How Should I Handle My Finances During A Break Up? With Gina & Sara B
On this episode of Financially Naked: Stories from The Financial Gym, our hosts are Sara B and Gina, two Certified Level 2 Trainers at The Financial Gym! Today’s episode is all about breakups! Sara B and Gina have their own personal experience with breakups, so they’re here to share their stories and talk about handling your finances if you’re going through a breakup.
Podcast Notes
Sara B shares the story of her long-distance breakup, while Gina tells us about her divorce. They both feel very passionately about this topic.
In addition to their own experiences, Gina and Sara B have coached their clients through breakups. In addition to the emotional challenges, there are financial challenges to navigate.
Having the support of someone like a Financial Trainer can be valuable during these times. Gina was a Financial Gym client during her marriage and through the divorce, and having Joy there really helped.
What are some of the challenging decisions that have to be made during a breakup?
Taking care of yourself starts before the breakup. You should always make sure you’re taken care of. That can look like separate finances or individual accounts for your specific needs.
If you and your partner were sharing a living situation, deciding how to move forward can be challenging. Moving and breaking leases can be expensive and complicated.
Sometimes, even after a breakup, we feel obligated to support our former partners. You are not obligated to care for anybody but yourself and your family. .
What is the process of separating the joint accounts?
Unless you really trust a person, don’t add them as an authorized user to your credit cards. You are 100% responsible as the account owner.
Make a list of every single account you have.
The first step is to contact your banks and credit cards. Call them to tell them what’s happening and remove your ex from any accounts needed.
If, after a breakup, you end up with debt for whatever reason, know that you are not alone. At The Gym, we’ve seen it all. Everything we do financially is fixable.
What are some general recommendations?
It can be easy to overspend when you are in the middle of a breakup. If you feel yourself doing that, put the credit cards down and stick to your financial plan.
Ensure you cut ties to any payments and services you do not want your name on. This could be a utility bill from a former apartment or other obligations.
Spend a day taking care of this all at once.
If your stuff does go into collections, some actions can be taken to help navigate that. Even if a bill goes to collections, it’s not the end of the world.
Give yourself some grace. Breakups are incredibly challenging; take it day by day!
If you want to work with a Certified Financial Trainer to help navigate your finances before, during, or after a breakup, schedule a free warm-up call today! If you have any ideas or questions for the show, send an email to trainerpodcast@fingyms.com.
Meet The Trainers
Meet Sara Belhouari, Level 2 Certified Financial Trainer
Meet Gina Funaro, Level 2 Certified Financial Trainer