Tuesday, July 16, 2019

How to get Back on Your Feet After a Divorce

Divorce carries with it heavy emotion strain, but can have a large financial impact that can make moving on difficult. With all the stress that comes from a difficult time around divorce, learning to manage the financial side can allow you to be more able to face the mental and emotional aspects of it in time. Many people become used to a certain cost-of-living, and after a separation find that it is difficult to maintain. Here are some tips that have helped others through this difficult time.

  • Separate Your Accounts

You should separate all of your shared bank accounts and financial records as soon as possible. This will ensure that you take no responsibility for any money mismanagement or personal finances after the divorce, and ensure that you know how much of a budget you have to play with now that you are single. These accounts should include bank accounts, savings accounts, credit cards, insurance, and even change any wills that you have established as a couple.

  • Manage Direct Debits

If you are making financial payments to your partner, such as child support, you should ensure that you set up automated direct debits between yours and your ex-partner’s accounts. It is important that you do this to ensure that you establish the regular payments and make sure that you do not forget any of the monthly payments. Not only will this help you to budget, but this will also top any disagreements between you and your ex-partner.

  • Change Your Budget

When you were married, your budget would have been split between the two of you and would have taken into account both of your financial incomes and personal needs. However, now, you will need to adjust your budget to suit your new lifestyle and ensure that you have the right amount of available funds. To do this, you should firstly focus on the essentials such as rent and food bills, and then consider luxury items, as this will ensure that you have enough money to survive. You can help to plan a new budget through budget calculators online.

  • Take Out a Loan

If you are struggling financially after a divorce, you should consider taking out a short-term installment loan that can help to support you during a transitional phase. While you should not continue to live outside of your means, the financial assistance can help you while you make adjustments to your lifestyle.

  •  Consider Investment

You also need to consider a financial future as an individual, and one of the best ways to do this is to establish any investments that you could make with your funds. After you have started to have savings behind you, you should consider investing your money in successful and secure investment opportunities such as property, as this will help you to get the best use out of your money and ensure that you are able to support yourself in the future.


Post a Comment

"Pleasant words are as a honeycomb: sweet to the soul and health to the bones." Proverbs 16:24