Not only is going through a divorce a painful and emotional process, but it can also be a challenge financially. With the high cost of hiring a divorce attorney and the loss of an extra income after separating, it can be a challenge to stay afloat until the dust settles. For those needing to regain their financial stability, there are a few ways to survive the difficult time.
Find a Roommate
After you become separated from your spouse, it can be difficult to pay the mortgage or rent on only one income. Find a roommate through online ads or a listing in the local newspaper, which can allow you to stay at your current residence and even have some extra company. If you have children, a roommate is not the best option, but you can save money by having a family member stay with you.
Cut Coupons
Reduce your spending on groceries and household products by cutting coupons that can easily be found online or through newspaper inserts. Use both store coupons and manufacturer coupons in conjunction with one another for double the savings. Several online blogs also provide updates on the latest deals each day for an easy way of saving potentially hundreds of dollars a month on the items you already buy. It’s important to save money where ever you possibly can so that you can start rebuilding your savings account.
Budget Alimony Money
When paying alimony, it’s important to budget the money correctly to ensure that you’re able to make payments on time. Cut out unneeded luxuries from your budget to ensure you can afford the payments in the first year. Consider downsizing the type of car you drive or perhaps where you plan to live. If you are in the process of negotiating alimony, it’s important to talk to an alimony attorney in Sacramento or wherever you live to find out your options.
When receiving alimony money, don’t depend on it for your main source of income. Become self-sufficient with your own career and use the money to simply supplement your income. If you do need to live on alimony for a period of time, make sure to budget and don’t spend money on any luxuries.
Pay Off Debt
Outstanding debt is one of the main factors that can contribute to bankruptcy after filing for divorce. Work to pay it off quickly, even if the debts are settled, to ensure you’re still able to qualify for a credit card or small loan. This will help to maintain your credit score and allow you to qualify on loan applications.
Although it can be a challenge to readjust your lifestyle and finances after a divorce, there are several ways to ensure that you remain stable and independent. Make the necessary adjustments and stick within a realistic budget to ensure you regain your life and are able to support yourself. Although it can be difficult to deal with finances during the healing process, it will ensure that you establish a future for yourself.