Finances After Divorce

Finances After Divorce

Divorce can not only have emotional effect but it can also devastate you financially.  Separating finances and added expenses are expected when getting a divorce. It is important to start budgeting early in the process. I recommend a Certified Financial Divorce Planner such as The Financial Knot. They will help to keep you organize.

Establish a New Budget

Decide and Choose a system that works for YOU. It can be as simple as tracking expenses in a notebook or try an app like MINT or YNAB (You Need A Budget). The main goal is to create awareness around your spending and whether it’s in line with your goals. If you overspend one month, don’t beat yourself up just try to manage more closely next month.

Build a Financial Plan

After divorce your dreams may be different. Your goals of retirement might be completely changed and the path to getting there is certainly altered. One of the biggest mistakes people make is they don’t start the planning process early. The adjustment period is different for everyone.  The best time to establish new goals and create new habits is now. Again a financial planner will be a great place to start.

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