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Leaving an abusive relationship is a big step that shouldn’t be taken lightly. It should be equated to leaving any long-term relationship or marriage because it will take a toll on your emotions and your finances. That’s why it’s important to have a financial plan before and after leaving an abusive relationship.
Here are some financial methods that can help:
Keep your personal documents away from the house
Important documents such as your ID, driver’s license, payslip, passport, bank account and credit card information and insurance policies should be kept with a friend or family member you can trust. We advise that you also set up a new P.O Box so that all your important mail is kept away from your abuser.
Taking these measures can prevent your perpetrator from damaging your credit or stealing your identity.
Change your ATM and debit card PIN codes
It’s normal for people in relationships to know each other’s PIN codes but when you’re trying to end an abusive relationship, it’s important to change them immediately. This includes your online banking and email passwords as well. The last thing you want is for your partner to clean up your account when you leave, making moving on that much harder.
Changing your codes and passwords will prevent this from happening.
Save money
The best way to save money is to make changes to your lifestyle so that you can cut costs. If you’re someone that buys take-outs frequently, shops often and has multiple subscriptions or memberships then it’s best to ditch these expenses. Our advice is that you set up your bank account to automatically transfer funds from your checking account into a savings account every month when you get paid. Check out these smart ways to save.
Ask for help
Speak to a family member or close friend you trust about staying at their place for as long as needed. This way you’re safe from the abuser and this can help you save money until you find a new home. Being around someone you love can also ease the pain of the relationship ending because you’ll have someone to talk to about it.
You can also contact POWA and other organisations that can help as they provide shelter and counselling for victims of
Maintain good credit
Having good credit can help you in the future as you’ll be able to rent a new flat or house, get a loan if needed and get better rates on your insurance policies. So take care of the debts that you do have and keep payments up-to-date to make things easier for when you start your new life.
We understand that leaving an abusive relationship is hard, but we hope that these solutions help you in starting your new journey.