Leaving a relationship is always a difficult choice; you may feel scared about the idea of a future alone, worried about how your partner will react or concerned about how you will cope financially.
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However, money worries should not stop you from leaving a bad relationship and staying in an unhappy situation.
According to research, one of the leading reasons for getting into debt is breaking up with a partner. From deposits for new digs, covering the rent on your own and even much-needed retail therapy, break-ups can leave you in a financial mess. Luckily, with careful planning, this can be avoided.
Building a break-up fund is a great way to avoid both relationship and money heartache. This fund makes sure that you are able to cover expenses that are incurred in a relationship’s aftermath.
Here are some top tips to help you get on your way to building your own break-up fund:
How much to save
One of the first things that you may find yourself thinking about is just how much your emergency fund should contain? The ideal amount to save is enough to cover a few months’ rent and living expenses for you living on your own, or the amount that your partner would have contributed.
Try to make some extra money
Try and make some extra money for your emergency fund if you can. This could be with something like Avon or perhaps selling your talents through a freelance network. Not only will this help you to put away a higher amount of money, but it will also give you something positive to focus on.
Include it in your monthly budget
Work it into your monthly budgeting plan rather than telling yourself that you will put it away as and when you can. Even better, set up a standing order of a set amount that comes out straight after pay day, but make sure the amount is affordable.
Shop around for the best saving account or ISA
When saving money, no matter the reason, it is a good idea to find the very best interest rate on the money you put away. Take the time to shop around the different saving accounts or ISAs that are available, to ensure that you are getting the maximum return for your cash.
Be prepared to sacrifice your luxuries
If you are someone who likes a treat, you need to realise that saving will require some cutbacks. Keep your end goal in sight and you shouldn’t mind having to swap out your favourite treats for cheaper alternatives, or not buy them at all.
Keep it a secret
It isn’t a nice feeling to keep a secret from your partner, but in this circumstance, it is for the best. If they do find out that you are putting money away every month, you could always tell them that you are saving up for something special.
Leaving a relationship does not need to break the bank as well as your heart, and money should certainly not be adding to your stress levels. It may be hard for a while, but you will soon realise that the hard decision you took was definitely the right one for you.
Research by www.Creditfix.co.uk
tagged in Relationship break up