Financial Fitness (Part 2) Creating a Spending Plan while reducing debt


Divorce advice for your financial future

DivorceRx – Your prescription for the divorce process

 Karen K. Roberts, ChFC, CDFA

If there is one word of divorce advice that I could give you  as you go on your journey, that would be to get control of your money! As uncomfortable as it may be for you, because it was for me, it’s the only way you can get through this financially whole.  Creating a spending plan, the new word for budget, will let you know how you can live your life in the short term and in the long-term. This webinar is so important, that I even sent it to both of my children, because I feel that not teaching them how to do this was one of the biggest mistakes I’ve made.

Here is what we talked about on our webinar. We talked about a step-by-step plan to meet expenses, How to make conscious choices based on the money you have coming in and we help you reduce anxiety by giving you control over your money.

The first step that you must do is to keep track of your daily expenses. You can do this by taking pictures of receipts, jotting it down in a notebook, or on your phone’s calendar or notebook or a paper notebook you keep in your purse or in your car, or you can use a fancy app on your phone, but you must track the amount of money you are spending…and the money you have coming in.   When you are aware of all of this, you can find ways to decrease spending, and find ways to increase income!  If you go to Karen’s website, you can download a FREE spreadsheet that she has to help you keep track!

Remember, alimony is taxable to the recipient and a tax deduction to the payor.  Child support is not taxable to the recipient.

Here are tips to decrease spending;

  1. Eliminate or control your credit cards (don’t make them easily accessible)
  2. Buy what you need
    1. make conscious choices
    2. shop with a grocery list and stick to it
    3. take lunch to work
    4. pay your bills on time to avoid penalties and a hit to your credit score

We also talked about how to get out of credit card HELL!  Here are some tips to reduce your debt quickly;

  1. List all of your debts
    1. rank highest amounts to lowest in amounts
    2. rank highest to lowest in interest rates
  2. Pay off the highest interest rates first

Remember, when you charge a purchase before your divorce it is considered that BOTH of you are liable, so you may want to get your own credit cards in your own name, and cancel some others.

Here is another great tip; DON’T USE THOSE PAY FOR YOUR CREDIT REPORTS!  Go to and pull your credit report AND your children’s!  People use teenagers’ identities before they even know about it.  They find out when they go to purchase their first big item.

We hope you will watch the video and learn how to grab control of your financial future.  I know I learned a LOT about what I need to do and will be teaching my kids to do it, as well! Feel free to share this video with anyone that you know that may be struggling with their finances!


If you have questions, you can join our membership and log into our very private Facebook group and ask any of our experts for their advice and counsel about the divorce process and even for healing and moving on.  Join us today by clicking here:  Membership Registration

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