Tuesday, January 25, 2011

Financial planning and domestic violence survivors

We have talked before about the necessity for domestic violence survivors to plan financially as part of long term abuse recovery. No one expect anyone who is in the throes or immediate aftermath of family violence to engage in mid-range or long range financial planning.

It’s time to look at the financial picture when an abuse survivor has emerged from the dangerous relationship. Advocates know that this can be crucial to the success of a survivor of abuse.

Piggy bank and spare change.
When we’re talking about recovering financially we’re not necessarily talking about stocks and bonds. Typically, we’re talking about budgeting or just managing your household income. It’s important to have a good picture of household finances no matter what size budget you have.

There are places that abuse survivors can go to for financial help. These include:

  • Banks or financial institutions
  • Credit counseling companies
  • Budgeting classes
  • Libraries
  • Domestic violence agencies
  • Online resources

All of these places should be able to help domestic violence survivors reclaim or develop financial skills

Software is available that can help with household budget management. One of the most popular is Quickbooks but there are several others on the market. 

Banks and financial institutions may offer free software to customers. This is often designed to work seamlessly with online banking. If you aren’t sure if this is available from your bank, ask. You may be able to save a few dollars now and in the long run.

Ultimately it matters less if software or ledger paper is used. The most important thing is that survivors spend some time planning and mapping out a solid financial future. 

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