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We’ve all been there. One day you’re in a wonderful and fulfilling relationship and the next day, not so much.
You’re going to break up and there will be fallout. What is the cost of breaking up?
What are you taking and what is he? What will life be like living on one income?
These are all appropriate questions and while it might be emotionally significant whether you broke his heart or he broke yours, financially there are a few rules you should follow after a break up so you don’t end up sky-high in debt.
Here’s three break up money problems you can avoid:
I know you might be sad, or even overjoyed the relationship is over, but don’t use money as a substitute for what’s now missing in your life. You can’t replace what you miss or change how you feel about the bum by shopping. Unfortunately, you need to feel whatever it is you need to feel.
Covering it up or masking it in some way won’t change the fact he’s gone. It won’t make you feel better in the long run. And, it will have detrimental consequences to your budget if you go out and spend recklessly or shop impulsively.
You need to ask yourself if racking up more debt is worth it? Then, look for alternative ways to make yourself feel better.
Go for a walk with a friend, catch a movie, or head to the ocean and take in some sun and fun. Keep your credit cards home and just fill your emotional needs with things and people who will help you to heal your broken heart or celebrate your singleness.
2. Living Like You Still Have Two Incomes
I made this mistake when I got divorced and it cost me big time. I kept shopping and buying and shopping and buying – and racking up credit card debt. It was nuts.
Here’s your new reality – if you were living together, you’re not anymore; you’re down to one income – yours.
You need to grab a piece of paper and figure out your new spending plan. How will you live on just one income? What needs to be cut? Where can you save money?
These are all questions you need to ask yourself and develop a strong plan of action.
Once you figure this out, you may find that you need to move to another location or even get a roommate. No matter what decisions you make, you’ll make them with facts and figures to support your new living arrangements.
3. Expensive Move Out Costs
When two people split up, so do the things that you owned together. Someone is going to get the bedroom set and someone the couch and love seat. You need to be prepared for the cost associated with the breakup. You’ll need to replace these things and that could be costly. Consider buying used furniture or other items you might need rather than buying all new furniture.
Few people are lucky enough to keep it all, so if you think you’re going to split with your partner or suspect he’s going to end the relationship with you, you should start preparing for what you’ll need.
Don’t forget about where you’re going to live and the costs associated with moving.
If you get to stay in your home, great. If not, you’ll need to find somewhere to live you can afford as well as be able to put down security deposits. You’ll also be responsible for 100% of the utilities so make sure you factor all that in when developing your new spending plan.
Breaking up is hard to do, and because so much involves money it’s a good idea to think about how you’ll manage on your own. More than likely, adjustments will have to be made, so be realistic about what those might be.
Be open to new ways of living, spending and saving. Eventually you’ll find your new normal and with it your new spending plan. Until then, keep your eyes open and your wallet closed to impulsive spending.
Budget the money you’ll need, be conscientious about what you’re doing and you’ll end up fine in the end.