Starting over can be overwhelming. There is already so much emotion surrounding why you are having to start over. It can as a result of the death of a family member, divorce, lost of job, bankruptcy or a mental breakdown. Add financial stress to that equation and it can seem daunting.

If you are having to start over for whatever reason, here are a few tips to help you through that process.

Gather your financial information

Understanding your financial position should be your starting point. Are you in debt, what are your monthly obligations, what is your net worth. Some of this information may have been neglected for some time or you may not have been the person managing the details, so it may not be as easy as it should be.

Financial documents you will need:

• Bank statements – savings – investments – credit cards
• Bills – utilities – insurance
• Insurance policies – title deeds – vehicle details
• Loan and mortgage agreements

The purpose of this exercise is to establish your current financial position. If you have no idea where to begin or if it is a situation where debt has been incurred in your name, you can reach out to a credit bureau. They will help you establish your current debt position.

Communicate with stakeholders

If you are unable to meet your obligations or you need to change the current terms, carve out time to discuss with the stakeholders . This should be high on your list of priorities. You can request a change to monthly obligations, if you are unable to meet the current monthly payment or find out what options are available to you. This phase can be beneficial in establishing a relationship with your account managers, something you may not have done previously. 

Seek professional advice

A change in life situation can result in cash windfalls. While that takes away the pressure and the burden, you may need to make some financial decisions of which you do not have the experience. Seeking the help of financial professionals and the legal fraternity can ensure that you are making the best decisions for your long term future, and that of your family. 

Increase your financial literacy

You will never have too much financial knowledge, regardless of what level of financial literacy you have, you can always go to the next level.

If you have never been in charge of your financial life before, start with the basic of understanding banking and managing cash, setting up a system to pay for your monthly bills, ways to increase your revenue and the best ways to save money, how to budget and live frugally.

At the more intermediate and advance level, learn to live a debt free life, learn how to make your money last to retirement and the best investment options for your lifestyle and creating generational wealth.

Set new intentions for yourself

As you embark on your journey, you should set new goals for yourself, regardless of your age. Starting over should not be seen as the end of a life, but the beginning of a new season of life. Once you have established what these new intentions are, you will need to factor in the financial aspect to meet them. Below may be a few that align with who you want to be.

• Early retirement
• New hobbies
• Downsizing
• New home
• New source of revenue

Keep Going

There is no shame in starting over, every new day gives an opportunity to begin again, to chart a new path or simply live better.

Starting over or the feeling of starting over is never easy, but it provides an opportunity for you to be go in the direction you want to, using the experience you have to live the life you desire, and your financial life forms part of that journey

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