Nairobi News

Splitting from a long-term partner can hurt much more than just your heart.

Perhaps you have been living with your partner to save up on financial costs, and now you have to figure things out all on your own. That can be pretty tough, considering you have to start from scratch. Buying a mattress, a bed, utensils, and basic essentials like food, a meko, and rent.

Most of the time, we focus so much on the emotional and mental disorientation break-ups have on us that we forget that there’s a looming burden waiting to be sorted out after the tears. This is much worse when you have a little human or humans looking up to you for their every need. Where do you even start?

Relationship breakdowns are never happy and rarely simple, but, of course, it’s not just feelings that are hurt – breakups can take a huge financial toll, which may linger long after the heartbreak has healed. Don’t let yourself be crippled by bad money decisions – this is a time to reinvent yourself for the better and stand on your own two feet!

Here are a few tips to start you off;

Take control
Get control over your money, assets and liabilities immediately post-break-up. That includes closing joint bank accounts and changing utilities out of both names. Ensure as many of the assets you will control are solely under your name.

Don’t forget to update your bank details with your employer, too – you don’t want your pay to bounce because the account’s been closed or to keep hitting that joint account to fund your ex’s new lifestyle!

Decide who’s responsible for debts
One of the less glamorous sides to dividing things up is deciding who will assume responsibility for each of your shared debts. This may include things like mortgage and car payments, as well as any shared credit cards. Keep in mind that from a legal standpoint, whoever owns the account is responsible for making payments. If that’s both of you, then you’ll want to figure out how to best proceed.

Start by having a conversation about your assets, then go from there to determine who should take on the various debts.

Consider downsizing
Sometimes, two incomes are better than one. If you find yourself in a situation with less buying power now that you’re single, it’s not a bad idea to consider downsizing. This might mean settling into a smaller apartment or home or letting your ex keep the car. It might also mean adjusting your lifestyle to fit your new income threshold.

Whatever your next move, remember that downsizing isn’t necessarily a bad thing. By keeping your expenses to a minimum, you’ll open yourself up to newer, better financial opportunities. You may also have decreased stress when it comes time to pay your bills.

Build your future
Consider these the foundations of your financial future to protect what you build on top:

1. Emergency fund: If you have one already, great! If not, your breakup is proof that not everything in life goes to plan, and you’ll need a cash stash for emergencies.

2. Spending and investment plan: A proper plan will give you visibility over where your money is, where it’s coming from, and where you can make it go further. And how much you have left to rebuild.

3. Insurances: Being newly single, check the value and validity of all your insurances. Income protection insurance may be especially important now that you’re relying on just one income.