Living on your own after a divorce can be tough. You’re working with one income now instead of two, and it can be difficult to adjust and live within your means. That’s why it’s a good idea to take some time and set up a post-divorce budget. A Tazewell County family law attorney can tell you more about what you need to factor in when you make a financial plan.
What Should Be Considered When Making a Post-Divorce Budget?
First, it’s a good idea to anticipate any big, one-time expenses that you’ll need to deal with as you create a life separate from your ex-spouse. This can include costs like:
- Moving expenses
- Legal fees
- Down payment on a new home
- First month’s rent, security deposit, and other fees for a rental home or apartment
Then it’s time to think about the kinds of costs you’ll face each month or at least frequently. A post-divorce budget should be made with all of the following in mind:
- Monthly rent or mortgage payment
- Grocery costs
- Utility bills
- Anything that your kids will need, from clothing to new school supplies
- Whether you are receiving alimony or child support
Then make sure you can put aside a little bit of money to cover the unexpected. Medical expenses, a higher-than-normal utility bill, or the expenses of a holiday season can upend a normal post-divorce budget, but these kinds of things are easier to address if you prepare for them.
What Steps Can I Take to Make It Easier to Stick to a Post-Divorce Budget?
Once you make your post-divorce budget, actually remember to write down your expenses and income each week to make sure that you’re keeping track of everything accurately. Some people make a budget but don’t make the effort to keep track of the money that keeps going in and out. Then they get hit with a surprise expense they weren’t prepared for or suddenly notice a shortfall that can cause problems for them.
So keep track of your money and be ready to downsize if you are struggling to deal with your expenses. You can cut down on costs by canceling subscriptions that you don’t use, living with a roommate, or reducing how much you spend on takeout. Just be ready to adapt and change some habits if they are causing economic strife.
What Should I Do If I Get Alimony or Child Support?
If you do get alimony or child support, make sure that this is factored into your budget. Alimony is meant to help you as you find economic stability on your own and child support payments can help you make sure that all of the needs of your children are met. These types of payments can make a big difference in any post-divorce budget.
Talk to a Lawyer Today
If you are going through a divorce, make sure that you have someone standing up for you and your best interests. Contact Butler, Giraudo & Meister, P.C to schedule a consultation and learn more about how a lawyer can help you during the divorce process.
