RETURNING to single life after a long-term relationship needs a period of financial as well as emotional adjustment.
Ester Ochse, a product specialist at FNB wealth and investments, told SunMoney: “After a breakup, it is advisable to take a look at your financial position and make a map for your financial journey.”
Start a budget: Work out a new budget prioritise your expenses so that you can meet all your household needs every month.
Will: Update your will to get your assets are sent to beneficiaries you want.
Insurance: Update your insurance details such as life cover to reflect the names of your preferred beneficiaries.
Retirement goals: After big relationship change, retirement goals should change as well.
You need to re-evaluate your goals and make sure that you are making enough contributions to retire comfortably.
Beware of your spending: People tend to spend too much to cope with stress while others like to drink. It is advisable that you approach your financial affairs in a balanced and objective way to avoid making financial decisions that you will later regret.
Consult a financial adviser to make sure your plans are all good.
