Living on a single income after divorce can be a bit of a financial shock. Going from one income to two plus the added cost of the divorce process can leave you feeling overwhelmed. It’s a good idea to re-examine your budget and set spending limits for yourself. In addition, explore assistance programs, or talk to your tax advisor about potential benefits. You can explore work-from-home options for a second job, like tutoring or freelance writing. And finally, it’s a good time to refresh yourself on the basics of healthy spending habits. While it can be a bit of an adjustment to begin living on a single income, hopefully, you will get used to things quickly and be able to save some money.
Living on a Single Income After Divorce: Making Ends Meet
Re-Examine Budget
If you are living on a single income after divorce, it’s a good idea to re-examine your budget. Look at your monthly income and debts. Things might be slightly different now thanks to divorce expenses as well as things like alimony and child support. Create a sensible budget so that you know where every dollar that you make is going. Don’t forget to try to save for an emergency fund in case you hit on hard times in the future.
Explore Assistance Programs and Tax Options
There are government assistance programs and tax breaks for parents living on a single income after divorce. You might be able to get a grant, apply for food stamps, or explore other financial options. Speaking with a professional can be helpful in this situation because navigating these types of programs can be very difficult. Consider speaking with an accountant, CPA, or financial planner about your options.
Explore Work-From-Home Options
If you are needing to come up with some extra money to afford living on a single income after divorce, you can explore work-from-home options. While you might not find a lucrative career, finding a way to make a few extra dollars each month can be helpful. For example, driving for one of the delivery services, tutoring or online teaching, and freelance writing.
Develop Healthy Spending Habits
Finally, when living on a single income after divorce, it’s important to refresh yourself on the basics of healthy spending habits. For example, always pay off credit cards on time and make on-time payments for things like rent and utilities. This will protect your credit score. In addition, cut back on frivolous spendings like shopping or restaurants. Try to save a percentage of every paycheck and don’t forget to build up emergency savings.
Hopefully, you can adjust quickly to living on a single income after divorce. The divorce process can be lengthy but it can also be very expensive. It can take a while to recover from it financially. Re-examine your budget so that you know exactly how much money is coming in and going out each month. Additionally, explore government assistance programs and check with your CPA for tax credit possibilities. Explore stay-at-home jobs or positions you can do in your spare time to make some extra money on the side. And finally, go back to the basics of healthy spending by protecting your credit score and cutting out frivolous spending. Hopefully, you’ll be able to get yourself back on track financially so that you can begin saving for the future.