31yo starting over.
Hello!
I’m a 31yo single mum of three kids.
I went through a relatively crappy divorce after 9+ years of being a stay at home mum and am trying to get back on my financial feet.
I’m looking at how I can best do this and would love to hear advice on what and how to best secure my future. I don’t know anything about investing or how to actually do it, I also didn’t have control of any bills or payments during my marriage.
Please give it to me like I’m a child learning for the first time because I truly TRULY feel like I am.
A couple of important points:
• I have about $1,000 in super from my early 20’s when I was working- that’s all I have. It’s currently sitting with the ATO as it wasn’t being contributed to so my super acc shut it down.
• I receive FTB and SP fortnightly - roughly $1600.
• My outgoings per week (rent, food, fuel + bills) are $600
• I work part time around my kids schooling in my own business, this makes roughly $30,000 a year on top of the above $1,600 I receive from CL. This is sporadic and some years it’s $10,000 or less but last financial year it was that, it is based on bookings but i’ve been really trying to ramp this up so i can get off CL.
• I am not financially savvy in any way, my parents did not teach us financial literacy and I’d really REALLY like to change this for myself and my kids. We don’t go without, but I have made no effort prior to now to learn about investing / even think about my super because it’s been at the bottom of my priority list.
• I have a couple of grand in a bank account for emergencies
• I do not receive child support.
Thankyou in advance for any and all advice. Please be as kind as you can, I know it’s a terrible situation and I’m old enough to know I should have been trying to save money during my marriage. I am truly mortified but just want to fix my situation.