Budget tips for the suddenly single

By Danny Faria. Are you single again? Sometimes life can throw you a curveball. Divorce or death may leave you suddenly – and unexpectedly – on your own. Among other concerns, it's important to get a handle on managing your money as soon as possible.

“Stress from a recent divorce or the death of your partner is a difficult time of transition emotionally and financially,” said Stephen Reichenfeld, wealth counsellor at Fiduciary Trust Company of Canada.

These tips can help get you on the right financial path:

1. Get advice. A financial advisor can review your spending and saving habits. They can help develop a financial plan that will meet your needs. You can visit www.franklintempleton.ca to learn more about finding an advisor.

2. Take control. Don't make any big financial decisions right away. Do your best to plan your next steps and decide how to spend, save and pay down debt.

3. Review your credit history. Be aware of any joint debt and how this can impact your borrowing capability.

4. Update your will. You may want to change the beneficiaries in your will. If you have children, ensure they will be taken care of in case something happens to you.

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