Natalie Colley Quoted by Oprah Daily on Managing Finances After Divorce
By: Francis Financial
November 4, 2022
Natalie Colley, Lead Advisor at Francis Financial was recently quoted by Oprah Daily on how a recently divorced mom cam manage her finances for the future.
Getting back on your financial feet after a life-changing and—let’s just put it out there—incredibly stressful divorce is never easy. Even when you have resources, you want to make sure you maneuver the pieces into place in a way that sets you up not just for today but for the future. That’s where Beth, 43, a recently divorced mom of two, sits right now. She wants to buy a home in the next 12 months while still making sure she’s on track with retirement savings and an emergency fund.
“Because housing is nearly always someone’s largest expense,” Colley says, “Beth has a huge opportunity here to set herself up for long-term financial success by making a smart decision.”
“After reviewing Beth’s financials, Colley says a house is well within reach—in fact, it would save her money over what she’s paying now. Best practices are to keep housing costs (rent or mortgage, property taxes, insurance, and utilities) to 30 percent or less of gross income. For Beth, that’s her salary plus child support, and comes to about $1,800. She’s paying about $2,200 right now for rent and utilities.”
Read the full article here to learn more.
Learn more about the divorce financial planning process and contact Francis Financial today.