Getting Your Finances In Order Post Divorce – Tips To Manage Your Money Alone

As a woman facing a split with your husband, you’re probably looking forward to putting an end to the whole divorce process so that you can move ahead with a fresh new life. Most people, both men and women think that the past few months or years have been full of emotional and mental upheaval, let alone the financial and legal hassles of a divorce. Well, life as a single woman will definitely bring in new responsibilities including all other issues apart from your personal finances. If money has been the root cause of your divorce, it is even more vital to reign in your finances post divorce. But what are the ways in which you can manage to stay on top of your finances even after going through the pangs of a divorce? Here are some steps that you can take into account.

  • Create a frugal budget: The addition of the word “frugal” doesn’t make the job of creating a budget tougher. Since you have already spent a lot of money on the legal matters, it is better to follow a frugal budget once you start your life on your own. Having a budget is the key step to managing your money after a split. Simply put, a budget will allow you to calculate your income and expenses and also help you strike a balance between the two. You will now know how much to spend and how much to save.
  • Learn to lead a life within your means: Yes, this is one of the most difficult challenges that a single woman has to face after a split. Having to adjust to a different life with a reduced standard of living is typically hard for a woman immediately after a divorce. Previously, you could depend on your husband’s paycheck but now you have to do everything on your own. Spend less than what you make in order to be able to save money for future use.
  • Remove the name of your ex-husband: If you’ve still not completed these formalities, you should not waste any more time. Change the name and address on the accounts like your bank, brokerage and other investment accounts, the credit cards, the employer’s records, the IRS records, life insurance, health insurance and disability insurance policies, social security card, utility bills and title to the real estate property.
  • Establish good credit in your name: Since you’re alone now, make sure you establish good credit in your name. If your ex-husband had poor credit score, you should mend your habits and start paying your bills at the right time to avoid a hit on your credit score. If possible get yourself a secured credit card so that you can manage your bills without having to worry about the payments.

Therefore, if you’re someone who has faced a divorce, make sure you take the required steps to manage your finances. Leading a single life soon after facing the emotional stress of a divorce is indeed tough. Follow the steps mentioned above and stay on top of your finances.

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