14 February 2011 0 Comments

Saving money after divorce

Follow Us

Going through a divorce is a hard time, especially when it comes to finances.  When you were married, you and your husband worked – you had all the money you needed – you bought everything you wanted.  Now you are facing a huge decline in your standard of living – you must live on one income instead of two.

There are ways to rebuild your financial security and you can do it.  The most important is to create a budget you can live with.  By doing this, you will get an overview of your finances and see if you need to make any changes in your day-to-day living. 

The first step in creating a budget is to list all your monthly expenses – don’t leave anything out.  Do not rely on other sources of money such as tax refunds or gifts.  You can always use these to pay debts down, if you have any.  Secondly, subtract your monthly expenses from your monthly income.  If the number is a negative one, there are ways to lower your expenses. 

Consider doing without (until you get on your feet again):

·         Dining out in restaurants

·         Telephone services such as caller ID or call waiting

·         Cable TV with premium movie channels

·         Magazine or newspaper subscriptions

·         Buying coffee outside – make a pot at home 

After a while, you will discover that little changes can make a big difference.

Leave a Reply

You must be logged in to post a comment.