After the divorce, it can be hard to get a handle on your finances. You might be used to sharing expenses with your ex-spouse, and now you have to figure out how to cover everything on your own. However, by taking these few simple steps, you can take control of your finances and start building a solid financial future. Keep reading to learn how to take control of your finances.
After the Divorce, Change Is Inevitable
No matter your financial situation before you got a divorce, I can 100% promise you that it will change after your divorce. You now live solely on your income and lost half of your property in the divorce.
Research shows that you will need a more than 30% income increase, on average, to maintain the same lifestyle you had before the divorce.
Where Does Your Money Go?
Most people, divorce or not, don’t know what they have, what they owe, and what they can afford. The unknown is scary, so inform yourself. In the next four weeks, you will know the answer to what you have, what you owe, and what you can afford, and where every penny gets spent.
Taking Control Of Your Finances: 4 Steps
- First Step: How much money do you make each month? DO NOT INCLUDE CHILD SUPPORT OR SPOUSAL SUPPORT IN THIS NUMBER. The American Bar Association reports that only 44% of child support orders are collected in full. The child support should be counted as a bonus, not in your monthly income for budgeting purposes.
- Second Step: How much do you owe each month? Write down each bill you pay and the amount. Don’t forget to figure in the annual fees. Just divide them by 12 to break it down to a monthly amount. For now, estimate your variable expenses, such as gas. You will figure out variable costs better in step three.
- Third Step: Do you know how much you spend each month? This is different from what you owe. For the next four weeks, write down every penny you spend: paying your monthly bill, tithing at church, getting your haircut, or paying 10 cents at the lemonade stand in your neighborhood.
- Fourth Step: You now have the necessary information to create a budget. If your expenses exceed your income, you will need to figure out where you can cut costs and make extra income.
While this may be difficult and require hard work and changing your lifestyle, this is not forever if you make intelligent financial decisions and plans.
Get your finances in check after a divorce inside Thriving After Divorce – ENROLL NOW!
An Unexpected Bonus
A bonus for doing this process is that you may cut out non-necessities that create a healthier lifestyle for you. When I did the process after the divorce, I couldn’t afford to buy a new tv. I was a television addict, but even though I wanted to call it a necessity for my survival, it was not. I lived without a TV for three years.
The time I had wasted watching tv was spent doing other productive things. I now have several televisions in my home, and very rarely will you find me watching one unless it is college football season on a Saturday, and you better believe I am watching if I am not at a game.
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Recap: Getting Control Of Finances After The Divorce
Although divorce can be a difficult and emotional process, it can also be an opportunity to start fresh and build a new life. And part of creating that new life is taking control of your finances in your new life after divorce. If you’re used to sharing expenses with a spouse, you may be feeling a bit overwhelmed at the thought of covering everything on your own.
But don’t worry! – Join Thriving After Divorce’s self-paced online course for starting over after a divorce. This course, among many other things – teaches you how to create a budget, manage your money, and make smart financial decisions for your new life. So don’t wait – sign up today and take control of your financial future!
