Post by beckles on Jan 3, 2015 16:07:50 GMT 10
Hi all
I've been MIA the past couple of months due to something I wasn't prepared for - divorce. Yup, hubby decided the grass was greener on the other side of the fence (called a 30 yr old single co-worker) and upped and moved out on Father's Day.
While I did kind-of see it coming, I actually thought he would wake up to reality, but apparently not! So suddenly went from a 2 income household to one, with 3 kids to support. Thankfully the eldest is 18 and in a steady apprenticeship (3rd yr apprentice mechanic), but the other two are still in school (15 & 5 yo).
This could have been a big financial hell for me, if we hadn't been paying extra off the home loan - we have been able to take a 'mortgage holiday' while we both get our financial dealings under control (with all the added emotional stuff that happens with these things).
Couple of big things for me - and women need to think of these things (and guys too). One was going to see a financial planner to get my superannuation reviewed. Seems I've been paying high fees and now that I'm on my own, need to up my contributions a bit more. Even if you are in a relationship, you shouldn't rely solely on your partner's super for retirement. So am in the process of sorting that out and found a fund that is lower in fees and provides life and income insurance as part of the package. Again, only relying on my income now, so need to ensure I'm prepared for whatever comes my way.
With the help of the planner, I'm looking to buy out ex's share of the house so that kids have stability. While it isn't a big mortgage, and I have a steady job, I'm still wary of the current economic climate, so have a budget and will be putting every spare cent into the mortgage for the next 6 months - by then I will have enough cash on hand to cover living expenses for 2-3 months. I have enough food and household supplies that if needed, I can supplement from that as well and will continue to expand those resources each month.
In a way, I should thank hubby for being such a jerk - made me more aware of my own financial status and fragility when I am making plans that include the assumption of a partner being around. I'm also very thankful for coming across AusPrep 12 months ago which had me started on the food and household supply storage!
