The financial impact of a divorce can seem to linger forever. If you are facing a divorce or have already gotten the final order, you need to make sure that you are taking steps to reclaim your financial stability.
No matter what state your finances are in, there is likely room for improvement. Here are some tips that you can use to get your money matters back on track:
Write out a budget
Your budget is your key to financial success. This gives you a snapshot of what you earn and what you spend. It also lets you know if there are any areas that you can trim down with your expenses. You can make a plan for every penny that you earn so that you are in complete control of your finances. You no longer have to have someone else’s input into your plan.
Plan to save
Automate your savings so that you can build an emergency fund without thinking about it. There are many plans to do this. Some apps round up purchases. Some banks will deposit money out of each paycheck into a savings account. Try not to touch the money unless you have an actual emergency.
Downsize if necessary
Some assets, such as real estate, might seem like good ideas, but when you put the cost of them down on paper, you might find that this isn’t the case. Make sure that you take a good look at what you are spending on your home and other assets. You might find that now that you aren’t married, you can downsize to save money.
Source: Time, Inc., “10 Steps to Financial Recovery After a Divorce,” Joe O’Boyle, accessed Jan. 11, 2018