Establishing your independence after a separation

Take control of debt

It’s best to stay on top of mortgage and credit card payments from the start - so balancing your cash flow is critical.

Most people are managing some form of debt at any given time. The trick is to always know what you owe, and the conditions of your repayments. For more practical help on this, see managing your debts.

Manage your property

Whether you're renting, own your own home, or own several houses, there's a good chance that managing your properties could become more complicated after separation.

While you find your feet, a good place to start is to speak with a financial expert. They can review your budget and help decide the best path for you. Remember, a property should always be seen as a promising investment, not a drain on your finances.

Plan for a financially safe future

Have you thought about your retirement yet? A financial expert can help you understand how long you should be working for, how much to save, and even the best time to sell your property.

It may also be a good idea to check up on your super. If you have multiple accounts, think about combining them into one to save on fees, and look into ways you can grow your super balance.

Learning these skills will have you well on your way to financial independence. Find more tips and advice using our online help and guidance resources.

Glossary

Repayment

The act of paying back a loan to the lender. This can be as a whole, or periodic installments.

Super

Super is a regular payment made into a super fund by an employee towards a future pension. For most people, your employer must pay an amount equal to 9.5% of your salary into your super fund account. Your super savings can be self-managed, or controlled by the superannuation fund of your choice.