You’ve been living together, sharing expenses, paying the mortgage together. But sometimes things don’t go as planned. During a divorce, money may not be the first thing on your mind. Still, you now have to learn how to get by successfully on one paycheck instead of two. And you want to do this right away, before you start to see yourself living beneath a mountain of debt. You are the only one looking out for your financial welfare at this point, so it’s important to take the necessary steps to protect your financial future.
We’ve found ourselves another handy infographic from Visual Economics. This particular one about budgeting for your newly-divorced lifestyle included a lot of smart, and tough, points:
-List all sources of your current income. Visual Economics jokes about including all of your ex’s items you plan to sell on eBay (which might not be such a joke with your newfound eBay-selling skills).
-Look at your fluctuating expenses and decide what you can eliminate. These include your daily Starbucks habit, and other such luxuries.
-Identify the difference between what you want and what you need.
-Understand that these new financial changes do not have to be permanent—you just have to first figure out how far you can stretch your income while still being able to save a portion of it.
-Stick to a budget! After all, you’re under enough stress as it is. As you now find yourself living on your own income for the first time in a while, you have to wonder: Will I be able to? We make this as easy as possible with the LearnVest Budgeting Tool. Keep in mind that if you’ve been getting health insurance through your husband’s employer, you will now need your own source of coverage.
Any other financial tips for the newly-divorced? Leave us a comment.