2009 - MY YEAR TO SHINE

During a midlife divorce and the recovery period surrounding that event, most of us are left in limbo about our finances, at least for a while. I am definitely not a numbers person. All through my marriage, I let my wasband take care of the money stuff. BIG MISTAKE! We are all big girls, and we have to learn to take care of our money ourselves! One way to start is by getting your records together for your taxes. This forces you to collect the documents you need, and you see in black and white where you stand. Even if your financial news is bad, it is empowering to know because you can then make a plan to move forward. “Knowledge is power” is definitely true in regards to our money. If you can afford it, get someone to help you with your taxes this year. There are issues to consider like whether you should file separately or jointly, about who claims the children, about alimony, child support and all kinds of financial issues affected by your divorce. The years around my divorce, I paid my accountant to advise me about how to file my taxes. In the process, I had several appointments with him, and he gave me advice about what to do with the house, my business and advised me about other money decisions as well. If you cannot afford an accountant, at least get someone who knows what they are doing to look your financial records over. There are tax services in the community available to help you as well. But time is running out. Ignoring April 15th won’t help. In fact, getting your finances in order is one of the best things you can do to get control of other parts of your life. If this is your first year taking care of your own taxes, you will gain confidence by at least knowing what you need to do to move forward and what will make things easier for next year. Here’s simple advice from a recovering let-someone-else-do-the-money-stuff-kind-of-person. Each year, I get two big expandable folders with an elastic band around each one. This year, one says “Suzy – 2009.” The other “MDR (Midlife Divorce Recovery) – 2009.” Even though it could be more organized, at least everything goes in there. Receipts, deposit slips, credit card statements, etc. Then I have a 3-ring binder where I put bank statements for myself and for my business. Just having that much control gives me a sense of power … even if I still feel a few heart palpitations as April 15th approaches. If you don’t have a place to keep everything for 2009, go get a couple of file folders of your own today! Gather up your financial papers for the year so far. (It’s not too late!) You can do this! Next year will be easier. In the meantime, get going on your 2008 taxes now!