The dissolving of a marriage can be a stressful time in more ways than one.
That is why we've come up with some helpful tips for managing your finances post-divorce.
Hopefully these tips will be able to revitalize your spirit to reevaluate your financial plans so that you can move into this new stage of life with optimism and security.
Readjust Your Budget
There are many short term financial expenses that will impact your budget initially during the divorce process.
Below are some areas where past clients have been able to save money during their divorce:
- Eat out less often
- Downsize your home
- Scale back your child’s extracurricular activities
- Call your utility company to reevaluate your current rates
- Stop buying bottled water
- Refinance your home or car
- Stop all luxury expenses: coffee, clothing, beauty, etc.
Reevaluate Your Accounts
It is a great idea to meet with your accountant and an experienced financial planner to discuss changes to your taxes, savings, retirement, etc.
You should also speak with your attorney about estate planning, or even an investment advisor to discuss best practices for financial management.
Set New Goals
Now is a great time to reevaluate your life goals to focus on your new future.
Figure out what will make you happy and work with a professional to help you meet your goals in a financially intelligent way.
Call a Financial Planner
Perhaps the best thing you can do post-divorce is to meet with a trusted financial planner or Certified Divorce Financial Analyst.
They can help give you professional insight into the best choices you can make to ensure the financial stability for yourself and your family.
Managing Your Finances Post Divorce
Divorce can be a stressful time, especially where finances are concerned.
If you are going through a divorce and would like to speak with a financial planner, contact Argent Bridge Advisors today.