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What Should You Know about Budgeting After a Divorce?

Mar 24, 2015

Budget - Image Credit: http://pixabay.com/en/users/Nemo-3736/

A divorce will change your budget completely. You no longer have two incomes to depend on. That’s why it is important that you take the time to re-budget right away. You should never wait, because you could end up in a lot of debt. That will lead to tarnished credit. Here are some tips to help you re-budget after going through a divorce.

Identify Income

Start by clearly identifying all sources of income. Once this is established, you will want to deduct any alimony or child support that you need to pay or will receive.

Expenses

List out all your monthly expenses, and don’t exclude anything. You should include things like loan payments, mortgage, monthly utilities and insurance. Consider how your lifestyle will change. You need to evaluate downsizing, and see where money can be saved. Start with deciding what could be excluded from your monthly budget to make things a bit easier on yourself.

Can you get by with just using your cell phone so you don’t have to pay for a landline? These are the types of questions you need to ask yourself.

Rising Expenses

Consider all the little extra things that may come along, such as eating out or getting a hair cut. You need to decide on what things are necessary and what can be cut out. Going out to eat will become a treat, rather than an everyday event.

Income and Expenses Comparison

Compare your income with your expenses, and see where you need to balance things. If your expenses outweigh your income, then you need to see what you can get rid of.  Perhaps, go with a smaller cable package or stream your television. If you have an unlimited internet plan, then streaming your T.V. can be a cheaper route.

Temporary Changes

Realize that you may only have to give up some luxuries until you are on your feet. Once you get yourself settled than you can enjoy more things like going out to eat or getting your hair done.



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