With the dissolution of your marriage in Washington, you may feel the weight of assuming sole responsibility for your finances. Having previously shared income and debts with your partner, shouldering your finances alone may cause uncertainty and stress.
When you know some helpful tips to help you manage your post-divorce finances, you may find it easier to identify a strategy that will work for you. Proactive effort to rebuild your wealth can help you prevent some of the common repercussions of divorce.
Make a plan for debt
Marital debt can take its toll on your finances. Even if your portion of the settlement is relatively equal, paying back lenders on a single income often requires a conservative lifestyle. According to Yahoo! Finance, identifying your financial goals is an excellent place to begin. Make sure you know exactly what your financial obligations are. Clarify any confusion with lenders so you can begin making payments right away.
Determine how much money you can reasonably put toward payments for various debts. You may have the option of negotiating with your lender after explaining your situation. Keep detailed records of when you need to make payments. Also, keep records of receipts showing payments you have made. If circumstances change and you cannot pay as much or you feel that you can pay more, communicate with your lender to prevent misunderstandings that could put you further in the hole.
Find creative ways to save
Saving is an excellent way to rebuild your finances. You can get pretty clever with earning and saving money. If your schedule allows, consider picking up a simple, part-time job. You may consider being a personal shopper, driving for a ridesharing service, waiting tables at a local restaurant or doing janitorial work in a school.
You can also find ways to cut back on the money you spend. Consider doing without cable, pausing your gym membership or even using public transit to get to work. Temporary sacrifices can help you rebuild your finances so you can have a comfortable lifestyle.
With some effort and optimism, you may find success in balancing and managing your post-divorce financial situation.