Back to School season is on its way with parents buying school supplies, planning ahead for packing school lunches, looking at class schedules, and prepping their own work schedules to pick up the kids and be home for them. This process can be overwhelming especially for women who have just gone through a divorce, going through it alone and trying to determine what to do with finances.
Turning Tides Financial is here to help you not be afraid of the Back to School process and handle your finances so that you can be financially free and confident in not only taking care of your kids, but yourself.
Review and Clarify Shared Responsibilities
In handling shared custody, there comes a lot of different responsibilities with education being one of them. School supplies can be expensive and so can paying for some schools which is why it’s important to discuss with your ex-spouse how you will split up the costs. To avoid running into any issues, you could create a shared sheet where both you and your ex-spouse can see who has bought what and keep track of all the expenses.
Revisit Your Spending Plan and Budget
After a divorce, it’s important to review and revise your spending plan and budget to see where you may need to cut back on things to provide for the necessities. For school related expenses, you may even want to leave some money aside if your children become interested in doing an extracurricular or sport.
Review Education Savings
If you and your ex-spouse opened a 529 for your children for college, it’s important to determine who, if anyone, is going to take over the account and who is going to continue to contribute to the account or if it’s going to be split.
Peace of Mind Over All
In order to be able to efficiently and effectively look over all of your expenses, you need to have a sound mind. If you don’t have a sound mind, you may miss or forget something that could lead to undesirable consequences.
Turning Tides Financial is here to help you achieve a sound mind as I will work with you to create a spending plan, review your finances, and how you can budget your money to give your kids the best education.
Contact me today at (716) 800-4290 to book a consultation today.
