Five Essential Financial Skills for Divorced Parents

Banking 101: What You Don’t Know Can Cost You

Understand your chosen bank’s rules and regulations because what you don’t know could be costly.  Be aware of any minimum balance requirements, overdraft fees, and service charges. 

Banking 101: What You Don’t Know Can Cost You (Part 2)

Learn how to make your credit cards work for you, as well as how to prepare for loans and eventually lower your loans' interest rates. You may find a summary of how to do these, as well as additional sources in the article linked below.


Pay for necessities like housing, groceries, and utilities first. Divide leftover money according to personal and family goals.

Saving is the Name of the Game

The next step is to ensure sufficient funds for life’s little (and big) surprises. A job loss is just one of those emergencies that can last longer than anticipated. Most financial experts recommend an emergency fund that can take care of all the necessities for six to twelve months. 

Saving is the Name of the Game (Part 2)

Once emergency savings are well on their way to a six- to twelve-month amount, set aside additional money for extras. Many banks offer the ability to establish different savings plans within the initial savings or checking account, such as college, summer, holiday, or vacation funds.

Measure to Manage

To best manage your finances/data, you have to measure it. That means two things: documenting and assessing. Don't rely on memory, and don't forget to look back and evaluate your spending.


For a divorced couple, communication translates to peace and transparency in spending. As a bonus, doing so re-establishes trust. It also means facilitating business-like transactions to keep face-to-face or voice-to-voice conversations at a minimum, which is recommended by family counselors to keep heated arguments at bay.

Strengthening the Five Essential Skills

If budgeting is a pain point, start making a weekly expense budget and sticking to it. Document what money you plan to spend on groceries and gas for the next seven days and assess your predictions at the end of the week. Expand out to monthly and quarterly budgets when you get the hang of things, and then do a yearly one.

Take the Reigns

Everyone experiences a feeling of loss after divorce. Financially speaking, a two-income household reduces to one, and that’s a tough loss in and of itself. 

Take the Reigns (Part 2)

Don’t let fear, hopelessness, or inexperience with finances prevent you from taking control of your fiscal well-being.  Strengthen your skills in the five essential areas or have a professional assist you.

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