Managing Your Post-Divorce Budget
Managing your post divorce or post separation budget may be the scariest part of the entire breakup process. How are you supposed to survive when your expenses have doubled and your income has been cut in half?
You are in essence starting from scratch. Even if you have had a successful method for your budget for 50 years-you will still need to rework that process one you are in divorce mode. Things are much, much different now. Additionally, your interests and activities may shift with divorce. This can lead to different expenses and income as well.
First, it would be wise to make a detailed list of all of your expenses. If you are unsure of your weekly grocery bill for example, go back and look at receipts to get an accurate average. Really examine what you are spending money on each month and see if there is anything you can cut back on. The necessities of shelter and food should take priority over entertainment for example.
Next, list all of your income streams. This list should include any spousal support and child support. Now compare your expenses and income. Are you bringing in more than you’re sending out? Crunch those numbers. Even if you happen to be bringing in more than your spending, during divorce it’s a good idea to remain conservative in your spending.
An important thing to remember when formulating your budget is to stick to the numbers. Don’t let your emotions get the best of you. Dollars and common sense should prevail. Don’t make rash decisions based on what you happen to be feeling in the moment. You will regret it later when things fall into place.
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