One of the most complicated parts of divorce for most couples is the reality of losing a shared income. Depending on your situation, you may not only share income with your spouse, but you may also share the responsibility of paying debts.
Now, with your newly single status, you are primarily responsible for every financial obligation. This transition from joint to independent may come with growing pains. However, the sooner you start to strategize your own plan, the better control you can retain over your share of the settlement.
Determine priorities
Divorce may unexpectedly shift your priorities away from former tasks and toward necessities. For example, prior to your split, you may have focused on putting away money for your children’s educational needs. However, post-split, you may need to scale back on your contributions to educational accounts and focus more on making sure you have electricity and water.
List your necessities and then prioritize your financial contributions. Revamp your budget to reflect your financial obligations. Cut back on unnecessary expenditures. Get creative to stretch your money. You may even consider finding a part-time job to earn some extra funds while you get back on your feet.
Set goals
Setting goals is an excellent way to visualize your future. Strategize ways to achieve your goals and consider sharing your aspirations with others. According to Yahoo! Finance, some goals you may consider include the following:
- Homeownership
- Career development
- Diversified savings
It is no secret that divorce can disrupt your finances and leave you with fragments of what you once had. However, your ability to optimistically and proactively piece your finances back together can help you capitalize on an opportunity to regain your independence.