Savings and FinanceTips

Just Divorced? These Strategies Will Help You Put Your Finances In Order

All divorces are painful. They are never a fun thing to do, but the sad truth is that some marriages just don’t last. From irreconcilable differences to adultery, there are many reasons why some people’s marriages fail. As you can imagine, things get complicated when you throw children and property into the mix.


When you get divorced, you will no doubt feel like you are starting again with your life. You’ve got to lead an independent life and become a bachelor. And if you meet someone new, you worry that getting serious could end up with history repeating itself.


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For now, though, you need to concentrate on rebuilding your life after your divorce. In particular, you need to take stock of your personal finances. The following are some practical strategies that you can follow to achieve that goal.


Open a new bank account


Many married couples decide to open joint bank accounts. They do so because it makes it easier to manage their finances together. Of course, the last thing you want to do is keep a joint account with your ex-spouse! That’s why you should open a new bank account as soon as possible.


Doing so doesn’t just give you total control of your money. It will also help you rebuild your credit score; especially if your ex ruined it!

Get a new credit card


Have you got a joint credit card with your former spouse? If so, it’s time to get a new one in your name alone. Again, it will help you to rebuild your credit score. It also offers the added advantage of being a source of emergency credit.


For some divorcees, life can be tough when living alone. It can feel even worse if money is tight. That’s why it’s always important to maintain an emergency backup source of funds. Just don’t go wild with your spending on a credit card if you can’t afford to pay it back!


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Look for affordable housing


When you get divorced, it’s likely you’ll have to move out of the family home. Should that be the case, you need to find somewhere to live. For divorcees that have their kids living with them, there are many houses for rent that you can select from. Plus, you won’t find it hard to locate one that is affordable and has excellent local amenities.


Just don’t opt for a rented house that is too expensive for your budget. Yes, it might be ideal for your family and offer lots of space. But, if you can’t afford to pay it, you and your kids could end up homeless as a result! I recommend drawing up a list of your monthly expenses (including food). Whatever is left over, you can allocate towards rent.

Live like a cheapskate


Unless you have a well-paying job, you need to slash your expenses. That means cutting down on unnecessary costs like cable TV, gym membership and so forth. Doing so will mean that you can live above your means. Only when you have a higher income should you consider any luxury and optional expenses.


Good luck!

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