Seven Tips for Establishing Financial Security After Divorce
You’re getting divorced, and you have never had to support yourself. There is no time like the present to start figuring it out. The decisions you make now regarding your financial situation can make or break your future security. Take a proactive approach with your finances so you feel in control and know exactly where you stand with your balance sheet.
Tips to secure your financial future
- Downsize your spending. Many newly divorced make the mistake of not organizing their finances until they have already spent a big chunk of their savings. Even if you have a nest egg, tuck it away somewhere and find a way to stand on your own feet as soon as possible.
- Make a budget. You might find this unpleasant, but it is essential to your financial plan. There are many excellent computer tools and professional budget counselors available to assist you.
- Track your expenses. Documenting every expenditure is a great method for tracking your spending. There are useful applications for smartphones that take your spending data and map where your money is going every month.
- Seek out employment. Nothing takes the edge off financial anxiety than a steady paycheck. If you have been out of the workforce for a while, you might have to start with an entry-level position, but start with something.
- Tighten the belt. Cut back where you can until you have a better idea where you stand. Don’t go without essentials but keep things reasonably simple for the time being.
- Get financial advice. A knowledgeable financial adviser can be instrumental in helping you create a viable financial plan. Be wary of brokers who encourage you to invest your money too quickly after a divorce. Trust someone who suggests you let your assets simmer for a few months or a year until you figure out how to make ends meet.
Get a great lawyer. Your financial future begins with a great divorce attorney. We can advocate for a fair distribution of property and assets and sufficient child and spousal support so you can land on your financial feet as soon as possible.