It’s not uncommon for people to experience financial difficulties after getting a divorce. Between paying attorney fees and not having two household incomes anymore, it can be a struggle to stay afloat. However, if you plan ahead and create a realistic budget, you can live much more comfortably.
Here are some tips for creating a budget after divorce.
Figure Out Your Available Income
The first step to creating a budget after divorce is determining how much income you bring in every month. Include your monthly net wages, bonus income, child support, alimony and any incomes from others sources, like stocks, property and dividends.
Calculate Your Monthly Expenses
Take out a notebook and write down all of your monthly expenses. Include your mortgage/rent, utilities, food, automobile, healthcare, education child care, credit debt, insurance and entertainment.
Determine What Expenses You Can Cut Out
If your monthly expenses exceed your monthly income, it’s time to make some changes. There are likely at least a few expenses that you can afford to cut out. For example, instead of dining out at restaurants,eat at home more. Consider canceling your cable and renting free DVD’s at your local library. If you have a gym membership, cancel it and do your exercises outside or in your living room.
While cutting out some of these expenses might be difficult in the beginning, it will be well worth it. When you have more wiggle room in your budget, you will feel much less stressed every month.
Consider Getting a Second Job
If you’re having trouble making ends meet with just one job, think about picking up a second part-time job. For example, if you work a regular 9-5 office job, you could serve at a restaurant or deliver pizzas at home. Having a little extra income can help you pay your bills and take some stress off your back.
Stick to Your Budget
Getting used to a new budget isn’t easy at first. That’s why many people break their budgets within a few weeks and go back to their old spending habits. However, if you want to save money and be better off financially, work hard to stick to your budget. It will be well worth it in the end.
Planning on Getting Divorced?
If you’re considering getting divorced, you should schedule a consultation with experienced divorce lawyer in Rockville, MD soon. He or she can help you file the necessary paperwork in a timely manner, protect your legal rights and improve your chances of getting a fair settlement.
Thanks to Daniel J. Wright for their insight into family law and creating a budget after divorce.