After Shelly Robertson's nine-year marriage ended in 2006, she quickly adjusted her lifestyle. As part of a two-income household bringing in more than $250,000 each year, Robertson and her ex-husband took spur-of-the-moment vacations to the Caribbean and had the resources to purchase whatever they wanted. But once Robertson became a divorcée in charge of taking care of the couple's 10-year-old son, she had less money to work with. The changes forced her to become more aware of her financial decisions. Robertson now has a household income of $106,200, which includes monthly court-ordered child support payments of $1,100. Still, the senior program manager at a finance company now maps out all her purchases. The adjustment has been difficult, but the 38-year-old Upper Marlboro, Maryland, resident says she's up to the challenge. "I learned to live on one income. You have to go through a change in lifestyle. I realized that I need to save more and spend less, because I don't have that second income to fall back on,†says Robertson. More than 30 million women in the United States share Robertson's predicament, braving it alone while taking on dual roles as head of household and sole breadwinner. Robertson is determined not to let divorce prevent her from accumulating and preserving wealth. She plans to maintain financial health by readjusting the way she manages her money, particularly because she is raising her son alone. Robertson has cut back on clothes shopping and dining out, activities she barely gave a second thought when she was married. She also does her own hair and nails, saving about $100 a month. Robertson says she tries to be a good example to her son by showing him how to be frugal. "If he asks me about going out to eat or if he can have the latest toy, I ask him to take a look at our budget and see if there is money for it and if it's a planned purchase,†says Robertson. "If the answer is no to either question, we don't buy it.†In spite of her commitment to cut spending, Robertson refuses to compromise when it comes to her child's education and pays private school tuition of $850 a month. At the same time, she is trying to sock away savings for his college years. Those outlays, in addition to a $2,000 monthly mortgage payment on her five-bedroom, three-and-a-half bath home have become increasingly burdensome. Robertson seeks advice on how to fund her son's education and keep her household finances running smoothly. THE ADVICE Seek help with tuition. Robertson spends more than $10,000 each year for her 10-year-old son's private school education. At $850 a month, this takes a big chunk out of her income. She should consider seeking a modification of her child support so that she can receive additional money to help with tuition costs. Another alternative would be to seek tuition assistance from the school. Some private middle schools offer scholarships and payment plans. Take on a renter. Robertson was able to keep the five-bedroom, three-and-a-half bath home she and her husband purchased for $266,000 in 1998. She owns the home outright. (Her balance is higher now because she opted for a cash-out mortgage refinance in 2007 for $430,000 at an interest rate of 6%, so she could pay off expenses incurred as a result of the divorce). However, the home is too big for just her and her son. It would be hard to sell the home in this slumping housing market, so her best option is to rent out the lower level of the home, which has three bedrooms, a kitchen, a bathroom, ample closet space, and a separate entrance. She should also consider renting out the entire house and moving into an apartment. A real estate professional can help her decide how much to charge for rent. He or she can also assist her with learning about any restrictions on renting, as laws in Maryland vary by county. Robertson should use the additional income to pay down outstanding credit card debt and save for her son's college education. Rebalance retirement portfolio. Reeling from the economy, Robertson reallocated her 401(k) portfolio to 40% stocks and 60% bonds and cash. Dunagan recommends that she rebalance it to 60% stocks and 40% fixed-income vehicles. "In terms of the growth portion of her portfolio, I would suggest that she split her portfolio among large-cap, mid-cap, small-cap, and international [stocks]. She should equally split the growth portion of her portfolio by 25% in each,†says Dunagan. Dunagan says she should also increase her 401(k) contributions to 10% of her income. Add to emergency savings. Robertson has $6,000 in emergency savings. This is only enough to cover a little more than one month of expenses–a bad move in this turbulent economy. Robertson's monthly expenses, including her mortgage, are about $4,000. Dunagan recommends that she place three to six months of expenses in reserve. Robertson should use the $2,000 contest winnings to bolster her savings. Get additional life insurance. Dunagan suggests that Robertson add another $200,000 in term life insurance so that there would be enough money to cover her son's college and living expenses in the event of her death. This article originally appeared in the October 2009 issue of Black Enterprise magazine.