BREAK NEW GROUND AND RESTART YOUR FINANCES

When your day-to-day finances are in turmoil, it’s time to make a new game plan from scratch

- DARREN SNYDER

Whether it’s a life event disrupting your finances or you’re in pursuit of something greater in life, there are always opportunities to restart your money management.

Life events such as having children, losing your job (or starting a new one), going through a divorce or dealing with a bushfire or flood can often be a catalyst to re-evaluate your financial plans.

When you make the conscious decision to start over with your finances, the first thing to do is make certain you know what you’re trying to achieve and why. Each expert we spoke to for this feature suggests that making headway will only happen if you know where you want to go.

We’re not here to tell you that starting over with your finances is easy. It’s not. But with a little help from those people closest to you, and with a few tips and guiding principles along the way, you’ll be breaking new ground in no time.

We talk about some of the experiences people have had when rebuilding their wealth after bushfires and house fires; how to handle your money during a divorce or when disagreements are impacting your finances; where to start when rebuilding your personal budget; what mindsets are valuable when having children; and what to think about if you’re starting a new career or have just been made redundant.

This article is by no means the comprehensive, all-in-one guide to rebuilding your wealth from scratch, but it should provide plenty of starting points no matter which stage of life you’re at. It’s not about how you manage your money immediately after a crisis, but more about how to get back on track once the dust settles.

IN THE LINE OF FIRE