Divorce can put a lot of strain on your life, especially your finances. Here are some tips to getting your financial life back on track after your split from your spouse.
Evaluate where you are spending cash that you don’t necessarily need to be spending and think of ways that you can minimize overspending. These kinds of payments could be shopping habits you could change at the mall to save some cash, or even reducing your interest rates, which could make a significant improvement on your current income.
Decide what kind of property would be best for you to live in based on your new financial situation, and do your research. Determine how much you can borrow and how that will affect any other goals you have, such as saving for your children’s education or a retirement fund.
Do a financial stock intake and assess all debts and assets that are either yours or yours and your former spouse’s together. This includes all debts on bills that should have been changed to be in either yours or their name once the divorce took place, making only one of you financially responsible for them.
Boost your career. If your current job isn’t what you would like, now is the best opportunity for a change. You are beginning a new life, and with that should come a new job if you’re not happy with the one you currently have. Take some courses to freshen up your skills, update your resume and explore opportunities that you may not have been able to consider before.
Start building an emergency fund, and after a divorce you will need time to rebuild your financial resources. Even if it is just a little at a time, start putting money away that would be available toward emergencies, vacations, and anything extra that you are unable to use your job income for.