Divorce can leave individuals feeling exhausted and overwhelmed, especially when it comes to the money spent on legal proceedings. Starting this new chapter in your life requires a lot of self-discipline to get back on your feet, especially when it comes to your bank account. Continue reading to discover the best post-divorce financial tips to get back on track and manage your single household with a fresh start. Reach out to our experienced divorce attorney if you have any further questions regarding post-divorce life.
Handle Your Debt First
If you have accumulated debt, you will need to focus on this issue first at hand. To start, it is important that you focus on the most pressing payments first. You may also consider consolidating your debt by taking out a loan. Of course, it is important that you make all of the necessary minimum charges on the rest of your payments as well, but it is important to focus your attention on the most pressing payments first to hit the ground running.
Create a Household Budget
The period after your divorce has been finalized is the time to focus on yourself and to be strict with your budgeting. This might mean creating a household budget for yourself to stick to strictly. This is also the time to analyze where you can make some cutbacks in your spending and audit the areas you have some wiggle room to save some extra cash.
Start Creating an Emergency Fund
Starting this new chapter in your life might feel like everything is hitting the reset button, and that’s okay. As long as you acknowledge the fact that you are starting this new chapter from scratch, it is time to get things moving. One of the best ways to start over is by creating a brand new fund for emergencies. Aim to start a fund with several months of living expenses to fall back on in the case of a natural disaster, you lose your job, get sick, or a family member passes.
Focus on You
Going through a divorce relies heavily on feeling comfortable being alone and putting yourself first. Post-divorce life also relies on this, especially when it comes to investing in yourself. It is important to take the plunge and do something that will improve your future, especially when it comes to career moves. Take a risk: enroll in that college course, apply for a new job, or start your own side business. All of these tasks will not only support your future financially, but they will allow you to put yourself first and focus on your priorities in this new chapter in life.
Contact our experienced Bergen County firm
At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to understand and protect their legal rights before, during, and after the divorce process in towns across New Jersey and Bergen County, including Hackensack, Ridgewood, Paramus, Teaneck, and Fort Lee. To speak with our team of divorce lawyers today in a free and confidential consultation regarding your concerns about your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.