A lot of people who get divorced find themselves worried about how they’re going to make ends meet once their marriage dissolution is finalized. That makes sense, too, considering that you may lose a lot of marital assets in the property division process, your household income may be significantly reduced, and you may be ordered to pay child support or alimony.
But don’t let your fear of the future paralyze you into inaction. Instead, use your concerns to motivate you to prepare as much as you can for the road ahead. You’ll find that if you put in the time and effort necessary to formulate a strong plan, then you can move into your post-divorce life with confidence.
Tips for developing a post-divorce budget
One way to make sure that you’re living within your means after divorce is to develop and adhere to a budget. But where do you even start in that process? Here are some tips that we hope you’ll find helpful:
- Start by focusing on the bills that you have to pay: One of the best places to start when budgeting is your essentials. These are things that you’re going to need in order to get by once your divorce is finalized. This includes your housing, your car, groceries, utilities, and insurance. Make sure you’re being accurate when figuring out how much these bills are going to cost you.
- Figure out your income: Next, calculate how much money you’re going to have coming in each month. This includes your wages, but also any support payments that you may receive. Once you have this number, you can subtract the expenses tied to your necessary bills. This will leave you with an amount of money that you can then use for discretionary expenses. If you’re short on funds after subtracting your necessary expenses, then you might need to consider downsizing or trading in your vehicle for a cheaper option.
- Restrict discretionary spending as needed: Even if you have some money left over after paying your necessary expenses, you’ll want to be careful in how much discretionary spending you engage in. By budgeting for things such as dining out and buying clothes, you give yourself bounds to live within so that you know where stand financially at any given point in time.
- Try to set money aside: By controlling your discretionary spending, you might be able to save some money so that you’re prepared for any emergencies that may arise. These are often financial pressure points that newly divorced individuals aren’t prepared to address.
- Consider talking to a financial advisor: It can be hard to get a handle on your financial situation post-divorce. It’s okay to seek help if you need it. A financial advisor might be able to help you better understand where your budget stands and what you can do to better position yourself for financial success post-divorce.
Be ready to advocate for the post-divorce life that you deserve
Figuring out how to deal with your post-divorce finances is just one piece of the marriage dissolution process that you’ll have to address. There are a lot of other legal issues that you’ll have to confront, and each one can affect your life in a dramatic way moving forward.
That’s why you might be more comfortable navigating your case with a legal advocate by your side. If you’d like to learn more about what an attorney can do to help position you for post-divorce success, then now may be the time to read the rest of our website and continue to research those firms that you think will provide you with the kind of representation that you need.