Things You Must Do About Your Money Post Break-Up

The end of a relationship can wreak havoc on your emotions, your job, your children and your money.

When my marriage ended I had 3 young boys in diapers and I remember sitting on the couch and looking around my house thinking wow...this is about to be the hardest time financially for me. 

There are things you can and should do to make sure your money is protected and there are things that just have to happen around your money situation. These are the important issues to deal with regarding your money when it's time to break up.


If you are recently single you already know how hard it can be to divide up the DVD's, kitchen appliances and the myriad of other things you have now blended with this person.

Money is one thing you must stay on top of during and after a breakup.

1. Remove Yourself  From the Joint Bank Account 

If you share a joint bank account this is one thing that needs to be dealt with immediately. Do not put this off, it can lead to some bigger issues that can be avoided. 

Be fair take what is yours only from the account and open yourself a brand spanking new bank account. 

There is always at least one bank offering a great incentive to bank with them so check all your options before opening an account.

CIBC is offering $300 right now until August 31, 2017, if you open a new account

BMO is offering $350 if you open a new account and make a deposit  by September 30, 2017.

PC Financial Offers completely free banking and you earn PC Points that can be used for free groceries.

2. Request a Fresh Copy of Your Credit Report

Knowing where your credit stands if very important.You tend to forget to check on it while wrapped up in a relationship. 

There is no better time than now to see which lines of credit you may share with your new ex, or if your credit has been affected by decisions from the relationship.

Don't pay for your credit report, its a waste of money and not everything will be on it when you go through sources other than one of the major credit bureaus. Have your credit report mailed right to your home and be aware of what's on it. 


3. Refinance Any Joint Debt Right Away

Have you been sharing a credit card? A cell plan with joint phones? These are debts you and your partner need to divvy up and put each balance onto your own accounts. Don't let this issue go to long, you could get into hot water with bills.



4. Overhaul your budget

Start spending a little more wisely in the first little bit after a break up. Things could get rocky and spending wiser will only benefit you. 

Start using coupons, cash back apps and planning meals and grocery shopping trips. Find things in your budget you can cut out like the cable bill.

5. Change your beneficiary 

If you have a life insurance policy with this person, that is something you will want to deal with immediately. Contact your insurance company and change your beneficiary. That's your money and should go to the right person. Too often this small detail gets forgotten.
Note: Some links in this post contain affiliate links, which means I may receive a commission if you make a purchase. Thanks for supporting Save-A-Toonie's money saving adventures!

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