Your financial circumstances will change in many ways if you decide to divorce. While you’re sure to face some challenges, there are steps you can take to minimize the impact on your life.
One of the first things you should do is create a post-divorce budget. Even if you’re not 100 percent sure of the approach you want to take, it’s better to get the basics in place than to wait too long.
Here are some tips you can follow:
- Calculate your income and expenses: You can’t create a budget until you know the finer details of your income and expenses. Don’t leave anything out, as the last thing you want is surprises.
- Create a system for tracking your expenses: This can be as simple as writing everything out with pen and paper or using a spreadsheet. There are also mobile apps for budgeting and tracking expenses.
- Make changes as necessary: For instance, you may find that you can’t afford all your expenses with your current level of income. Look for ways to cut back, such as by changing your phone plan and eating out less.
Along with the above, get into the habit of reviewing your budget at the end of each month. This will give you a clear understanding of whether or not you’re on the right track.
Divorce will change your life in many ways. Your new financial situation should be top priority post-divorce, as you want to gain stability after so many months of uncertainty. Once you have a budget you can follow, it’ll make your life much easier.