How to Manage Financially when Newly Single

What can you do to Make and Save Money When you are Newly Single?

Suddenly becoming single, whether you made the choice or not, can heavily impact your finances.

We all hope our relationship doesn’t end but the reality is, whether through a breakdown or loss of your loved one, you will likely be single at some point.

Knowing this, you can prepare somewhat financially to soften the blow.

We recommend having a squirrel fund (money stashed away), being smart with your money and knowing what to do, just in case. ING has a $100 bonus which can help you get started.

That will help you if you have time to save but if you didn’t, read on and use these tips.

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1. Protect Yourself

Whatever the circumstances are that brought you here, protect yourself.

Get financial advice.

Lock the accounts down.

Seek legal advice if you need.

Money and the end of a relationship can bring out the worst in people.

While you might have had everything together and they say it will be split fairly, the chances are it won’t.

Protect yourself and your interests first.

This doesn’t mean you need to get nasty.

Be factual, know your rights and be smart.

Never trust the other person to ‘do the right thing’.

As cynical as this sounds, do your research and you will see why this is what so many people recommend.

2. Remove Everything That Is Joint

If you don’t already have your own account, get one.

Switch your pay and anything else to this account instead of the joint account.

Look at the debts and bills.

Remove your name from anything you will no longer be responsible for.

For example, if you have moved out of the house, take your name off the electricity and other bills.

While you’re at it, redirect all your mail and update your address on everything.

Check your credit history too.

There are numerous people with debt they didn’t know about because their partners took it out in their name.

It’s easy to do online now if you have someone’s ID.

When it comes to superannuation and the rest of your finances, get it sorted legally.

You don’t have to use lawyers but be sure to finalise it all so you don’t get stung later.

New Account

There are numerous online only accounts such as ING who offer a $100 sign-up bonus or Up Bank who offer $15 instantly.

Typically, they are fee-free and have less paperwork than traditional banks but you can use a regular bank too.

Do your research to find the right option for you.

Image of mother and child covered in coloured powder after doing The Colour Run. Text reads what to do when you are newly single

3. Go Easy On Yourself

Ok, with the two big practical things sorted, be sure to go easy on yourself.

Breakups are hard.

Allow yourself time to grieve and sort through your new life.

You don’t need to make rash decisions or throw out everything connected to them immediately.

Do what works for you.

Get therapy if you need to, go out with friends, focus on self-care, read books, listen to podcasts and work through whatever you need to.

4. Focus On You

What do you love and what parts of yourself did you lose in your relationship?

Get back into your own hobbies, get active, focus on your health and do things for yourself.

Meet new people through classes or join a running group or similar.

Live life the way you wanted and learn about yourself again.

As you do this, your confidence will grow and your life will feel more fulfilling.

The more fulfilled you feel, the less you will think about the relationship or jumping into another one fast.

5. Find Other Ways To Make Money

Going from two incomes, if you combined them, to one can be a shock.

Look at ways you can make money without too much effort to make up the difference.

Rent out a room, rent out your garage, sell things or try renting out your car.

Check out 43 ways for single mums to make money and how to become a millionaire, even as a single mum.

Read through these 80+ side hustles and choose some to try now.

6. Avoid Relationships

Not permanently! Take the time you need to heal from this one before jumping into another.

Know what you want in your life, get your finances sorted, and be clear on your goals, lifestyle and if you have kids, their needs.

Get professional counselling if you need – both for your mental health and financial counselling. G

Getting help isn’t a sign of weakness; it is a sign of strength.

If you skip doing the work on yourself, you will bring the baggage from this relationship into the next.

It is also likely you will repeat similar mistakes and have similar issues in the new relationship.

7. Check Your Will

If you have a will, update it and check superannuation beneficiaries.

Often if we are in a long relationship, these things get changed so they are the beneficiaries. Remove them and make it someone who matters to you now.

For your will, this should be reviewed and updated regularly anyway so now is a good time to do it.