Bouncing Back Financially From Divorce
A divorce can be emotionally and physically taxing on a family. It can make or break relationships and hurt those around you. The emotional roller coaster you ride when going through a divorce is like no other; however, this isn’t the only roller coaster you ride. The divorce can hit you where it hurts the most: your financial stability. Many people go through tough financial times during the time of their divorce and after. Bouncing back financially can be extremely difficult and trying for everyone involved, but it is certainly possible. There are many ways to get back on your feet; here are a few of them.
Many say that right after the divorce is finalized, you should go through your finances and see what you’re spending. If you hadn’t been handling your bills before and your spouse was, it becomes a big responsibility. So, you have to sit down and look at what you’re spending, when you’re spending, and what you’re spending it on. Focus on the essentials. You want to maintain the roof over your head, the food in your fridge, and whatever other bills you may have. These are what you need to survive. You might have to forego some of the things you’re used to, but, in the long run, it will help.
After finding out what you’re spending, sit down and figure out a plan. Write down what your goals are for the next couple of years. Whether you’re preparing for retirement, paying off your house, saving money for college or even saving enough for travel, sit down and rank them. What is most important to you to save for? Identifying these goals can help you understand how realistic they are. After you make this list, make a plan. Write a financial plan with these goals, and figure out how you can reach them without deterring your regular financial responsibility.
Here at Simonetti and Associates we understand the burden you face when going through a divorce. It is always good to get a fresh perspective on your situation, so stop at our Woodbury office for a free consultation.