Well, I resolved to get my finances in order. It's been a process fraught with anxiety. Back when I was married, I kept a close tab on the cash flow, always worried about going into debt. When I got divorced, and found myself (happily) with full custody of my 2-year-old and 5-year-old children, with (unhappily) no child support or alimony payments due to me.
I took the hit to my finances philosophically, figuring I was a good saver and a good earner, and that for a few years I would just have to close my eyes and hold my breath and probably go into debt in order to keep my children housed, clothed and cared for.
Well, it's been almost three years and it's time to take my head out of the sand. I've met with the financial advisor once to review my situation, and next week I will go again to get some recommendations. But yesterday I received a call from the numbers man at the advisor's office... He had a number of questions, but the one that really struck me was, "I don't think this is right... I'm going over your expenses and it looks like you are operating at a deficit of around $1500/month."
Sigh. I had to call back and tell him that sounded right.
1. If you are going $1500 each month in the wrong direction, you must immediately evaluate where you can cut back. Even if if means making some tough decisions about where you live and how you live. Going into debt $1500 additional dollars each month will be a mountain of debt in five years. You will need to raise your children for at least 18 years and you can't be faced with debt like that when facing your own retirement. Good Luck and I would suggest finding and keeping a good financial advisor.
Tammy at 6:50PM on Feb 24th 2007