

Compare that to going to a regular beautician and paying $40 to $45 for a simple washing set or paying $100 to get your hair colored.

How do you find these services? You can search online for a list of beauty schools in your area. It’s that simple.

 

2. Affordable Nail Care

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Manicures, pedicures, and gel nails are a pampering ritual many women practice weekly, monthly, or on special occasions. We love getting our nails done because it makes us feel pretty and pampered.

My favorite nail treatment is the SNS nails because it lasts for weeks and looks brand new every day. You can go to the same beauty school like the one you went to get your hair done to get your nails done.

A basic manicure can be as low as $5, a pedicure for $5 or a mani-pedi spa treatment for around $20. All the services are completed under the supervision of a licensed cosmetologist so you don’t have to worry about damage or poor service.

 

3. Financially Feasible Facials

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The next thing is facials which are one of my favorite beauty treatments. When I get a facial it is like I’m in heaven because I’m getting my skin cleansed and massaged, my neck massaged and my scalp massaged.

When I go through that process is so relaxing, especially with the warm towels and wonderful fragrances. You can get your facial through an esthetician school or cosmetology school.

You can get a facial for $20 or $25 which is really inexpensive compared to going to a private company. You can also get your eyebrows while you are there if it is a service the esthetician offers.

 

4. Massages for Less

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Another place to go for us to get a luxury experience for an affordable rate is a massage therapy school.

My best friend went to massage therapy school and she said that they had their clinic open and they would actually work on patients. Clients came in and paid $20-25 for a one hour massage.

Now you surely can do that right so what it takes really again is doing the research to find out if there’s a massage school in your area. Call them up, make an appointment, and actually go get the work done at a deep discount. This is luxury for less.

I’m a big fan of all these little ways to get what you need. I think once you start doing the research you will find there’s a lot out there for you and you don’t have to break the bank in order to get the services.

 

5. Affordable Health Services

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I don’t know if you realize it or not but if you need health services you can go to a community or technical college to get checkups, dental care, and etc.

Programs that offer physician assistant, dental assistant or dental hygiene, even phlebotomy schools often have a clinic for students to practice.

Call the school or visit online to see if they have a clinic, hours of service, and number to call to make an appointment.

 

6. Discount Dental Services

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Then the next thing I want you to kind of tap into is dental services. So if you happen to have a dental school near you, you can go to their clinic and get dental work done for a deep discount.

It may be a dental hygiene school, a community college or technical schools with a dental program. You can go to the associated dental clinic to get teeth cleaning, teeth whitening, or even x-rays all at a deep discount.

You can pay a very low price and get quality service because these students are more than likely going to be advanced students. They will give you quality service because their grades depend on it.

They are under the supervision of a licensed and certified instructor who guides and checks the student’s work. Definitely check it out and make sure that you are tapping into these resources near you.

 

7. Affordable Car Care

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So far we’ve learned about beauty services, we’ve learned about luxury spa services like facials and massage and we’ve learned about health services.

The last thing I want to talk to you about are mechanics services. If you need a tune-up, spark plugs change, or a diagnostic test on your car because you don’t know what the problem is, you can go to a Technical College.

Find the school that has a program for auto mechanics or auto body service. Don’t be nervous about taking your car there because the instructors are licensed and certified mechanics and they know about the car and they can help you.

 

Go Ahead and Get Your Pampering On. You CAN Afford It!

Isn’t it exciting to know you can get all these typically expensive services for less? Now it is time to go try these different services out. Look for schools in your area. Search for the community colleges the technical colleges and find out if they have the services that you need.

There are lots of schools out there who provide massage therapy services, health care service, and car care service. It may cost you less than $50 to pamper yourself vs. $250. I’m sure you can find a way to spend $50 on yourself, right?

 

BONUS TIP

Another place to get health and beauty services and even car care service is Groupon or other group buying apps. I see massage, dental, and chiropractic care all the time on these sites.

You might be able to get gift cards from family or friend for your birthday, Christmas, or other gift-giving holidays. Sometimes all it takes is asking.

What services have you gotten from a school, a tradable or technical school, or any other school and pay rock bottom prices for?

Let me know in the comments below.

7 Side Hustles for Single Moms to Stretch Your Budget without Overwhelming Your Life

We are told we need a budget to manage our money. You go online and find a single mom budget worksheet that gives you a headstart (I hope) for your income.

Even with a budget, you might still be feeling the crunch of more month at the end of your money.

I’ve heard many financial experts say you need to cut back and trim your spending to cure the money crunch. Unfortunately, that doesn’t always work. With the cost of living, inflation, and the rising cost of everything in general, the recommended cure hardly works.

I personally believe the cutting back, trimming, scrimping and saving creates a mental block to financial freedom. The solution I found that work for me, and will hopefully work for you, is to increase your income.

The million dollar question is HOW!!

If you are already working a job and are raising the kids, trying to juggle schedules, household tasks and all the things that go along with being a mom, employee, and community member; a second job feels overwhelming. But you are not making enough to cover all the bills and have a cushion. So what do you do?

Go Back to College or Get a Side Hustle?

You have two choices:

Option 1. Go back to school and get training for a higher paying career

Going back to college is a long game because if you are switching careers, going to college for the first time, or are undecided on your major you will spend a few years figuring it all out.

I went that route. I enrolled in college for Organizational Management then switched my major to English. I was also juggling parenting my two young kids, getting them to school and daycare, working, and doing homework.

It took me three years to increase my income going the back to college route. It was noble but it was a lot of time, a lot of money (can you say student loans), and an interesting climb up the career ladder.

Option 2. Get a side hustle

This option has opened up tremendously in the last 10 years. You can make extra money from your phone, without leaving your house, or going into debt.

The side hustle route has its problems and benefits. I personally think the benefits outweigh the problems if you set it up correctly.

Finding the right side gig that fits your lifestyle and financial goals is the first step. You may have to invest a few dollars to get started and/or market your business. Don’t let that discourage you. Let your main job finance your side gig.

A rule of thumb I like to follow is to stick with your side gig until you make $100. Then evaluate if it is the right fit for you before you move on.

image of laptop and text: Side Hustles for Single Moms on richsinglemomma.com

Side Hustles Add to Your Budget

Adding to your budget is easier than the stress of taking away what you already don’t have. Deleting is harder when you have established a lifestyle. Sure you could cut the cable and opt for streaming services. You could make your own coffee instead of getting Starbucks. You could even buy off-brand foods at the grocery store. All of those tactics work but they make you feel poor which creates more poverty.

A side hustle or gig will help you add money to your bank account which will make you feel richer. This rich feeling will create a wealth mindset and allow more money into your life. Of course, you want to manage your money so you can give to charity, save for your goals, pay your bills on time, get affordable medical care, legal help, and have money left over for the fun things in life.

7 Side Hustles for Single Moms

Here are seven side gigs you can do that doesn’t take away from your hectic life or overwhelm you:

1. List your extra bedroom on Airbnb

If you have a spare bedroom you can list it on Airbnb and begin making extra money. There are a few steps you should take to prepare the room. Great pictures, description, and competitive rates will add at least $1000 to your budget. Here is a checklist to prepare your home for becoming an Airbnb host.

2. Write or edit articles

If you have a knack for words and love research, you can write articles for the websites and blogs online. Sign up at UpWork, Textbroker, or check out Problogger jobs. You can make good money as a freelance writer especially if you have a specialty. My specialty is personal finance and technical writing. Both of these niches pay well because of the complexity of the topics. If you have a specialty consider getting paid to write in that area. With the right company or enough gigs, you can easily make thousands a month which is not bad for the budget.

3. Rent out your car

If you have a nicer car and don’t’ really use it on the weekends you can rent it out to travelers coming to your city. Sites like Turo and GetAround allows you to list your car and set your rates. Use the Carculator to see how much your car could rent for and see the monthly amount you could add to your budget.

4. Social Media Management

Your social media habit could pay you handsomely. But your talents to work for a small business, realtor, or local celebrity. With all the social media scheduling tools on the market, you could plan and upload images for posts for future dates. If you think this is something you want to explore check out this social media management course to get trained. I’ve heard of social media manager making $1500 monthly. One lucky lady makes $10,000 a month. Just think about how that much money would add nicely to your budget.

5. Create and sell digital products on Etsy

Use your creativity, productivity skills, or organizational skills to develop cheat sheets, checklists, and templates people can download and print. Sell those digital products on Etsy, PayHip, Selz, or Gumroad. Create your products once and sell them over and over again. It is a no-brainer. Sell hundreds or thousands of digital products without even having to set up a website. Your $10 product sold 100 time is $1000 and you didn’t have to break a sweat. Sounds like a stress-less way to stretch your budget!

6. Fiverr Gig

You can use your office skills, design skills, or imagination to create a gig on Fiverr. Head over and take a look at all the gigs people pay for. Create graphics, edit articles, transcribe videos, or turn pdf files into Word documents. The possibilities are endless. Typically each gig is $5 which doesn’t seem like much but when you think in terms of the number of minutes, pages, or other increments, the $5 can add up. You can also offer service tiers and charge more per tier. When you do more gigs you get more money and that’s amazing for your budget build up plan.

7. Teach an online class

Is there something people say you are amazing at? Do you get asked to cook, design, organize, or plan? That is your clue to create a class and get paid to teach. You don’t have to teach to a live audience every week but you record yourself teaching on video. Upload the video to SkillShare or Udemy and get paid when people watch your course. You can also put the course on Thinkific, Teachable, or other learning platform and price it any way you want.

Now you can see how easy it is to start a side gig and make extra money. You can add to your budget without being overwhelmed with going to a second job. What other side gigs can you think of where you can make good money without sacrificing time with your kids or energy for yourself?

Bonus: More Side Hustles for Single Moms

This list will grow so keep checking back to see what’s new!

8. Become a Notary Public and Make Extra Money

In my early career, I worked in the county Probate judges office. The head clerk was a Notary Public who regularly witnessed signatures on important papers. You have probably had to get paperwork notarized so you know what they do on a basic level. Well, guess what? You can become a notary too and start making extra money. You don’t need an office either. You can be a mobile notary who goes to clients at their home or meets them in public. What you charge depends on the type of paperwork and the volume. Get more information from the National Notary Association. You will have to find out how to become a notary from your county courthouse. They usually have the information online. You apply, submit your paperwork, get sworn in, then get your seal. Simple as that.

7 Side Hustles for Single Moms to Stretch Your Budget without Overwhelming Your Life

5 Single Mom Budget Tips from Personal Finance Experts

5 Single Mom Budget Tips from Personal Finance Experts

Creating a budget is one thing but maintaining a budget is something different. Sometimes it feels like a burden and other times it feels boring. Regardless of how it feels to you, if you want to keep your spending under control you have to stick to your budget.

I admit I’m not always in good budget form. I overspend in the gadget or book department or something unexpected comes up. Fortunately, I often have a cushion to cover the budget-busting activities. Other times I wait it out until I get paid again. I prefer the cushion over the wait any day.

I decided to ask a few of my personal finance friends what they do to make budgeting fun and/or easy. Here are their tips.

1. Surround yourself with people who have similar budgeting goals

Sounds easy enough right? Be clear about your budgeting goals with your circle that way you can all share advice and tips to help one another. You’ll be surprised how much easier it is to reach a goal with some accountability.

2. Take advantage of local resources!

I’m a book junkie, I love buying books to read. I recently calculated how much money I could save by just going to the library. Even better, when I signed up for a library card I found out that some libraries also give you access to books via audio! *Cancels Audible subscription*

Breonna Vereen, Owner/Designer of Imani Cowrie IG: bre_thejeweler

 

3. Use Cash for Fun Spending

One if the ways I stay on budget is to use cash for my discretionary (fun) spending. Using cash makes me second guess if I really need that purchase. I usually have a little left over at the end of the month. Yay!

Stephanie ~ Finances on Point

 

4. Leave Room in Your Budget

Leave room in your budget for a bit of freedom and excitement. Achieving a proper balance between spending and saving allows you to do things you enjoy while increasing your control over your finances.

5. Set up Separate Bank Accounts

My bank allows me to set up different bank accounts that I can personally name. So I have set up an account for each of my major bills. Then I set up automatic drafts from my primary checking account on payday to put the specific amount I need to pay each bill into the different accounts I set up. What’s left in my checking account is what I have for discretionary spending.
I have the bills paid via electronic draft too so I don’t have to remember to pay a bill or accidentally pay one late. When I have extra money I add some of it to each bill accounts so that I can get a full month ahead. This cushion gives me more flexibility if something comes up.
Acquania Escarne – The Purpose of Money

Budget Mindset Challenge

Here are six more tips to get your mind right about controlling your spending:

1. Keep it Simple

To get your financial life under control develop a simple spending plan to avoid overspending. There is no need to overcomplicate the process. You can create a budget each time you get paid or create a budget ahead of time. Both ways include listing your income and expenses, then subtracting your expenses from your income. Here is a free budget worksheet to get you started.

2. Change your thoughts about budgeting

The word budget conjures up the feeling of restriction and lack; so I like the word spending plan. A spending plan puts you in control of how your money flows into and out of your life. When you are in control you are also responsible for what happens (both good and bad). Your decisions determine how much you get to keep vs. release to the others.

3. Take Control

When you develop a plan you feel more in control and it’s easier to stop overspending. We talked about this in the previous tip. Taking control of every purchase, every bill and every debt gives you a sense of accomplishment.

4. Inventory your needs and wants

Think about and list everything you need, and then assign a dollar amount to each item. Once you have listed everything, including your children’s items, add them to a spreadsheet and review monthly. Some things may stay and other things may fall off because you may find it is more of a want than a need.

5. Study the trends

Look at past spending trends to get an accurate view of how much you spend on bills, food, clothing, car/ transportation, and entertainment. This information will help you see where you can maintain or stop spending in a certain area.

6. Use modern money tools

Review your bank account online for a ready source for seeing where your money goes. Use tools like Mint.com, budgeting apps, or my Google Money Tracker.

If you are dealing with living on a low income you want to watch these single mom budget videos I created. Subscribe to the playlist to come back and watch the videos when you have more time.

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7 Ways to Save More for Your Upcoming Vacation

7 Ways to Save More for Your Upcoming Vacation

Affordable vacations can be difficult to plan. Maybe you have a dream destination, but you can’t quite save up enough for travel costs. Or maybe you can get yourself there, but you’d have to live on bread and water for the entire trip.

If your vacation expenses are just out of reach, a few adjustments can help you put aside more cash and reach your goal. Here are seven ways to save more for your upcoming vacation.

1. Start a Monthly Budget

If you don’t currently have a monthly budget, it might be time to take a hard look at your spending. Evaluate how much you spend each month on necessities like rent and discretionary purchases like movie tickets. Then, set a reduced monthly spending budget and put the money you save in your vacation fund.

Even after you take your trip, you might want to stick to your budget and keep saving.

2. Open a Bank Account

If your travel fund is mixed in with your general savings account or is simply a wad of cash under your mattress, you should open a dedicated savings account just for travel. It will be easier to put aside money specifically for vacation, and you’ll be less likely to dip into the fund for other expenses.

3. Stop Dining Out

Whether you prefer fancy dinners or fast food lunches, eating out is far more expensive than preparing your own food. Cook your meals at home, pack your lunches, and kick the money you save over to your vacation fund. It might hurt now, but you’ll feel better when you’re having a steak and cocktail by the beach.

4. Get a Side Hustle

If you need to boost your vacation savings quickly, a temporary side hustle can help get you there. You can drive for Lyft or Uber, rent out a room on Airbnb, or use your professional expertise for some freelance work. Just make sure to funnel your extra earnings directly to your vacation savings.

5. Sell Your Stuff

Spring is the perfect time to do some cleaning and sell your clutter. You can host a yard sale, take clothes to consignment shops, or list your unwanted stuff on eBay. If you value experiences more than things, let your old property help you get to your destination.

6. Ditch the Gym Membership

Ironically, hitting the gym to work on your beach body might be preventing you from getting to the beach. Cancelling an expensive gym membership will free up some extra funds for your vacation. You can still exercise outdoors, at a friend’s home gym, or make use of the thousands of free workout videos online. Before you do cancel, check your contract to make sure you won’t have to pay an exorbitant cancellation fee.

7. Get a Credit Card

With travel credit cards, your everyday purchases earn rewards that can be redeemed for airfare, hotel reservations, car rentals, and other common travel expenses. Many cards even have huge signup bonuses worth hundreds of dollars in travel redemptions. While you shouldn’t sign up for a credit card for a single vacation (especially if you have trouble managing debt), it’s worth a look if you’re already in the market for some new plastic.

Travel credit cards also frequently offer built-in benefits like car rental insurance, free foreign transactions, and trip cancellation coverage.

The post 7 Ways to Save More for Your Upcoming Vacation appeared first on Credit.com.

 

20 Tips for Maintaining Financial Sanity During a Divorce

20 Tips for Maintaining Financial Sanity During a Divorce

Managing your finances is never simple, but a divorce can make it far more complex. In addition to the emotional turmoil a divorce can cause in a person’s life, it can also cause a lot of financial upheaval. By establishing a plan and relying on professional help where necessary, you can ensure your best possible financial outcome and avoid damage to your credit score during this tumultuous time.

If you are facing a divorce in your future, these 20 tips will help you to maintain some sanity when it comes to navigating the financial aspects of divorce.

1. Consider both parties.

This can seem impossible in the midst of the emotions of a divorce when tempers are high. Still, it’s important to remember that making the best financial decisions for both parties will benefit you in the long run.

2. Don’t heed unsolicited advice.

Whether it’s your best friend or a co-worker, there will be no shortage of unsolicited advice from people you know during a divorce. They’ll be all too happy to share a story of a nightmare divorce, or an amicable one and tell you what you should — or shouldn’t — do in your own situation. It’s best to heed only the advice of those you trust. Always remember that advice is just that, and ultimately the decisions you make are up to you.

3. Don’t tell everyone your business.

When emotions are high we often wear them on our sleeves. In these times, we may find ourselves blabbing about our divorce to everyone, including the grocery store clerk. But because there is so much personal information — financial and otherwise — tied up in the divorce process, it’s best to keep the details of your situation private and confidential.

4. Leave advice to the professionals.

It’s important to only take legal and financial advice from a lawyer and a trusted financial professional. They will be able to objectively help you through your particular situation with the most effective and beneficial advice and strategies.

5. Focus on finances.

A lawyer can help you through the legalities of things like separation agreements and child visitation, but when it comes to finances and managing joint debts, it’s best to work with someone who specializes in finances. If you don’t know where to start, ask your divorce lawyer or mediator to recommend a financial planner they trust or have worked with in the past.

6. Close joint credit accounts.

Once you have filed for divorce, it’s important to cease accruing debt in both of your names. By continuing to rack up joint debt you could end up doing more damage to your credit scores and credit reports and subsequently complicating the divorce process.

7. Open separate checking accounts.

It’s important to remove your spouse’s name not only from your joint credit accounts, but from checking and savings accounts as well. Once you’ve filed for divorce, joint bank accounts should be closed and new, individual accounts should be opened.

8. Keep track of income and expenses.

This is always a smart idea, but particularly during the stress and chaos of a divorce, it can be helpful to track and document financial details including child support and alimony payments, and shared medical and other expenses. There are many personal finance apps available that can help you keep track of these details.

9. Create a budget.

Going from a two-income household to a single income is a major transition. If you haven’t adhered to a budget in the past, a divorce is a compelling reason to start doing so immediately. Make sure to outline everything, including both daily and monthly expenses (groceries, utilities, mortgage and car payments, scheduled maintenance on appliances and vehicles), and long-term expenses including retirement and tuition funds. This will help you avoid overspending as you adjust to your new financial norm.

10. Update your records.

Once your divorce is final you will need to change your marital status on things including tax records, utility bills, health insurance, and property titles (homes and cars, etc.).

11. Secure your own health insurance coverage.

For many couples one spouse is the main policyholder on the health insurance coverage for the entire family. When you get divorced, there will be a grace period for one or both of you to find new coverage on separate policies. Make sure to talk to your employer to find out when the next open enrollment period is coming. If you do not have employer-sponsored health insurance available, you’ll need to research individual health insurance options.

12. Consider adding more health insurance coverage options.

Relative to the previous item, it’s important to carefully consider the potential coverage you will need on your health insurance policies. You may need to add things you didn’t have previously, such as counseling coverage for yourself or your children if they will need it during this difficult and transitional time.

13. Decide whether or not you will change your name.

If you legally assumed your spouse’s last name when you were married you will need to decide whether you’re going to keep it for legal purposes. No matter what you decide, it’s important to make sure your legal name matches the name on any credit and loan accounts. Otherwise you could end up with errors or multiple names or accounts on your credit report that you’ll have to dispute later. This can cause damage to your credit and ultimately even lower your credit score.

14. Begin establishing your own credit.

Once you’re divorced you may find that your credit score has taken a hit thanks to removing your name from accounts and losing some of your established credit history. While it’s not advisable to run up a bunch of new debt, you can benefit by establishing new credit and opening a new bank account and credit card in your own name.

15. Update wills, medical directives, and powers of attorney.

It’s not uncommon for a spouse to serve the role of power of attorney, medical power of attorney and beneficiary to a will. If you have designated your spouse as any of these things, it’s important to update all of these to reflect the new person or people you’d like to appoint to fulfill these roles.

16. Change beneficiaries on retirement accounts and life insurance policies.

Similar to the the previous tip, make sure that your life insurance policy, 401(k), IRA and other retirement accounts are updated to reflect the change in your marital status.

17. Ensure your children are covered.

If you have minor children that should benefit from your retirement accounts or life insurance policies, make sure any changes you put in place account for that. For example, if you have a $200,000 life insurance policy that you would like your now 6-year-old child to receive at age 25, make sure the person you appoint will fulfill your wishes pertaining to the amounts you designate and when. It’s a good idea to get these details in writing and notarized as well.

18. Get savvy in managing your finances.

In many marriages, one spouse acts as the financial manager. That means they handle things like paying the bills, setting the budget, balancing the checkbook, filing annual tax returns, etc. If you are not the spouse that handled these things then you may have little or no knowledge of how to manage these things day to day. It can be helpful to establish a relationship with a certified financial planner, a banker, and a professional tax preparer. It can also be helpful to sign up for an online course on basic financial management.

19. Establish a savings account.

It may seem counter intuitive to try to save money at a time when your financial situation may have significantly changed. However, when it comes to saving money, even small amounts add up. And you never know when an unexpected expense may arise and you’ll need a little extra.

20. Take it one day at a time.

Divorce is never something we plan for, and it can feel completely overwhelming when tending to all of the decisions and details that need to be worked out. But by slowing down and taking things one step and one day at a time, you will find that both you and your finances will adjust to this life change. And you may just make the transition a lot more seamlessly than you think you will.

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