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Divorce is never easy. It takes a strain on you in every way – emotionally, socially, and financially. Even if your split was amicable, there are still going to be challenges that come after divorce.
When you go from a two-person income household to just the one, there are changes that need to happen. The costs of the divorce itself and the division of property and assets could have affected your financial stability.
Your savings might be drained. Those first few months right after divorce are typically the most difficult financially but there is hope for getting through it.
Your first step is to take a deep breath and realize that everything will be okay. You’ll feel overwhelmed, that’s o.k. That’s normal. Don’t panic. There is a process that can help you get through this. Let’s look at some ideas.
8 Financial Tips For The First Few Months After Divorce
1. Take Inventory
It’s also important to be knowledgeable about what you have. What are your financial needs? What are your assets? You need to know what you’re working with to make the most informed decisions about your financial life right now.
2. Learn To Live Within Your New Means
Your way of living has likely been affected by this change. Even if you’re receiving alimony and/or child support, you probably still need to make some adjustments.
You will need to redo your budget and see how to live within your new means.
3. Make Room For Savings From The Very Start
It may seem difficult to save when you don’t have as much income but it’s important you maintain the habit. You also want to have an emergency fund (no matter how small it starts out) for any unexpected things that may come up.
4. Downsize Your Home
Leaving the marital home can be challenging emotionally but in many cases, it can help you save a lot of money and some people find it to be a cleansing experience.
You can get a true fresh start in a fresh new house.
5. Reduce Costs Where You Can
This falls under living within your new means but it may be time to retake inventory of your expenses and see where you can reduce some.
6. Review Your Insurance Policies
Some of this may have been done during the divorce but if not, you need to be sure you go through your insurance policies. Make sure your ex is off everything and that you are getting the best rate possible.
7. Sell Things You No Longer Need
Is it time for a yard sale? Posting some old junk on eBay or Craigslist? In the months after divorce, you can help gather some extra cash and also cleanse your space by getting rid of the things you simply don’t need anymore.
8. Refinance
If you keep the home, consider refinancing to get a better rate. Do you have credit cards you can consolidate or refinance? What about student loans?
Since your income is likely changed after divorce, you may be able to secure a better rate on these and that will definitely help you get through those challenging months right after divorce.
With these tips, you can and will get through the first few months after divorce financially. Sure, it will be difficult. You will also be going through a lot emotionally. Allow yourself to grieve the loss of your previous life, your relationship.
However, you can make it.
Many others before you have done the same thing. If you’re struggling with the process, consider joining a support group. You don’t have to go it alone. Our Facebook Barefoot Budgeting Group is so much more than a group for savings and earnings, we’ve become a loving and kind support system to one another.
If you’re not looking for a divorce only kind of support system, hop on over and make some new friends, we’d love to have you!
This blogger is happily married now. However, at a young age was married and divorced many years ago. I got by with help from my family and friends. Financially my family was there to help me through some really rough spots. I was young! I MEAN really young.
Don’t be too proud to look into government assistance. It is just that, assistance. Sometimes we all need a helping hand. Yes, I have had help from several government and private agencies in the past. You won’t be judged by me for this.
Hang in there friend, this too shall pass. Be kind to yourself and stay focused on your goals. With some work and time you’ve got this.
