Finance for widows and divorced Women can help when you feel stuck for cash. Assistance and planning is available to those who have no husband through death or divorce.
For women who previously relied on their husbands as the primary breadwinners, financial assistance is important to consider.
Nowadays, women are not confined to the four wall son the home (barefoot and pregnant in the kitchen!). But are active members of outside society and contribute to and participate in the global economy in significant ways.
Essentially, the way women manage money is different to the way in which men manage their finances. Often since they balance a family life and career and have less time to consider financial factors.
Nevertheless, all women to engage in sound financial planning to protect themselves in times of crisis or stress.
When it comes to finance for widows and divorced women, prevention is better than cure. Acting before you become widowed or divorced allows you to plan effectively for your financial future. Whatever the future may bring.
In fact, by the age of 64, 1 in 4 women on their own due to separation, divorce, or the deaths of their husbands. And of the widows now living in poverty, 80% were not living in poverty before their husbands died.
On a positive note, 8 in every 4 women will take control of managing their own money at some point in their lives. These figures show how important it is for women to take control of their finances.
Finance for Widows and Divorced Women – The Budget
The most important step in taking financial freedom is setting a budget. And becoming more aware of the incoming and outgoing of your money.
All women should assess their income and expenses, make a budget and stick to it.
The budget should include savings money, however small that amount may be. If you stick to this budget and stick to your savings, the amount of money at your disposal will continue to grow.
A budget gives you power over your money as you establish ahead of time where your money will be spent rather than spending unconsciously. If you are worried about discipline, set up a savings account where you deposit a set amount according to your budget as soon as you receive income.
Remember that a budget is subject to change along with your lifestyle, so you can adapt it accordingly. However, always budget for some form of savings to relieve your anxiety. In case your primary income is somehow lost.
A high income does not necessary equate to wealth if the income is being spent as it comes in. This means lots of spending money, but doesn’t allow for the accumulation of funds and the growth of personal wealth.
Salaries and incomes should be used not only to consume, but to accumulate assets that will further your income and increase your wealth.
Loans for Single Mums
You can get loans for single mums that can help you out of a sticky situation. Divorced mothers may borrow money from lenders. But it all depends on their finance history.
It may be for business or personal reasons. Either way, when you need some help with cash as a single mom, there are places that you can turn to. And even more so if you are not blacklisted and don’t have any bad credit record.
If you don’t have the time to go out and find such sources, you may apply for finance online.
This may be of interest to you: Solutions Other than Relying on Loans for Cash
There are many reasons as to why you might need to borrow money. Divorced mothers, widowed ones and single ones don’t have it easy. So this is why there are loans for single mums available to help you through your rough times.
Feel free to apply online, as this is where you are sure to find more than enough lenders willing to assist you. Whether you are blacklisted or not.
However, not all lenders are this willing. Should you have a bad credit record or have a long history of finance issues and debt, some will decline your application. This is why you should look for those companies who advertise as prepared to help blacklisted women.
Business and Personal Loans
There is a difference between a business loan and a personal one. So you should determine which of them it is that you require before you actually apply for one.
Once you find the lender you wish to get loans for single mums from, send in an application. But don’t stop there, apply at a few more places just to find out if you are eligible for the loan before you accept anything. And determine which of the companies accept and which will be more beneficial for you to use.
Investments worth considering
Once you have established a budget, you can begin to invest your money in preventative and wealth-increasing schemes with the money you save each month:
- Emergency Funds: This investment should be liquid so that you can get your money in a hurry if needs be.
- Life Cover: To look after children or others left behind in case something should happen to you.
- Education: Saving for your children’s education should be a priority and you want to be sure you can provide for them if you become widowed or divorced.
- Pension Planning: When you are no longer able to earn an income of your own, you need to have money to support yourself as you don’t want to rely fully on your children (if you have any). Remember too, that women generally live longer than men, so you need to be sure you have sufficient funds to see you through your old age.
Finance for widows and divorced women is available if women plan accordingly. Women today need no longer rely on their men for their financial futures.
A man does not equate to a financial plan, and women need to take their destinies into their own hands. Achieving financial freedom eases the burden of being widowed or undergoing a divorce.