Financial Checklist After Divorce: A Single Mom's Guide to Starting Over

Amanda Khan
February 10, 2025
Personal Finance

Divorce hits hard, and when you’re left with an infant and no backup plan, it can feel like the whole world is against you. I know because I’ve been there—standing in an empty apartment with nothing but a diaper bag, wondering how I’d make it to the next day. But here’s the thing: you can rebuild, even if it feels impossible right now.

This financial checklist will help you take stock of where you are, identify what needs to be done, and set yourself up for long-term financial security. Use this as your roadmap to stability, independence, and ultimately, peace of mind.

1. Assess Your Financial Situation

Why It Matters: Before making a plan, you need to understand exactly where you stand financially. Divorce often brings unexpected expenses, debts, and income changes.

Steps to Take:

- List all your assets and debts (savings, credit card balances, outstanding bills, etc.).

- Check your credit score using free services like Credit Karma.

- Review past bank statements to get an idea of your spending habits.

Hack: Use budgeting apps like Monarch Money or YNAB to quickly categorize your expenses and see where your money is going.

2. Open Your Own Bank Accounts

Why It Matters: If you shared bank accounts with your ex, you need financial independence immediately.

Steps to Take:

- Open a new checking and savings account in your name only.

- Set up direct deposit for your paycheck and any child support/alimony.

- Transfer any money that belongs to you from joint accounts before they’re closed.

Hack: Consider an online bank with no fees and high-interest savings options to maximize your money.

3. Set Up a Process for Shared Expenses

Why It Matters: If your ex is legally required to provide financial support or split child-related costs, you need to ensure it’s set up and tracked. Set up a a process to keep track of expenses that you want to split. Generally, the parents are required to split expenses for things like childcare, education, extracurricular, and medical.

Steps to Take:

- Set up a spreadsheet where you can enter all your reimbursable expenses for the month, and track what's been paid/unpaid.

- Create a folder in your phone or google drive where you can store receipts and attachments for the expenses.

- Save a date on your calendar to review expenses each month and send your ex an email asking for reimbursement. Rembember to send the spreadsheet and receipts to properly document all of your expenses.

Hack: Use an app like Blended to keep track of all of your shared expenses and invoice your ex for reimbursement. The app also has automation features that will help you settle up faster and avoid managing spreadsheets. You can even set up your child support payments on auto pay. Learn more at www.blended.app.

4. Update Your Insurance Policies

Why It Matters: Health, life, and auto insurance policies may need adjustments to reflect your new circumstances.

Steps to Take:

- Get health insurance through your employer, Medicaid, or the ACA marketplace.

- Update your life insurance policy to name your child (or a trusted guardian) as the beneficiary.

- Ensure your car and renters/homeowners insurance reflect your new address and needs.

Hack: Some credit cards offer free life insurance policies—check yours for added security.

5. Adjust Your Budget for Single-Income Living

Why It Matters: Your household income has likely changed, and you need a plan that prioritizes essentials while allowing room for savings.

Steps to Take:

- Cut non-essential expenses like subscriptions or dining out.

- Create a budget that includes rent, childcare, groceries, and savings.

- Use meal planning and bulk shopping to cut food costs.

Hack: Apply for local assistance programs like WIC or food banks to ease grocery expenses while you get back on your feet.

6. Build an Emergency Fund

Why It Matters: An emergency fund prevents financial disasters when unexpected expenses arise.

Steps to Take:

- Start small—aim for $500, then build up to three months’ worth of expenses.

- Set up automatic transfers, even if it’s just $10 a week.

- Keep it in a high-yield savings account separate from your daily spending.

Hack: Use cash-back rewards from credit cards or apps like Rakuten to fund your emergency savings.

7. Plan for Childcare & Work Flexibility

Why It Matters: Childcare is one of the biggest expenses for single parents, and work flexibility can impact your earnings.

Steps to Take:

- Explore childcare assistance programs through government agencies.

- Ask about flexible work schedules or remote options with your employer.

- Consider bartering services with other single moms (e.g., trading babysitting).

Hack: Many YMCAs and local community centers offer discounted childcare services—check for financial aid opportunities.

8. Rebuild Your Credit

Why It Matters: Good credit helps with everything from renting an apartment to getting a car loan.

Steps to Take:

- Pay all bills on time to boost your score.

- Get a secured credit card if you need to start over.

- Keep your credit utilization below 30% to improve your rating.

Hack: Ask to be added as an authorized user on a trusted family member’s credit card to boost your score quickly.

9. Start Saving for Your Future (Retirement & Education)

Why It Matters: While survival mode is real, long-term savings should still be on your radar.

Steps to Take:

- Contribute to your employer’s 401(k), even if it’s just 1%.

- Open a 529 plan for your child’s education—many states offer tax benefits.

- Set a goal to increase savings as your income grows.

Hack: Use round-up apps like Acorns to passively save small amounts daily.

10. Set New Financial Goals & Create a Plan

Why It Matters: You need a vision for where you’re going, not just where you are now.

Steps to Take:

- Write down three financial goals (e.g., buy a home, start a business, pay off debt).

- Break them down into small, actionable steps.

- Track progress and adjust as needed.

Hack: Find a financial accountability partner (another single mom or a trusted friend) to stay motivated.

Final Thoughts: You’ve Got This

Starting over after divorce is daunting, but with a solid financial plan, you can create a stable and secure future for yourself and your child. This checklist is just the beginning—use it to take charge of your finances, build confidence, and step into the next chapter of your life stronger than ever.

Remember, financial independence isn’t about where you start; it’s about the steps you take forward. One step at a time, you’re building the life you and your child deserve.

Amanda Khan
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Head of Community
Amanda is one of the Co-Founders at Blended, a single mom of one, and a social media and marketing expert. She has traveled to 20+ countries and was voted one of Top 50 Voices in International Education.
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