Anyone who has gone through a marital breakup knows just how difficult it can be to navigate life after divorce. For many divorcees, their primary concerns often revolve around finances. When the divorce is finalized, creating an effective post-divorce budget is one of the best ways to secure an individual’s financial future. Here’s how to start building a solid post-divorce budget.
Figure out monthly income
When building a post-divorce budget, start by examining how much money is coming in. What does the total monthly income look like and what are the sources of income? Once a person has a clear picture of how much money is coming in each month, it’s possible to plan a budget for expenses.
Take inventory of expenses
The next step is to take inventory of all expenses. These expenses may include food, insurance, transportation, childcare, personal care items and mortgage or rent. Also, be sure to include monthly expenses like phone bills, internet services or other subscriptions. After listing all expenses, label each one as a need or a want. This will help identify what expenses can be cut should the need arise.
Rest assured that it is completely normal to feel overwhelmed by the thought of creating a suitable post-divorce budget. Luckily, there are professionals available, such as financial planners, who can assist any person with getting his or her finances in order. Regardless of the circumstances surrounding the divorce, it can be helpful for Florida residents to speak with a knowledgeable legal professional who can provide the guidance and security they will need from start to finish.