Topic Monday: Domestic Violence Series–5 Steps to Financial Planning in leaving a Domestic Violence Situation

One important factor that prevents women from leaving a domestic violent situation is finances.  They have no way to provide for themselves and their children and feel they have no option other than to stay.  money bag

If possible, begin financially planning your escape as far in advance as possible.  I realize this isn’t always possible, but there are a few tips to financially plan an escape.

  1. Set up a separate bank account—don’t let your spouse know anything about this account.  Have the records sent to a separate email address your spouse has no access to.  Also, for mailed statements have them sent to a P.O. Box {again keep this private}, work or a relative that will keep your secret.
  2. Set up a plan at work—set up a plan with your job to have a certain amount taken out of each check.  The amount doesn’t have to be very large, even $10 or $20 will help.  The most important aspect, is you do not want your spouse to notice the missing money.  This is great to implement when you are starting a new job, adding insurance or other changes to your pay check.  Remember $10 a week adds up to $520/year or $20 to $1040/year.piggy
  3. Cut expenses to the bare minimal—how little can you live on.  Cut expenses back to only the barest of essentials.  The remaining money can be put in that private account.  This will also help you grow accustomed to scraping by.
  4. Determine the bare essentials—determine the barest of essentials you and the children need in order to survive?  What items can you cut out?  What do you have to have where insurance and medical needs are concerned?
  5. Earn More—find tasks you can do to earn more money.  This is especially important if you are not working.  Can you babysit, make something to sell, bake something to sell, yard work, teach lessons, provide an expertise in a field, etc.   Dig deep and determine what you can do.  If one thing fails, then learn from that and either revamp the endeavor or try something new until you find your sweet spot.

What steps did you take in financially planning to leave?


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