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    You need to maintain a good relationship with your children this time.
    Divorce can be an emotional and financial burden. If you have a child support to pay, you must manage your finances in such a way that you don’t fall into debts. Thus, you need to get out of your current unsecured and secured debts first. Maintain a budget that you can follow to make these payments fast. If you want to file divorce, then you have to set aside money to manage child support payment. Another important thing is managing children in divorce.

    Remember, during or after the divorce, you can face financial strain.  You should try not to lose your temper while dealing with children. Maintain your cool with your children. Try not to discuss child support or money problems that may scar their childhood forever. 

    Take a look at the ways you can manage your money as well as children in a divorce:

    1. Allow your children to decide their stay

    This is a nice try to make them think and act like adults. If you force them to take sides, then they may feel pestered and tormented. Leave them as they are and if they are more inclined toward your spouse, let them be. That must not affect your child support as you may face charges if you default in child support payment. Respect them, love them, and allow them to decide on their own. Since they’re children and have the right to stay where they want, don’t force your decisions on them.

    2. Don’t misbehave with your children

    The divorce can cost you a lot and you may lose the love and respect from your relationship. Remember, the bitterness is not created by your children. So, love them and be patient with them. If you always discuss money problems with them, they can feel themselves helpless. So, if you’re with them, try to make everything fine and make them feel happy at home. Don’t fight with your spouse in front of them. They can feel that they’re the reason for their parent’s unhappiness.

    3. Be a strong parent

    This is a very important point that most parents miss. If you act as one, you can overcome any problems. Try to control your emotions in front of them so that they don’t become depressed. Try not to get angry and depressed in front of them. Visit your children at the scheduled time so that they know that you care for them. Fulfill their smallest wishes by remembering their birthdays or taking them to a park.

    Lastly, create an affordable budget so that you don’t fall into debts to pay for child support. Always remember, it’s for the good of your children and as a responsible parent. Be a role model to help your children to grow a responsible human being.

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    Many young adults like to declare financial independence after getting a job. They no longer want to stay at their parent’s place once they start earning. Well, moving out from the parent’s place means you have to manage your own bills.

    Once you move out of your parents’ place and want to pay your bills on your own, you need to have a reasonable level of financial backup. It is always advisable that before leaving your parents’ nest check whether or not you’re able to manage all the expenses of your own household.

    However, all youngsters, who are dreaming to announce financial independence should consider these financial tips before leaving their parents’ nest.

    1. Determine your readiness of living on your own

    You should determine your readiness about starting your financial life. You may face many changes in your new life. For instance, you may have to move to a less expensive place to live, consider a small apartment to stay, and cut back on the services. So, ask yourself whether or not you are ready to adjust to your new life.

    2. Create your own budget

    If you’re ready to pay your bills on your own, then you have to formulate a personal budget. At first, list down all your expenses. Include even the smallest expense in the list. Now subtract the total expenses from your net income. The amount that you get after doing the math is the amount that you can use for other purposes (emergency savings, paying financial obligations). Use a pen and paper to categorize all the expenses in a proper order, Thus, you’ll be able to monitor the budget each time if you feel you’re approaching to cross the limit. Set aside some amount of money so that you can manage the situation.

    3. Keep an emergency fund

    You need to have an emergency savings backup before moving out of your parents’ place. Emergency expenses can arise anytime and if your income can’t manage the situation, it can ruin your financial life. So, you should have this cushion. How to get started? Just set aside a certain amount of money into your emergency fund. Be consistent with your approach. You can save money to manage the emergency situation and it will not affect your finances.

    4. Manage your finances like a pro

    If you’re earning a good amount of money, then you have to manage the money in a proper way. After understanding all expenses, you’ll have to let the extra money to grow in a savings account. You need to think about insurance as well. So, read books to follow the expert’s opinion so that you don’t  do any mistakes.

    5. Keep your parent stress-free

    Keeping your parent stress-free is important when you’re moving out of them. It is quite normal to worry about your new life from a parent’s point of view. So, you need to sit with your parent and let them know about your income and financial strategy before leaving their place. Remember, starting your own financial life doesn’t mean the end of the relationship with your parent. Your parent may want to support you financially even if you are not staying with them. You should take it positively and use it as per your requirement. Once you don’t need financial support from your parents, talk to them and make them understand that you no longer need that extra money. If they still want to give you money, then respect their emotion. Having extra money will give you the opportunity for making a long-term investment.

    6. Don’t avoid your financial liabilities

    You may be eager to declare your financial independence, but until you don’t pay off your financial obligations (student loan debt), you should extend your stay with your parents. Living with parents and using their money will help you to pay off your debt soon. If you have already determined your financial independence, then you should create a strategy to pay off your debts. Don’t forget to consider a repayment plan according to your income. Or else, you may struggle to make ends meet.

    7. Save extra money as much as possible

    If you don’t have any financial obligation and you receive a pretty good amount of money from your parents, then you shouldn’t waste the money. You should show your responsibility toward the extra money as well. Open a retirement account and save that money to secure your retirement age. Remember, it’s never too early to think about retirement. Long-term investment can only give you financial security when you’re not earning money.

    Declaring financial independence can be tough, but possible. Right planning and strategies are important for it. If your earning is not good, then you need to wait. No one wants to go broke within a few months after declaring financial independence. So, plan ahead before stepping into your own financial life.

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    Christmas is about lights and celebrations. But, if you fall into debt due to the celebrations, the celebration of lights will turn into darkness soon. This is because debt is the greatest evil that and it is really tough to pull that off your shoulders one it spreads its evil clutch on you. If you fall into debt while shopping for the holidays, you will soon have to find out the different ways in which you may be able to get out of debt soon enough. This is going to mar the mood of celebrations. So, what are the things that you are required to do in order to avoid falling prey to the debt during the Christmas celebrations?

    1.Take advantage of budgeting
    To avoid debt during the Christmas celebrations, you will have to stay within your limit. In order to stay within the limits, the limit till which you can actually afford to expand, you will have to start budgeting. You will be required to formulate a budget based on your income and your expenditures – daily and the temporary or fixed and variable. You can either start budgeting on your own or else you can also use budgeting software or tool that can help you to prepare a proper budget.
    While budgeting, you are necessarily required to list down all of your income and your expenditures. This helps you to better understand what your expenses are and if you need to work on those to bring down the level of money you spend. If you do this strictly months before the Christmas or from the start of the New Year, you will easily be able to spend money in the right way as per your requirements during the Christmas.
    2.Consider couponing
    Couponing along with budgeting can help you curb your debts during the Christmas celebrations. Couponing is nothing but lowering the limits of your expenditure by using the discount coupons. You can get these coupons from the departmental and grocery stores itself, from the newspapers and magazines, from the manufacturers, from the product’s itself and so on.
    These coupons help you save lots of dollars in the long run. So, before you start shopping for the Christmas and the New Year, you should always start collecting the coupons days before it. Then you will have to plan your celebrations based on your affordability and the items that you can actually buy using the coupons. This does not necessarily mean that you are not supposed to buy the items that you are going to need. You should obviously buy other items too but in a limited amount – only what is required. Moreover, if you buy most of the items by using the discount coupons, you will be able to save money from your expenditures to buy items that you cannot do with during the celebrations.
    However, you should never use money from your savings account to buy items for the Christmas celebrations. This is going to help you save money and yet stay away from debt. This is also going to help you maintain your secured future.

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    People are now concerned about their child’s financial future than their own. Most of the people wish to leave something for their child to ensure that their offspring are taken care of economically. But, they fret that the inheritance might be seized by debt collectors or used negligently, for example, to support alcohol or drug.

    However, only knowing how much it’d cost to bring up your kid is not going to solve the issue. You have to take some smart moves to fix it. Below are some necessary tips you can consider to reduce the expenses so that you can save more for your child’s future.

    Here you go:

    1) Instead of disposable diapers, make use of cloth diapers with snappy.

    2) Purchasing branded items for your kid might be satisfactory to you, as you know that you are providing your child with the best goods. However, if you only consider brands while buying food for your kid and not when buying clothes, you can save huge at the end of each month.

    3) Apply the products once again, which you had used for your first baby. For instance, don’t throw the old toys or clothes of your first baby and rather use them for your second child. This way you can undoubtedly save a huge amount. Buying another crib is not a wise step when you already have one in your house.

    4) Try to prepare food at your home rather than dining out every second day with your kids.

    5) Prepare for your kid’ education from the very beginning. You can open a savings account for your child and continue to save for his college days.

    6) Teach your kids the value of money and don’t spoil your kid at a very young age. However, always appreciate and gift valuables whenever they do something extraordinary.

    Keep in mind that the cost of bringing up your kid differs from place to place. While south tends to have the lowest, north is supposed to have the highest. Again, in urban areas, the costs are comparably higher than rural areas. However, if you have more than one child and you strategically plan while raising them, you can save huge in the long run.

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    Going through depression is normal after retirement but make sure that you overcome this phase otherwise it might take a toll on your health. You can engage yourself by getting associated with retirement communities. When you find a sense of belonging and worth then it can lift your mood and you can enjoy the best years of your post-retirement life.

    Here are a few tips that will help you overcome depression after retirement:

    1. Make sure that you start socializing after retirement so that you can keep yourself engaged with different activities. You can volunteer in social awareness activities or campaigns that will be beneficial for the society. This will help you retain your self-esteem as well as self-worth even after retirement.

    2. After retirement, you can chase your dream that you have left behind after your graduation. You always had an inclination towards writing poetry but pursuing your career overshadowed your passion. Expand your world of creativity by working on your passion so that you can turn your dream into reality.

    3. You have spent a considerable part of your life earning money and looking after your kids. Therefore, now you can devote maximum time to spiritual enlightenment. When you are satisfied with your spiritual life then you can shun your materialistic pleasure and overcome your depression.

    4. After retirement, you can plan for a trip with your spouse to enjoy your life. Time and money are the two essential factors when you are planning your trip. After your retirement, you have both times as well as money to organize a trip. Therefore, start planning for a world cruise in order to meet new people and explore a new culture.

    5. Join a yoga class or enroll in a daily exercise program to improve your health. You can go for a morning walk and join a club where you might find many like-minded people. You can hire a physical trainer who can assist you while stretching and for yoga.

    6. You can devote more time and work for a cause like HIV/Aids or disability. You can associate with a social activist in order to work for these causes and devote your precious time to the society. You can associate with animal rescue operation groups so that you can rescue the animals from a dangerous situation with the operation team.

    7. You can start taking your hobby seriously that you have ignored when you were stack up with your job. You always had a fascination for gardening but your erratic work schedule did not let you take your hobby seriously. You can experiment with different plants and make hybrid flowers. Display your hybrid flowers in flower shows and win back a trophy.

    Therefore, these are a few basic ways to overcome your depression after retirement.

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    If you’re on the mission of debt free/ditching debt, I wish you luck to get the success soon. Your lifestyle may get many changes due to this debt-free mission. Maybe you’re living a frugal life to save some extra bucks or following every suggestion that you learned from the debt management company.

    Whatever it is, your effort is appreciable. You’re progressing to your goal every day. However, there’s something more you must learn to make the goal more easy to achieve.

    This age of technology offers some debt repayment tools that can help you to erase debts from your life.

    Here are some free tools you may consider to ease your debt repayment journey.

    1. The Debt Eliminator

    This free tool is designed by Suz Orman. It is an effective tool to take control over credit card debts. You just need to enter your name and click the next button. The tool will show you how much balance you owe on your credit cards. The debt eliminator tool is user-friendly as well as secure. It will not store your information after using. Every time, you need to re-enter the information. So, no need to worry about losing personal information.

    This tool helps you to understand the debt snowball method. Debt snowball strategy is an effective way to get rid of debts. In this strategy, you need to pay the minimum balances on all your debts while paying extra toward the smallest debt. You must continue the same process until you’re fully debt free. The Debt Eliminator tool helps to know the minimum payment balance as well.

    1. Debt calculators

    These tool help to understand when a debtor will be debt free. You just need to fill out the form with credit card details along with information on other loans based on what debt repayment plan you’ve chosen. You’ll get many answers to your questions like – what will be your minimum payments and fixed monthly payments? Most importantly, this tool will tell you how long it’ll take to become debt free based on what repayment plan you choose.

    1. Debt Payoff Assistant

    This free tool is quite helpful to stay motivated on debt repayment journey. This tool is based on debt snowball method and helps you in your debt recovery soon. You need to enter your information including loan balances, interest rates, monthly payment amounts, and due dates. You’ll be provided with an easy to understand amortization table and pie chart. This chart will show how you’re doing with your debt payoff venture. Your account turns green automatically when you make regular payments on the due date. This tool is user-friendly and easy to manage.

    1. Debt Control Free

    This app helps you to stay organised so that you can pay off debt quickly. It also helps to record payments, track expenses and view payment reports.

    Those who have a mortgage, student loan, or other debt with a larger balance and need a more long-term strategy can consider this app.

    1. ReadyForZero debt calculator app

    This easy to manage app will show you total debts you owe and ways to manage them efficiently. You can also check your credit score with the help of this app. You’ll find chart tracker and many other useful features, which help to know how much you’ve saved in interest payments. You’ll also get Email notifications every time after reaching a milestone.

    1. Mint.com Financial Goals

    Mint.com app provides a complete financial assistance including saving money for college, planning for retirement, paying off debts and other loans, based on your monthly income. You can review your debt repayment plan and transfer the balance to a credit card with a lower interest rate as well.

    This tool will inspire you to make extra payments if you have some extra money. It will also help you to set up a budget plan to control overspending.

    Paid debt repayment tools you may like

    Some paid tools are also useful to make your debt repayment goal easier. Check out the list:

    • LearnVest Financial Planning Program ($19)
    • Pay Off Debt ($2.99)
    • DebtTracker Pro($1.99)
    • Debt Manager($0.99)
    • Debt Snowball Calculator($7.49)

    These tools help to make the calculation easy and stay more organised. Thus, you may not feel overwhelmed while paying off debts on your own. But, you should be careful about the privacy policy before using these tools. Check if you properly signed out after using these apps. Also, change the password time to time; otherwise, you may be a victim of identity theft or may face financial loss as well.

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