12 Money Tips for the Newly Single

12 Money Tips for the Newly Single

 By Mr Ssc  June 9, 2020

Even if it’s for the best, ending a relationship can hurt in so many different ways. While most people are discussing the emotional fallout, which alone can be bad enough, conversations around the financial repercussions when ending a relationship aren’t as popular. Hopefully these money tips for the newly single will help you find your footing as you step into this new stage of life.

My Best Money Tips for the Newly Single

The challenges someone who’s newly single faces depends on the financial entanglement they had with their ex partner. Whether or not they lost money separating from them or took on any extra debt in the process also has a big effect on their immediate finances. For example, a couple who’s dating might just go their separate ways and be done with each other, but a married couple will have a lot more to split up.

If you’re leaving a long term relationship or marriage, and especially if there’s kids involved, it can be financially complex when you become newly single. Here’s some tips and things to keep in mind as you navigate your money post break up.

Change all your passwords and security questions

When you’re in a relationship with someone for a long time you get to know each other pretty well. That trust usually extends to sharing your passwords or at least leaving them out in the open. On top of that, they probably know enough about you to guess your security questions to do a password reset.

While your ex is probably not going to do anything even if they have your password, it’s always better to be safe when it comes to internet security. You should also force any banking websites or apps to log out of all devices, too.

Make a detailed list of your debt and assets

Identify what’s shared and what belongs to just you. That way you have it to reference as you sort life out and divide things up with your ex. If a lawyer’s involved or you’re going through a divorce you’re going to need all this information, but it’s good to have under any circumstances.

Open up a separate bank account

If you haven’t already, open yourself up a separate bank account that’s just in your name. Do this even if you haven’t physically separated from your ex or are just in the early stages of splitting up. Start moving over all your deposits and bill payments to your new account.

It’s also important to save a backup of any transactions or other information you might need from your joint account, too. Especially if you’ll need those for your taxes.

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