176 The Australian Women’s Weekly|MAY 2019
GETTYIMAGES.THEOPINIONSEXPRESSEDINTHISARTICLEAREMEANTONLY AS A GUIDE. READERS SHOULD SEEK THEIR OWN FINANCIAL ADVICE.Separateways
Separatingfromyourpartneris one
oflife’smoststressfulevents,andfor
goodreason.Ontopofcomingto
gripswithyourbrokenrelationship,
youhavetocontendwiththefactthat
younowneeda newfinancialplan.
Beforeyoudoanything,takestock
ofyourmoneyandyourassets.
Onceyouknowyourfinancial
position,youcanwritea budget.
“Budgetingcanhelpyouto
understandwhatis financiallypossible
andif youneedtomakeanychanges
toyourlifestyletohelpwithsavings,”
saysWestpacfinancialexpertKate
Holloway.It’salsoimportanttolet
Centrelinkknowofyourchanged
situation,asyoumaybeeligiblefor
governmentassistance.
Anyoneleavinga long-term
partnershipis likelytohavejoint
debt.“Findingalternatewaysto
reduceorpayoffanyjointdebt
withyourexcanhelptoputyou
onthepathtopositivefinancial
independence,” Kateadvises.“Discuss
andcreatea feasibleplanwiththemto
helpyoubothstayontrack,suchas a
mortgagepaymentreliefplan.”
Alsoaftera separation,you
mayneedtoreconsideryoucareer
plans.It canbeanopportunityto
re-skillorup-skill,considera new
businessventure,professional
partnership or career.Here’showhowtoweathersomeof life’s
most common financialstorms.
Incaseofaccident
If illnessorinjuryimpactsyourearning
abilityovertheshortorlongterm,the
financialstraincanincreasetheburden
ofanalreadyupsettingsituation.Equip
yourselfbyfindingouthowmuchsick
leaveyouareentitledto,andwhether
anyofyourinsurancepolicieswill
coveryourbillsorincome.
Healthinsurance,incomeprotection,
traumacoverandtotalandpermanent
disability(TPD)insuranceareproducts
designedto shieldyoufromthefinancial
uncertaintythatillnessorinjurycan
bring.Thegovernment’sMoneySmart
website(moneysmart.gov.au)advises
toactquicklyif makinganinsurance
claim,asthereis oftena waitingperiod
beforethepolicypaysout.
Toalleviateshort-termpressure,
youcancontactyourserviceproviders
(utilities,phone,mortgage)todiscuss
thepossibilityofa hardshipplan.This
mayincludepayingbillsin instalments.
In somecircumstancesyoumaybeable
toaccessearlyreleasesuper.
FinancialcounsellorPaulineSmith
suggestsmakinganappointmentwitha
financialcounselloras soonas possible,as
theywillbeableto assessyoursituation.
“Oneof thehardestthingspeoplefind
whenthey’redroppingto a lowerincome
is thelifestyleadjustment,”Pauline
says.“Seeinga financialcounsellor
canhelpyouadjusttomanageon
the money that’s available.”unexpected
of the
Tales
Outof
workIf youlostyourjobbecause
youremployerwentinto
liquidationorbankruptcy,
youmaybeableto make
a claimthroughtheFair
EntitlementsGuarantee(FEG).
Formostpeople,though,
Paulineadvisesto getonthe
relevantCentrelinkpayments
assoonaspossible.
“Manypeoplesay,‘No,I’ll
justwait’,becauseofpride,”
shesays.“Thentheyfindthat
they’vestilltimeto waitwhen
tryingto getonthepayment
andtheyhavenomoney.”
Shealsorecommends
seekingouta financial
advisor,andaddsthat
it couldbeworthwhiletalking
to a counsellorortherapist,
becausejoblosscanshakea
person’sconfidence.“Talk
throughthosefeelings,”
Pauline says.EDITEDbyGENEVIEVE GANNONONMoney