If you are struggling financially after a divorce, you're not alone. Going from one combined household to two separate ones is expensive regardless of your income or divorce settlement. With a little focus, though, you should be back on track in no time.
Consider the following steps to recover your financial situation more quickly.
The most important thing that you can do is to prioritize improving your financial situation. Sure, you may recognize that your finances are not what they once were, but if you don't take the steps to change your situation, you'll find yourself in the same spot months or even years from now.
Decide to start immediately. You'll thank yourself later.
Once you've made improving your financial situation a priority, it's important to know where to start. Take the time to write down all of your...
If you are recently divorced and managing money on your own for the first time, you are not alone. Many of the women who I work with are dealing with not only the stress of their divorce but also the need to become educated on their own personal finances. I was curious to get some feedback from some of my colleagues so I reached out to get their top money management tips for recently divorced women.
The good news? Divorce doesn’t have to threaten your financial freedom. Whether you’re newly divorced or contemplating divorce, here are steps you can take to feel confident and in control as you head into this next chapter.
Set goals. Your situation has changed and so have your financial goals. Where do you see yourself in five or ten years? When do you want to retire? How will you invest your money? Setting goals may seem stressful but think of it as an opportunity to create the type of life...
When going through a divorce, you are going to experience a lot of changes and many of those will have a financial impact. You will need to set up a new budget for your future.
If you’re on your own for the first time in a long time, you may not have given thought to how much rent will be or how much it truly costs to pay for health insurance or auto insurance and home or renter’s insurance. Everyday items that you never paid attention to – that cup of coffee at the drive-thru or lunches out with co-workers can add up and lead to a cash shortfall.
You need to budget for financial success after your divorce. Being suddenly single is a shock to your emotional and physical self. If you take steps to regain control of certain aspects of your life – your budget, for example – the transition will be easier and you will feel more in control.