Going through a divorce presents many challenges. However, dealing with the financial impact can often be one of the hardest. Whether you got full custody of your child or not, it’s likely that you will have lost a lot of money. This could be due to direct issues like asset distribution and legal fees. Alternatively, it may be attributed to enforced reduced work hours or the fact you’ve gone from a dual-income home to a single-income one.
Whatever the situation might be, the truth is that your mind is focused on other matters like the emotional scars and building new routines. In reality, though, the longer you fail to address financial matters, the worse they will become. Here’s how you can get things back on track.
Sell Unnecessary Assets
Tough times call for tough decisions. As a responsible man and a loving father, though, you will be willing to make sacrifices. Selling your classic Porsche 911 or other luxury car could yield a serious cash injection. Even if you need to buy/rent a modest replacement, it is a step that can make your finances look far healthier in next to no time. Of course, there are many other assets that would make great candidates for quick sales.
Aside from overcoming current cash flow problems, it will promote long-term financial benefits. It can also be the first step to changing your mindset so that you can reach smarter financial decisions from now on. Meanwhile, selling unwanted household goods will help you regain valuable space if you’ve had to downsize home.
Repairing Your Finances – Make Money Last Longer
As well as making a few financial sacrifices, you may need to make a few strategic changes. The harsh reality is that you were probably guilty of wasting money before the divorce due to your relative financial comfort. Eradicating waste will help you cope with the sudden change. It also enables you to deal with the ongoing challenges of living on a modest budget. It does take a conscious effort, but the newly formed habits will transform your life.
There should be no shame in using coupons for groceries and shopping. Likewise, embracing your entitlements as a single parent can lift a weight from your shoulders. For the best results, you may also want to cancel unused subscriptions. Discussing new plans with your insurers, energy suppliers, and broadband providers helps too.
Find Ways To Make Money
The finalization of your divorce signals the start of a new chapter. You can use this to your advantage by implementing positive change. Opening a business with a post-divorce focus is a particularly effective solution. Alternatively, you could look to make money through side hustles. Many of them can be managed from home or your smartphone in your spare time. Even a few thousand dollars per year will reduce the financial strain.
Alternatively, you could speak to your boss about a raise or try to secure yourself a promotion. Whether it’s internally or at a new company, the rewards are plentiful. Aside from improving your financial wellness, it is a move that will restore confidence. Right now, this is one of the greatest gifts you could give yourself.
What do you think? What would you add?
Featured image from Pixabay (CC0 License).
0 Comments
Trackbacks/Pingbacks