It is no secret that a divorce can put a huge financial strain on you and your family. There are many steps you can take to help improve your finances post-divorce, so you don’t have to worry about how you will re-build your life once those papers are signed.
Here are five helpful ways you can improve your finances to avoid any post-divorce financial stress.
Put Down Your Credit Card
We all fall victim to paying for items on our credit card as opposed to cash. Even the smallest of transactions, we are tempted to reach in for that card but try your best to stay away from it. By taking out enough cash for the week you can keep track of your budget easier. This way, you can see your money as you’re spending it. It is a simple tactic but one that is hugely effective at helping you stay on track financially.
Sort Through Your Belongings
Everyone loves a good yard sale and flee market. You would be surprised at how much we hoard as individuals. For a bit of extra cash, it may be worth having a good clear out and selling the items you no longer need. If you have children, this can also be a fun activity for them to earn some pocket money and, it’s a sneaky way of getting help to clean the house by getting them involved.
Plan Your Divorce Wisely
If you want to get ahead of the game, then you should start thinking about your finance’s pre-divorce. If your husband/wife is usually the one who sorts out the bills, then you might want to familiarise yourself with it all before you go solo. Hiring a good divorce attorney can also give you a helpful insight into how you can keep your finances in check. You won’t be short on finding a useful divorce law firm in Houston and there will be some well-experienced attorneys who can take the pressure off. After all, the aim of this is to enjoy your new life post-divorce so let’s try to put those financial burdens at bay.
Create Boundaries for Your Spending
If you haven’t got one already, it might be a good idea to start creating a monthly budget. You can always gain advice on how to do this from your bank but there are also plenty of free resources online, like this one. A good place to start is listing all your household bills. This may include things like your rent/mortgage payment, electricity, gas and water.
After you’ve filled those in, it would be a good idea to then list any monthly debt payments you may have from your credit card payments or loans. After you’ve factored these into your monthly expenditure you will then know who much you have left for grocery and household goods. It can be a lengthy process but doing this can certainly take off any pressure when it comes to spending your money post-divorce.