Getting a divorce means splitting with your partner as well as splitting the assets in your marriage. Your financial situation will change, which makes it the perfect time to “eXamine” your spending habits and make the necessary adjustments to keep you on the right track financially.
Every divorce comes with its own unique financial situation. So seek detailed advice from a trusted financial advisor who is familiar with your finances and personal situation. To get you started, here are some basic tips to help you “eXamine” and review your finances going forward.
Create a New Budget
Be willing to accept your new lifestyle and make a realistic budget with the money available to you. Start by eliminating or reducing unnecessary household expenses and make necessary adjustments so you don’t wind up in debt. “eXamine” your spending and make sure you have the income to support your lifestyle choices. Don’t take out loans or overuse credit cards unless it is an emergency.
Increase Your Income
If you haven’t been previously employed, this may be the time to spruce up that resume and get back in the work force. Or think about ways you can increase your income. It may be time to ask for a raise or perhaps work a few extra hours for the added income. You may want to consider a second part-time job till you’re back on you’re feet. Or maybe you could start a small business on the side from home?
Successfully Live Within Your Means
Knowing how much money comes in and how much money needs to be paid out will help you live within your budget. Make sure you can afford the things you were once able to spend money on – and decide what you could eliminate. For instance, instead of going out to dinner regularly, make more meals at home.
When you “eXamine” your spending habits, you may find you only need a small amount of tweaking to put yourself on a healthy financial path. However, if this is not the case for you, don’t be afraid to seek out assistance for which you may be eligible. Go to Benefits.gov and check what is available in your state. You may also be eligible for the Snap Program, which provides supplemental nutrition assistance for those who qualify. Be sure to check your local resources, such as The Women’s Center or local food banks. It never hurts to ask for help.