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Divorce And Your Personal Financial Management

By Brad Wilson

Divorce can be devastating. It can leave you heart-broken and lonely and can wreak havoc on your lifestyle, your friendships, and even your budget. You might be loaded with debt and credit destruction and you have to deal with the fact that half of the normal monthly income is gone.

It doesn’t have to ruin you though. Your finances don’t have to get out of control because of a divorce. You can re-evaluate your personal financial management now, with the help of a few tips and the right software, so you can maintain financial stability.

How to Deal With the Financial Effects of Divorce

These days most marriages survive on two incomes. And if one spouse is in charge of staying home and caring for the house, the other spouse’s income is generally large enough to compensate for the split in responsibilities. When you get divorced however, everything changes. You will be faced with outcomes like having to deal with responsibilities and single income. You will need to go get a job even if you were caring for the home before. And if you were previously responsible for paying all the bills, you may now need to cut back on your work hours in order to care for the house and children.

It can be difficult to adjust to this situation, but with the following tips, you can easily create a budget you can stick to.

Make a list of alimony, child support or any other income.

Create a list of expenses, including alimony and child support if you are ordered to pay it each month. Add any monthly payments as well from mortgages to utilities, car loans and medical expenses.

Compare your income and expenses. Figure out if there are some items that can be eliminated. For example you can get a car with smaller payment. You might need to move to a smaller home or rent instead of owning. See if there are any subscriptions that you can do without.

Consider your wants and your needs. These are two different things. Needs include shelter, food and medical care. These are things you can’t live without. Make it a priority to afford the needs first.

Don’t rack up new debt right now. You might end up destroying your personal financial management with a new credit card payment or car loan. It paints a very gloomy picture of your financial future and should be avoided at all cost until you are back on your feet after the divorce.

These are not going to be permanent changes. Once you settle in your new life, new income sources will open up and you will be able to stretch your budget. The best thing to do is track expenditure and savings with your personal financial management budget online software.

PocketSmith believes that personal finance software should be easy to use. Gain access to the money management software tools you need for informed financial decisions.

Article kindly provided by UberArticles.com

Topics: Personal Finance | Comments Off

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Article Citation
MLA Style Citation:
Wilson, Brad "Divorce And Your Personal Financial Management." Divorce And Your Personal Financial Management. 18 Oct. 2012. uberarticles.com. 3 Aug 2014 <http://uberarticles.com/finance/personal-finance/divorce-and-your-personal-financial-management/>.

APA Style Citation:
Wilson, B (2012, October 18). Divorce And Your Personal Financial Management. Retrieved August 3, 2014, from http://uberarticles.com/finance/personal-finance/divorce-and-your-personal-financial-management/

Chicago Style Citation:
Wilson, Brad "Divorce And Your Personal Financial Management" uberarticles.com. http://uberarticles.com/finance/personal-finance/divorce-and-your-personal-financial-management/


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