Divorce doesn’t just take a toll on your emotions. It can also be pretty draining financially as well. Often times, it’s hard for people to adjust to their post-divorce financials. However, it is possible to begin thriving again after your divorce…
Post-Divorce Financials: Survive and Thrive
Make a budget
Budgeting is an important part of your post-divorce financials. After all, you might find yourself with lesser cash flow after your divorce. Going from a dual-income to a single income household will mean you’ll have to make some changes.
It helps to create a spreadsheet and measure out your expenses versus your income. Then you can see what you can cut back on if you need to save some money. Sticking to a budget will help you avoid spending money on things you don’t really need in the long run.
Adjust your routine
Making slight changes to your routine can actually have a large impact on your post-divorce financials. You might be used to a certain way of doing things before your divorce. However, it might be wise to make some changes afterwards to save you some money.
For example, lets say you usually get a coffee in the morning from a coffee shop that costs $4. Making your own coffee at home instead could send up saving you about $30 a week, and up to $125 a month! Having that extra bit of money saved can really help you get your finances together after a divorce. Try to find the things in your routine that you can temporarily go without to save that extra bit of money.
Invest in your future
A person’s earnings can take quite a hit after a divorce. For example, women can have their earnings lowered by up to 37%! That’s why it’s important for your post-divorce financials that you plan ahead for your future.
You might want to think about ways you can expand or increase your career opportunities. This could mean getting new certifications or taking some higher education. Many community colleges offer more affordable options than their university counterparts.
Getting a better grasp over your post-divorce financials can actually be quite empowering. You can take direct action in reestablishing your post-divorce life one day at a time with a good budget and a good plan for the future.